Tuesday, 18 September, 2018

Oil dips in nervous trading as U.S.-China trade war looms

Oil Prices Up on Weak US Crude Inventory Oil prices edge up, US-China trade war in focus
Priscilla Morrison | 09 July, 2018, 14:38

Meanwhile, the number of working oil platforms in the United States continues to grow, and this is an early indicator of future output.

Brent crude futures LCOc1 fell 25 cents, or 0.3 percent, to $77.14 per barrel by 0317 GMT from their last close, Reuters said.

Conflicting opinions over what will happen to crude supplies in the near future, coupled with concern over the escalating trade war between the USA and China, was appropriately matched by mixed market performance for crude on Friday, with the US benchmark achieving modest price gains and the global benchmark slipping slightly.

As part of the retaliatory response, Beijing has threatened a 25 per cent tariff on U.S. crude imports, although it has not specified an introduction date.

But as is the case with any geopolitical conflict, the smart money always identifies opportunities, and Lee Dal-seok, senior researcher at the Korea Energy Economic Institute pointed out that "If China retaliates with tariffs on US crude, that could improve South Korea's terms of buying USA crude.because the USA would need a market to sell to".

Washington has announced tariffs on Chinese goods from 12:01 a.m. Washington D.C. time (0401 GMT) on Friday.

Shares of top oil marketing companies led the gains on NSE index, as US-China trade war fears weighed on oil prices.

More news: Tropical Storm Chris to bring showers

Oil prices seesawed in a nervous trading on Friday as the United States slapped a raft of tariffs on Chinese goods in an escalating trade war between the world's two biggest economies.

However, crude oil is listed as a US product that will receive an import tariff at an unspecified later date.

In an early sign of future times, an executive from China's Dongming Petrochemical Group, an independent refiner from Shandong province, said his refinery had already cancelled USA crude orders. "We will switch to either Middle East or West African supplies", he said.

Oil prices rose on Monday as increased global demand and US efforts to shut out Iranian output using sanctions outweighed drilling data suggesting USA shale production would climb.

"Iran's exports are some 2.7 million bpd, including condensate", it noted.

"Mr. Trump sends every day a new message that creates uncertainty in the market", said Iranian Oil Minister Bijan Zanganeh stated in an interview. Venezuela is expected to lose another 400,000 bpd by year-end with production going to below 1 million bpd.

Although Saudi Arabia and Russian Federation have said they would raise output to make up for disruptions, FGE said "there simply is not enough capacity to make up for Iran's crude losses, plus Venezuela and Libya", and warned of the possibility of oil prices rising to $100 per barrel.

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