Markets

Lower Emerging Market Demand Weighing on Prices

Lower Emerging Market Demand Weighing on Prices

Brent crude futures, the worldwide benchmark for oil prices, were up 3 cents at $69.48 a barrel.

US West Texas Intermediate (WTI) crude futures were up $0.12, or 0.2%, at $58.93 a barrel, supported by expectations of a fall in US crude inventories.

Due to U.S. sanctions, statistics show that Iranian oil exports fell to 400,000 barrels per day in May - nearly half the volumes of April.

Preventing prices from rising further are concerns that the trade dispute between the United States and China will trigger a global economic downturn and a slowdown in fuel consumption.

Mexican President Andres Manuel Lopez Obrador on Friday urged Trump to back down from the threats.

Demand is the focus at this time because U.S.

Crude oil followed yet another global sell-off after signals of an intensifying trade war came out of China.

Robert Mueller statement in line with William Barr summary, Justice Department says
If true, it would be the strongest evidence so far that Mueller seriously considered charging Trump with obstruction of justice. The interview excerpt was aired one day after Mueller made his first public remarks on the Russian Federation investigation.

Because of weakening demand, Bernstein said "any upside is capped" in oil markets despite relatively tight supply.

Additional levies by Beijing on the majority of US imports on a $60 billion target list are due to take effect on Saturday.

"We remain of the view that despite continued supply risks in countries like Iran, Libya and Venezuela, demand-risk will remain at the fore in 2019", said Cailin Birch, an analyst at the Economist Intelligence Unit.

Meanwhile, top oil exporter Saudi Arabia has raised production in May, a Reuters survey found, but not by enough to compensate for lower Iranian exports which collapsed after the United States tightened the screws on Tehran. The Organization of the Petroleum Exporting Countries is expected to meet in late June.

"Oil prices slid on fresh trade worries after U.S. President Donald Trump stoked global trade tensions by threatening tariffs on Mexico, which is one of the largest U.S. trade partners and a major supplier of crude oil", said Mithun Fernando, investment analyst at Australia's Rivkin Securities, in a note on Monday. Concerns of a global glut could prompt the oil-producing nations to continue slashing production according to previously set targets through the end of the year.

On the supply side, the daily loss in prices also came after data showed that crude oil production in the US remained at a record high level to sustain pressure on prices. But in May the rig count was reduced for the sixth straight month.


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