Wednesday, 21 November, 2018

Crude oil benchmark Brent sees biggest one-day fall in two years

Oil falls after Libya ports reopen, Trump tariff threat GREAT AGAIN: US to Become World's TOP OIL PRODUCER by 2019
Priscilla Morrison | 12 July, 2018, 04:53

A further escalation of trade disputes could depress demand for oil from China and elsewhere.

"U.S. crude output has remained above the 10-million-barrel a day mark since February". US crude CLc1 was down $1.74 at $72.37 a barrel.

Global oil benchmark Brent fell more than $2 a barrel on Wednesday after U.S. President Donald Trump threatened to levy new tariffs on China and Libya announced the reopening of key oil export terminals.

Brent crude futures were down 65 cents, or 0.8 percent, at $78.21 a barrel by 0627 GMT, having fallen to as low as $77.60.

"Escalating trade tensions between the US and China has prompted risk aversion in today's trading session, which is evident in oil prices", said Abhishek Kumar, senior energy analyst at Interfax Energy in London.

The bearish mood was also fueled by news the United States would consider requests for waivers from sanctions due to snap back into place on Iranian crude exports.

"Trade concerns have bitten today", said Michael McCarthy, chief markets strategist at CMC Markets.

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In its monthly report, the Organization of the Petroleum Exporting Countries said buoyant world trade in 2017 and 2018 had helped impulse economic growth, and therefore demand for crude.

Crude oil is seeing declines with WTI knocking down to 73.40 as trade concerns take oil down the charts after a brief bullish period.

Prospects of a relaxation of US sanctions on crude exports from Iran, the world's fifth-biggest oil producer, has helped push up oil prices in recent weeks, with both crude contracts trading near 3-1/2-year highs until Wednesday.

The falls came despite a USA government report that American crude oil stockpiles fell by more than 12 million barrels last week and are about 4% lower than average for this time of year.

Among Iran's major oil clients, South Korea and Japan have sought waivers but China, India and Turkey have indicated they may not heed United States measures.

Due to higher US oil production, however, higher prices are not necessarily a net loss for the USA economy.

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