Oil capped its worst month in more than two years as concerns mount that the global economy will slow down. EIA also forecast that total global liquid fuels inventories to decrease by 200,000 barrels per day in 2018, followed by an increase of 280,000 barrels per day in 2019. Saudi Arabia and Russian Federation have said they will pump enough to meet demand once us sanctions are imposed.
The Iranian first vice president further described Trump's decision to restore Iran sanctions as illegal, stressing that the move was against the diplomatic success that had culminated in the 2015 Iran nuclear deal or the Joint Comprehensive Plan of Action (JCPOA) - as is technically known.
The plan of supplying crude oil in stock market has frequently been raised in the past years but it doomed to failure. WTI increased 0.51 dollar to settle at 67.33 dollars a barrel, while Brent added 0.72 dollar to 76.89 dollars a barrel.
From all indications, they appear not slowing down as oil prices take a dip on Tuesday.
However, U.S. equities rebounded strongly on Thursday, with the Nasdaq Composite Index jumping about 3 percent in late trading, soothing anxious investors to some extent.
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"The most recent report showed oil bulls reducing their long exposure further as the commodity continues to pull off long-term resistance".
"Mounting perception of a weakening in global oil demand due to increasing tariff issues between the USA and China, while extremely hard to measure, will be maintaining some negative influence in keeping would-be buyers sidelined", Jim Ritterbusch, president of Ritterbusch and Associates, said in a note. Still, U.S. crude oil futures prices lost 2.2 percent for the week, marking the third straight weekly loss. Previously private oil companies could buy oil only to export oil, officials said.
In the coming weeks, traders keep a close eye on US sanctions on Iranian crude exports.
U.S. Treasury Secretary Steven Mnuchin said earlier this month that it would be more hard for Iranian oil customers to get waivers from the sanctions than it was during the Obama administration, and the U.S. would issue waivers, if any, only to buyers that have significantly reduced Iranian purchases.
"Today, US officials are lying to the world that Saudi Arabia and other countries should replace Iranian oil so that the price of oil doesn't rise". -China trade war are stirring demand-growth concerns.
Jahangiri further emphasized that the USA efforts to encourage Saudi Arabia to replace Iran's oil in markets were in vain, stressing that oil prices would nonetheless rise if Iranian supplies were to be cut off.