Crude prices fall amid concerns over global growth
22 August, 2018, 19:22 | Author: Eric Barnett
Oil prices dipped on Friday, with U.S. crude heading for a seventh weekly decline amid increasing concerns about slowing global economic growth that could hit demand for petroleum products as inventories build.
Futures in NY were headed for a 3.2 percent drop this week, their seventh straight decline.
For the week, Brent was down 1.4 per cent, and US crude fell 2.6 per cent.
"With total USA liquid fuels production, up by more than 2.0 million bpd year-over-year, the United States has been the world's only substantive source of oil production growth so far in 2018 and more than compensated for production losses in some OPEC nations", API Chief Economist Dean Foreman said in a statement.
Market sentiment remains bearish amid the dispute and concerns of an economic slowdown in emerging markets. Total volume traded was about 45% below the 100-day average.
"If the Turkish crisis worsens further, it will stoke concerns over the negative impact on the global economy, which already faces a U.S".
Oil in NY was capped at a 0.7 per cent gain yesterday despite the announcement that the United States and China will resume trade talks in an attempt to defuse geopolitical tensions. Prices are down about 12% over the last seven weeks and are headed for the longest stretch of weekly losses since August 2015. "China trade war", Satoru Yoshida, a commodity analyst at Rakuten Securities Inc.in Tokyo, said by phone.
The West Texas Intermediate (WTI) for September delivery rose 0.45 US dollar to settle at 65.91 dollars a barrel on the New York Mercantile Exchange, while Brent crude for October delivery rose 0.40 dollar to close at 71.83 dollars a barrel on the London ICE Futures Exchange.
Crude oil prices rose Thursday as global markets steadied, recouping some of the previous day's 2% slide, though a weakening outlook for crude demand did not help prices. The global benchmark crude traded at a US$6.55 premium to USA benchmark WTI for the same month.
Oil also found support from a weak dollar, which has slipped this week in response to U.S. President Donald Trump's comment that he was "not thrilled" by the Federal Reserve's interest rate increases.
"US and China trade tensions continued to rumble on, with both countries planning to meet for trade talks". "Prices will also be negatively impacted if USA crude inventories continue to rise in the coming weeks as stockpiles tend to drop in August".
Despite the bearish factors, analysts say prices were prevented from falling further because of USA sanctions against Iran; "Iranian crude exports were still near 2M bbl/day in July and will likely begin to fall dramatically in August with financial sanctions taking effect". Crude stocks at the Cushing, Oklahoma, delivery hub rose by 1.6 million barrels.
Furthermore, just as demand seems to be slowing, supply looks to be rising, increasing the drag on markets.
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