Oil prices slip on rising supply, trade tensions

Oil prices slip on rising supply, trade tensions

However, Jahangiri insisted that US claims of Saudi oil replacing Iran's exports are a "lie" and said that oil has climbed from $30 to $80 a barrel and if the USA could stop all Iranian exports, the price would have reached $100. However, Iran's currency rial has dropped five fold against the USA dollar on the open market in recent months.

"The negative outlook on global growth, which had been spurred by the U.S".

NIOC offered a million barrels of crude oil on IRENEX on Sunday, of which 280,000 barrels were traded. WTI gained 0.39 US dollar to settle at 66.82 dollars a barrel, while Brent further decreased 0.27 dollar to 76.17 dollars per barrel.

"One discussion that is developing is that (trade tensions) are hurting demand for crude oil".

Meanwhile, gasoline and distillate fuel inventories fell 4.8 million barrels and 2.3 million barrels, respectively, which bolstered oil prices.

WTI crude oil futures for front-month delivery fell 1.2 percent to $66.79 per barrel as of 11:14 a.m. EST, while Brent crude for front-oil delivery declined 0.8 percent to $77.05 per barrel at the same time.

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"The hedge funds really abandoned the long side of the market and there's some short-selling going on this perception that perhaps the economy is slowing", said Phil Flynn, analyst at Price Futures Group in Chicago. But the spread would narrow to 4 dollars per barrel by December 2019.

With just days to go before USA sanctions on Iran take effect, three of Iran's top five customers - India, China, and Turkey - are resisting Washington's call to end oil purchases outright, arguing there are not sufficient supplies worldwide to replace them, according to sources familiar with the matter.

Trump's goal by exerting energy sanctions on Iran was to minimize the country's sources of income in the current economic war against Iran, he said.

Reacting to the announcement, Iran's OPEC governor Hossein Kazempour Ardebili claimed that Saudi Arabia had "no such capacity to bolster its crude output", and it may be seen as a call for the kingdom to "walk out of OPEC".

Speaking to Shana, Saeed Khoshroo, the director of worldwide affairs at NIOC, said the prices were charged based on the global oil prices; therefore, if the traded shipments were quoted lower during IRENEX Sunday session than the base price announced by NIOC in an earlier announcement, it was because of price fluctuations in the global market.

However, U.S. equities rebounded strongly on Thursday, with the Nasdaq Composite Index jumping about 3 percent in late trading, soothing anxious investors to some extent.

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Iran's neighbor Iraq now trucks small volumes of crude oil from its northern Kirkuk oil field to Iran in exchange for Tehran delivering the same amount of its oil to Iraq's southern ports.

Iran first began to enter into transactions for the sale of oil on the Tehran oil Bourse, which is part of a strategy to counter the USA sanctions that will enter into force on 4 November. However, oil futures lost about 2.4% in the week, settling lower for a second straight week. Earlier, private refining companies could only buy crude oil for exports of oil products, officials have said.

Washington has also asked Saudi Arabia to make sure there is enough oil supply on the world market to keep prices from rising further.

Following US President Donald Trump's decision to quit the historic Iran nuclear deal on May 8, the US vowed to reimpose sanctions lifted under the accord against Iran and inflict punishments like secondary sanctions on nations that have business links with Iran.

Last week, declines were partially attributed to investor concerns about oil production increases following Saudi Arabia's announced ramp-up of output to help cover supply disruptions expected after US sanctions against Iran go into effect by November 5.

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