Oil prices ups and downs: Russian Federation wins if Iran loses

by Susie Olson April 26, 2018, 0:19
Oil prices ups and downs: Russian Federation wins if Iran loses

Late Tuesday, the American Petroleum Institute (API) reported a surprise build of 1.099 million barrels of USA crude oil inventories for the week-ending April 20. "Not to mention the big elephant in the room; U.S. shale oil production would ramp up significantly", futures brokerage OANDA head of trading for Asia-Pacific Stephen Innes told The Edge Financial Daily. "No good and will not be accepted!".

OPEC oil output fell in March to an 11-month low due to declining Angolan exports, Libyan outages and a further slide in Venezuelan output, a Reuters survey found earlier this month, sending compliance with a supply-cutting deal to another record.

Crude prices had been bolstered by a growing consensus in the market that President Donald Trump will move to pull the USA out of a 2015 worldwide accord to curb Iran's nuclear program.

"Looks like OPEC is at it again", he wrote.

Analysts at Bank of America Merrill Lynch predicted that global oil demand growth would likely grow at a rate of 1.5 million barrel per day this year and 1.3 million barrel per day next in spite of rising prices as all major economies remain in an expansion mode. "The rally began after both WTI and Brent crude oil broke through key technical levels and after receiving fundamental support through the renewed focus on supply disruptions".

The expert believes that Donald Trump will not extend the nuclear deal with Iran.

The deal has been agreed to continue until December 2018.

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The timing of Trump's tweet was not random. However, higher oil prices have caused an immediate surge in mining investment, as more drilling rigs have been deployed, and those firms associated with oil production have seen revenue boom.

By 4:37pm EST, the WTI benchmark was trading down 1.18 percent on the day to $67.93 while Brent was trading down 1.07 percent at $73.22. Conventional thinking over the past several years revolved around the belief that OPEC was powerless and shale's massive growth could prevent future price spikes and solve longstanding energy security problems.

Admittedly, the rise in fuel costs will eventually weigh on the disposable income of consumers and the profits of non-oil businesses.

The US crude oil is on offer everywhere and this puts local grades under a lot of pressure.

Commenting on oil prices, the Iranian oil minister said, "I think that the balanced, non-fluctuating price of oil would be favorable for OPEC and other producers".

Concerns about the potential fallout (no pun intended) of Donald Trump's potential withdrawal from the Iran nuclear agreement which (amongst other things) saw a lifting of worldwide sanctions against Iran and its return to the crude oil suppliers' market has been credited with pushing crude oil prices to their strongest levels for three years.


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