Oil Prices Heading For Loss On Oversupply Concerns
Oct 29, 2018, 07:12
With U.S. sanctions on Iran coming into effect on November 4, the global oil trade will surely feel the impact.
Brent for December settlement added 73 cents to settle at $77.62 on the London-based ICE Futures Europe exchange. Also this week, commodities were hit by a USA stock sell-off as risk aversion spread through financial markets.
"This is the year geopolitics came back to the oil markets and it is back with a vengeance", said Helima Croft, global head of commodity strategy at RBC Capital Markets. In addition, China has also made clear that it will not stop buying Iranian oil and break commercial ties with Tehran, especially having cut imports of US crude amid the ongoing trade war with America.
Brent crude oil prices reached a peak above $85 per barrel and WTI above $76 per barrel earlier in October, amid concerns about reductions in the global supply. Cutting off Iranian supplies is expected to pose new threats and more volatility to the global oil market. India, the second largest importer of Iranian oil after China, may face difficulty in supplying its huge domestic demand for oil.
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The U.S. State Department has set November 4 as the deadline for worldwide oil buyers to stop all their oil purchases from Iran.
Of late Beijing has been Tehranʹs most important trading partner, accounting for 25.6 percent of imports and 19.7 percent of exports. "That's just a couple weeks away", said Phil Flynn, an oil market analyst at Price Futures Group in Chicago.
A global collapse in equities has weighed on oil markets. Cumulatively the value of oil imports from Iran between April and September 2018 more than doubled to Dollars 7.74 billion from USD 3.84 billion in the corresponding period a year ago.
OIL Price reported that the Saudi Arabia's Energy Minister Khalid al-Falih told state TV channel al-Ekhbariya as quoted by Reuters, to offset recent increases.
U.S. crude barrels have been steadily declining for almost four weeks, peaking at 77.00 in early October and tumbling steadily into 66.20, and WTI barrel prices are trading below the 200-day moving average, now sitting near 67.50, for the first time since September of 2017.
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