Oil rises on signs Opec not prepared to boost output
21 September, 2018, 19:28 | Author: Kristi Dunn
"Oil markets are in a tug-of-war as Iran sanctions will continue to provide near-term support, while discussions around global demand in the wake of this morning's tariffs and speculation of further Opec supply increases should temper upside ambitions", said Stephen Innes, head of trading at brokerage Oanda.
Brent crude futures LCOc1 were down 9 cents at $78.92 per barrel 0334 GMT, after rising 1.3 percent in the previous session.
West Texas Intermediate crude for October delivery advanced 94 cents to settle at $69.85 a barrel on the New York Mercantile Exchange.
Oil prices firmed on Tuesday after Saudi Arabia indicated it was comfortable with a higher price range ahead of a meeting between major producing countries in Algeria.
"Saudi Arabia and the UAE are turning OPEC into a tool for the U.S. and consequently the organization has not much credit left", Iran's OPEC governor Hossein Kazempour Ardebili told the Shana newswire, affiliated to Iran's Oil Ministry.
USA crude inventories rose by 1.2 million barrels to 397.1 million in the week to Sept 14, according to data released on Tuesday by the American Petroleum Institute (API).
OPEC Secretary General Mohammad Barkindo said on Tuesday that OPEC and non-OPEC countries aim to agree a framework for long-term cooperation by December, when the oil producers plan to meet in Vienna.
Crude oil started the week on a positive note as latest reports revealed that Iranian crude oil exports continued to decline amid the US sanctions.
Brent may fall more than $1 to $76.37 a barrel while WTI crude prices may revisit the September 14 low of $67.94, he wrote.
The OPEC Chief did not specify how crude producers would compensate for declining exports from Iran, with new United States sanctions due to hit the Islamic republic's oil industry on November the 4th.
There are signs, however, that Saudi Arabian exports did not increase in July.
Sanctions affecting Iran's petroleum sector will come into force from November 4.
"The brinkmanship between Beijing and Washington has the potential to severely impact the competitiveness of US crude oil and petroleum products in the Chinese market, and it will also deter Chinese investment in the USA energy sector", said Abhishek Kumar, senior energy analyst at Interfax Energy in London.
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