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tinyfav.com April 26, 2018


Oil is firm but trade dispute keeps traders edgy

11 April 2018, 12:40 | Melanie Burgess

US WTI crude futures CLc1 were at $63.26 a barrel at 0031 GMT, down 16 cents, or 0.3 per cent, from their previous settlement.

Oil prices fell Friday after U.S. President Trump's threat of new tariffs on China reignited fears of a trade war between the world's two biggest economies.

Brent crude futures rose $2.56 to $71.21 a barrel, a 3.7 percent gain, by 3:12 p.m. EDT.

Oil prices rallied more than two per cent on Monday after declining by about the same amount on Friday.

Analysts said Xi's comments greatly relieved market anxiety for a potential trade war between the world's two largest economies.

Oil markets stabilized on Monday after having lost around 2 percent last Friday as concerns grew over the impact on global growth from an intensifying trade dispute between the United States and China, as well as increased US drilling activity.

Traders said weekly U.S. fuel supply data would give further market guidance.

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Past the trade dispute, changes in the Trump administration have triggered fears over the possibility of returning USA sanctions on main oil exporting countries, including Iran, Venezuela, and Russian Federation.

Also supportive to crude prices was the weakness of the USA dollar.

"In addition to the risk of protectionism, there has been a significant change in the Trump administration that has raised risks of potential sanctions on key oil exporting countries including Iran, Venezuela and Russian Federation", U.S. bank JPMorgan said. The US Energy Information Administrations still expects production to total 10.7 million barrels a day this year - a record.

The U.S. late past year overtook Saudi Arabia as the world's second-biggest crude producer.

The Saudis want oil prices near $80, in part to support the valuation of state-owned energy giant Aramco ahead of its initial public offering, Bloomberg News reported Tuesday (https://www.bloomberg.com/news/articles/2018-04-10/saudi-arabia-is-said-to-signal-ambition-for-80-oil-price?utm_medium=social&utm_campaign=socialflow-organic&utm_content=markets&cmpid%3D=socialflow-twitter-markets&utm_source=twitter), citing people who have spoken to delegates from the Organization of the Petroleum Exporting Countries and oil market participants.

OPEC and other producers, including Russian Federation, agreed to cut output by about 1.8 million barrels per day (bpd) in November last year to slash global inventories to the five year-average.



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