Markets

Oil prices steady after pull-back, up on the week

Oil prices steady after pull-back, up on the week

Oil ETFs should not count on a bump from the drop off in oil supply out of Iran due to USA economic sanctions as the Organization of Petroleum Exporting Countries quickly stepped in to fill in the gap, raising global supply to a record high.

"There is no spare capacity anywhere", he added.

The U.S. Energy Information Administration (EIA) said on Tuesday that the U.S. likely surpassed Saudi Arabia and Russian Federation earlier this year to become the world's top crude oil producer.

Responding to a question from Congressman Eliot Engel, the Indian-American official said the Trump Administration has been talking to all its allies and partners and trying to convince them to fully implement the new Iranian sanctions which the USA has imposed following its withdrawal from the Iranian nuclear deal.

But Iran's OPEC governor Hossein Kazempour Ardebili, said in comments to Reuters that a "supply shortage" meant the United States would not be able to meet its zero export target.

For the week, November WTI crude oil settled at $68.77, up $1.22 or +1.81%.

Since President Trump decided in May to reimpose sanctions against Iran over its nuclear development program, uncertainty has seized the market. Washington is pushing allies to cut imports of Iranian oil to zero and will introduce a new round of sanctions on Iranian oil sales on 5 November.

More than 870,000 without power as Florence lumbers inland
The height of the water that we will see on the coast is the amount of storm surge plus the tide and any additional rain water. EDT (1900 GMT) but already some 19,000 homes and businesses were without power by mid-afternoon in the Carolinas and Virginia.

Traders said an early rally on Friday was sparked by reports U.S. Secretary of State Michael Pompeo was going to announce new sanctions on Iran.

Right before the downturn, forecasters wrongly assumed OPEC would throttle back production as output from US shale fields started to exceed expectations and oil demand unexpectedly softened.

Under the U.S. pressure to lower oil prices, the OPEC and its allies agreed in June to boost production, having participated in a supply-cutting deal in place since 2017.

After the June meetings between OPEC and its friends there was a flurry of talk about restarting production at the fields in the Neutral Zone, shared between Saudi Arabia and Kuwait, but there has been little activity on the ground.

However, after crude oil prices increased in early 2016, investment and production began increasing later that year.

He cited declines in Mexican production of more than half this year, as well as falling production in Venezuela by around 50,000 bpd, falling by half to little more than 1 million bpd, adding "that the market is still not balanced in long-term perspective".

Iran's oil production fell for the fourth month in a row, according to OPEC data, to 3.584 million barrels, compared to 3.734 million barrels last July.


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