Markets

Crude Oil Prices Extend Slide, Shed Over 1%

Crude Oil Prices Extend Slide, Shed Over 1%

Crude palm oil prices went up by 0.27 per cent to Rs 590.50 per 10 kg in futures trade today as speculators widened their positions amid firm demand at the spot market.

Last month, Brent fell more than 6 percent and US crude slumped about 7 percent, the biggest monthly declines for both benchmarks since July 2016. Brent crude futures LCOc1 were at $73.42 per barrel, down 3 cents from their last close.

The Organisation of Petroleum Exporting Countries has said that crude oil production has gone up in July as Saudi Arabia pumped more volumes into the global market.

On Wednesday, prices sank when the USA government reported that in the prior week, total US inventories rose 3.8 million barrels, while supplies at Cushing fell 1.3 million barrels.

It was gathered that the Arabic nation's production increased by 230,000 barrels daily in July to 10.65 million barrels per day.

Crude oil futures for September ended down $1.10, or 1.6%, at $67.66 a barrel on the New York Mercantile Exchange.

According to a report from the U.S. Energy Information Administration, U.S. crude oil inventories rose by 3.8 barrels last week.

Phil Flynn, a market analyst at the PRICE Futures Group in Chicago, said in a daily emailed market report that was supporting the spike in prices on Thursday.

Hot African air brings scorching heat, dust to Europe
In Spain, a high of 45C was forecast for Córdoba and heat warnings have been issued for 41 of the country's 50 provinces. In Germany, state rail operator Deutsche Bahn said it was offering free water to passengers in case of delays.

In Vienna in June, OPEC and other producers led by Russian Federation agreed to ease global output cuts, adding around 1 million barrels per day (bpd) to the market from July 1. "A lot of this is the risk premium priced in for Iran and when do we start seeing an impact on supply there", ING commodities strategist Warren Patterson said. "We could even see light sweet Nigerian barrels being displaced from India, and heading to China instead", he added.

Although the sanctions don't officially take effect until November, Iran is already seeing customers flee as the USA imposes penalties on buyers after Trump quit a nuclear accord with the country.

Oil last month posted the worst loss in two years on concern a trade war between the United States and China could curb economic growth and limit energy demand.

"There are a lot of escalation points that could occur very quickly and that worries me", Jonathan Barratt, chief investment officer at Ayers Alliance in Sydney, said.

US President Donald Trump's decision to pull out of an global nuclear deal and reimpose sanctions on Iran has angered Tehran.

The combination of crumbling Venezuelan oil production and the aggressive US efforts to curtail Iranian exports is going to tighten the market.

Trump has turned up pressure on China for trade concessions by proposing a higher 25% tariff on $200 billion of Chinese imports and China has said it will retaliate.


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