قالب وردپرس درنا توس
Home / Business / The fall in oil price demand concerns, the Saudi supply amount By Reuters

The fall in oil price demand concerns, the Saudi supply amount By Reuters



© Reuters. FILE PHOTO: Pump jackets set against the sunset on Daqing oil field in Heilongjiang

By Shadia Nasralla

LONDON (Reuters) – Oil prices became thinner lower on Tuesday, balanced by concerns over falling raw demand and a Saudi promise to compensate for any deficiencies from countries hit by sanctions, as the market dared to deliver on tensions around Iran.

Benchmark futures were down 42 cents at $ 64.44 per barrel at 1

018 GMT.

futures fell 32 cents to $ 57.58 per barrel.

Hopes for progress in the trade war between China and the United States during this week's G20 meeting were subdued by an older US official, said President Donald Trump "comfortable with any outcome" from the talks.

CEO of Saudi Aramco, the state oil company of OPEC's de facto leader, said that the available capacity of 12 million barrels per day (bpd) was sufficient and that it would meet customer needs.

Weak production data released on Monday by the Federal Reserve Bank by Dallas adds concerns about reducing the demand for crude oil due to the trade conflict.

"The geopolitical risk premium (in the Middle East) is partly offset by another stand-off, namely between the US and China," PVM analyst Tamas Varga said in a note.

"The general consensus is that no breakthrough will take place towards the end of the week when the two leaders continue their trade negotiations. The likely failure to reach a mutually acceptable trade agreement will increase the demand concerns that will counteract the oil spill."

Demand problems were cards defeated last week when Brent climbed 5% and US crude oil increased nearly 10%, the strongest week since 2016, after Iran shot down an American drone, and increased the excitement of previous attacks on oil tankers in the area.

Washington has blamed the tank attacks on Iran, which refuse to play a role.

US President Donald Trump measured the Iranian supreme leader Ayatollah Ali Khamenei and other senior Iranian officials on Monday. Iran said this move closed the way for diplomacy.

At the same time, the organization of the petroleum exporting countries and its allies sees Russia, among other things, expanding an agreement to reduce production when they meet on 1-2 July.

Russian Energy Minister Alexander Novak said international co-operation on crude production had helped to stabilize the oil markets and was more important than ever. He also expressed concerns about the demand.

U.S. Sanctions against Iran and Venezuela have cut oil exports from the two OPEC members, but US production has risen, causing some Russian officials to accuse Washington of separating market shares for their energy exports.

(Interactive graphic about oil sanctions: https: //tmsnrt.rs/2FA66mz)

Disclaimer: Fusion Media will remind you that the data on this website is not necessarily real-time or accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by stock exchanges, but rather by market makers, and therefore prices cannot be accurate and may differ from actual market prices, meaning prices are indicative and not appropriate for trading. Therefore, Fusion Media has no responsibility for any loss of trade you may incur as a result of using this data.

Fusion Media or anyone involved in Fusion Media will not be liable for any loss or damage resulting therefrom. of trust in the information, including data, quotes, charts and buy / sell signals found on this website. Be well informed about the risks and costs associated with trading in the financial markets, which is one of the most risky forms of investment.


Source link