Oil Ticks Up Amid Supply Risks

Mae Love
August 14, 2018

Market research firm Genscape data showed inventories at the Cushing delivery hub for WTI rose by 1.7 million barrels in the week ending August 10, according to Reuters. The price was up nearly 1.4 percent at about $73.61 at 1205 GMT and USA light crude was up 90 cents at $68.10.

Oil prices moved up yesterday as United States of America (USA) sanctions against Iran pointed towards a tighter market, even as concerns over slowing economic growth amid global trade tensions kept a lid on gains.

Hedge funds and other money managers reduced their bullish positions in U.S. crude futures and options in the week ending August 7, data from the U.S. Commodity Futures Trading Commission showed on Friday.

"Since mid-July, the front month Brent crude oil contract has".

OPEC itself, using secondary sources, estimated in a report published on Monday that Saudi production was at a slightly higher level of 10.39 million bpd last month.

"We do not think that Saudi Arabia is interested in seeing Brent crude below $70 a barrel", said SEB commodities analyst Bjarne Schieldrop.

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As for Saudi Arabia, OPEC's largest oil producer submitted to the group its own data which showed that output slipped by 200,000 to 10.28 million bpd in July.

USA energy companies last week added the most oil rigs since May, adding 10 rigs to bring the total count to 869, according to the Baker Hughes energy services firm.

News agency Bloomberg reported on Friday that the state-run National Iranian Oil Company was reducing official prices for September sales to Asia to their lowest level in 14 years, compared with Saudi crude.

But output from non-OPEC countries, particularly the United States, is rising quickly, limiting demand for OPEC oil. OPEC expects non-OPEC supply to expand by 2.13 million bpd next year, 30,000 bpd more than forecast last month.

"Discount is part of the nature of the global markets being offered by all oil exporters", the source told IRNA.

The OPEC report said it expected world oil demand to grow by 1.43 million bpd in 2019, down from 1.64 million bpd in 2018.

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