Crude oil futures settle at $74.96

13 October, 2018, 22:58 | Author: Eric Barnett
  • Indian refiners are concerned about the loss of Iranian crude once US sanctions start and are seeking exemptions

Both benchmarks fell for the first time in five weeks, pressured by a big rise in US inventories and fading concerns about shrinking global supplies due to looming USA sanctions on Iran's oil exports.

Benchmark Brent crude jumped by $1.13 a barrel to a high of $85.04 before easing back to $84.56, up 65 cents, by 1330 GMT.

The U.S. WTI (West Texas Intermediate) crude futures surged by 41 Cents or 0.5% and were at $74.70 a barrel.

Iranian oil industry has been under pressure from the USA efforts to isolate the country by reimposing sanctions.

The crude oil inventories of the United States was up 6.0 million barrels for the week ending October 5.

Goldman Sachs says USA shale oil production can continue to increase by 1 million bpd every year until 2021, according to a new report by the investment bank.

The red-hot oil market cooled this week, as a stock market sell-off weighed on both WTI and Brent crude prices after they hit multi-year highs last week.

Between April and September, the first half of India's financial year, the country's oil imports from Iran surged 40 percent to 627,000 bpd, tanker arrival data showed.


OPEC on Thursday lowered its estimate for the global oil demand next year due to the slower economic growth and United States shale output growth.

OPEC's September output increased 132,000 barrels per day (bpd) to around 32.8 million bpd.

"We still estimate oil demand growing at 1.2 million to 1.5 million barrels per day for this year, and see the risk of a slowdown in 2019 if trade tension escalates", ANZ Research analysts said in a report.

Oil prices were up in mid-day trading Tuesday as Hurricane Michael barrels toward the Florida panhandle.

US light crude dropped $1.37 to $71.80 but then recovered to around $72.05.

Before the re-imposition of US sanctions, Iran was India's third-largest oil supplier behind Saudi Arabia and Iraq.

Oil prices gave back early gains and turned lower on Friday after the International Energy Agency (IEA) deemed supply adequate and the outlook for demand weakening, sinking even as equities rebounded from a slump Thursday.

Money managers cut their net long U.S. crude futures and options positions in the week to October 9, the U.S. Commodity Futures Trading Commission (CFTC) said on Friday. Bijan Zanganeh-Iran's Oil Minister-reported that the oil market will not tolerate Saudi Arabia's claim that it has been compromising for the loss of Iran's oil exports.

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