Economy

Crude advances as Saudis indicate oil over $80 just fine

Crude advances as Saudis indicate oil over $80 just fine

They pointed out that there is concern about the oil demand due to the slowing economies of some developing countries and trade wars caused by President Donald Trump, but the impact of these factors on the oil market will not appear before next year.

US West Texas Intermediate (WTI) crude was down 15 cents, or 0.22 percent, at $68.76 per barrel.

Oil prices inched up on Wednesday as concerns that producers may not be able to cover a shortfall in supply once USA sanctions on Iran kick in outweighed a gain in US stockpiles.

Ministers from OPEC and non-OPEC producers meet this coming Sunday to discuss compliance with output policies.

The trade dispute is raising concerns about the potential for slower growth in oil consumption, offsetting supply concerns stemming from the upcoming US sanctions on Iran.

Crushing U.S. oil sanctions on Iran will resume in early November and already, American allies in Asia are cutting back on their purchases of Iranian crude.

"The market's expectation of shortages has cooled after data from last week showed increases in supplies, while investors have lowered the outlook for oil demand", said Wang Xiao, head of crude research with Guotai Junan Futures.

United States crude inventories likely fell 2.5 million barrels last week, according to a Bloomberg survey of analysts.

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Prices rose on Tuesday amid media reports that Saudi Arabia, the world's largest oil exporter, was comfortable with prices climbing above $80 a barrel.

The rally could stop and prices could turn lower if someone counters with concerns over future demand in the wake of the announcement of additional tariffs on China by the United States.

Reuters reported on September 5 that Saudi Arabia wanted oil to stay between $70 and $80 to keep a balance between maximizing revenue and keeping a lid on prices until USA congressional elections.

Oil prices were steady on Wednesday as concerns that producers will not be able to respond to a shortfall in supply once USA sanctions on Iran are enacted outweighed a gain in stockpiles in the United States, the world's biggest oil user.

U.S. crude futures CLc1 were up $1.08 at $70.93 a barrel by 11:15 a.m. [1515 GMT], after the U.S. Energy Information Administration said crude and gasoline stockpiles fell last week.

Brent may fall more than $1 to $76.37 a barrel, while WTI crude prices may revisit their September 14 low of $67.94, he wrote.

In a meeting with Secretary-General Mohammad Barkindo, a senior Iranian diplomat urged him to keep the group out of politics.


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