Economy

Oil prices down with China's weak manufacturing data

Oil prices down with China's weak manufacturing data

Brent for June settlement, which expires Tuesday, gained 76 cents to $72.80 on the London-based ICE Futures Europe exchange.

Oil prices fell today after U.S. President Donald Trump demanded that OPEC raise output to soften the impact of U.S. sanctions against Iran.

In Venezuela, supply fell by 100,000 bpd due to the impact of USA sanctions on state oil company PDVSA and a long-term decline in production, according to the survey.

"In the next few weeks, the kingdom will be consulting closely with other producing countries and key oil consuming nations to ensure a well-balanced and stable oil market", Al-Falih said, per Bloomberg.

On April 21, the White House said it had decided not to renew exemptions from US sanctions to buyers of Iranian oil in an effort to cut Iran's vital oil exports to zero.

Last week, Sechin signalled Russian Federation would not help replace Iranian oil on the market after the expiration of waivers on USA sanctions against Tehran's crude exports.

Oil prices fell on Monday, extending a slump from Friday that ended weeks of rallying, after President Donald Trump demanded that producer club OPEC raise output to soften the impact of USA sanctions against Iran.

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Analysts and market participants have downplayed the comments since details were unclear.

American benchmark West Texas Intermediate cost $63.38 a barrel at the same time for a 0.3% decline, after ending the previous session at $63.55 per barrel. I called up OPEC, I said you've got to bring them down.

US exports exceeded three million barrels per day (bpd) for the first time in early 2019 amid a more than two million bpd production surge over the past year, to a record of more than 12 million bpd.

Traders said the market was shifting its focus on the voluntary supply cuts led by the Middle East dominated producer club OPEC since the start of the year.

"It is very hard to say at this time without knowing the level of oil exports [of Iran] to coin a number", Mr Azour said when asked if the Iranian economy could contract further than the estimated 6 per cent.

Separately, Zamaninia said the Gulf can only remain an worldwide route for transferring oil if all countries are able to use it.

"We are dealing with a market that's not actually short of supply but is short due to politically-motivated action, and we know how quickly that can be turned around if necessary", Saxo Bank analyst Ole Hansen told Reuters.