Oil gains after US stockpiles drop, rigs evacuated
Oil gains after US stockpiles drop, rigs evacuated
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10 July, 2019, 20:41
West Texas Intermediate (WTI) crude futures CLc1 climbed $1.75, also 3%, to $59.58 a barrel.
OPEC and its allies agreed last week to extend their supply-cutting deal until March 2020.
On Monday, the 8th of July 2019, Crude oil prices extended its Friday's (July 5th) rally, nearly entirely goaded by a mounting tension around Tehran's nuclear program alongside a better-than-anticipated United States employment figure.
Brent crude futures were up $1.14 at $65.30, down from a session high of $65.47.
Oil prices are being pressured by ongoing worries about demand as the U.S.
Iran's President Hassan Rouhani said on Wednesday Britain would face "consequences" over the seizure of an Iranian oil tanker near the coast of Gibraltar last week.
"Its all about this big API and now EIA storage report that have these markets bulled up this time and then you throw the storm on top of that", said Bob Yawger, Mizuho director of futures in NY.
Rising tensions between Iran and the United States have brought the two countries close to conflict. "Some sanctions are (imposed) so that Americans can keep producing and developing shale oil", he added.
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In case of a trade deal, economies and market sentiment could rebound and support oil prices with brighter outlooks on global oil demand growth.
While supply and security concerns supported the market, gains were capped by the U.S.
The world's two largest oil consumers are set to relaunch trade talks this week, although there are few signs their differences have narrowed.
Figures are due later on Tuesday from the US government's Energy Information Administration and, if the official data confirms fall, it will also be the fourth consecutive weekly decline.
It attributed the revision to lower-than-expected global fuel consumption and weakening economic growth, citing "increasing uncertainty" and "increasingly weak global economic signals". But more importantly, because market participants are now more concerned about the state of the global economy-particularly in a still unresolved U.S. "China trade dispute. The EIA sees these things and revises downward their forecast accordingly".
In the meantime, Goldman Sachs stated progress in USA shale manufacturing was prone to outpace that of worldwide demand a minimum of by 2020, limiting good points in oil costs regardless of output curbs led by the Group of the Petroleum Exporting International locations.
It was the sixth consecutive month that the EIA revised its 2019 demand forecast. This follows discovery of contaminated Urals crude that affected the Druzhba pipeline to Europe. OPEC, a production data from the cartel showed, witnessed major oil output drop, which by calculation, is near a new five-year low.
The EIA on Tuesday revised its US crude oil production forecast for 2019 to an all-time high of 12.36 million bpd.
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