Published: Sun, September 16, 2018
Markets | By Noel Gibbs

Oil slips from four-month highs on economic concerns

Oil slips from four-month highs on economic concerns

US light crude settled down $1.78, or 2.5 per cent, at $68.59 a barrel.

More output by members of OPEC the Organization of Petroleum Countries was able to offset the seasonal declines by non-OPEC members, though supply from non-OPEC nations was up as well by 2.6 million barrels per day, led by the United States.

Oil prices fell on Thursday, slipping back from four-month highs as investors focussed on the risk that emerging market crises and trade disputes could dent demand even as supply tightens.

Brent crude futures climbed 24 cents, or 0.3 percent, to $79.30 a barrel.

Demand for oil grew more slowly in the second quarter but will continue to rise this year and in 2019, the group said.

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Iran is one of the world's largest exporters of oil and the Trump administration's suffocating restrictions could affect the world's supply of the commodity.

"Oil cut earlier losses and rose towards its highest level this year on Wednesday, after a drop in USA crude inventories and as the prospect of the loss of Iranian supply added to concerns over the delicate balance between consumption and production".

Outside the United States, markets focused on USA sanctions against Iran, which from November will target its oil sector.

The double whammy of a significant fall in Iranian crude exports owing to the U.S. strictures and a drastic dip in output in Venezuela due to its economic crisis is leaving worldwide crude prices on a high.

SINGAPORE, Sept 13 (Reuters) - Oil prices fell on Thursday, reversing some of the strong gains from the previous session, as economic concerns raised doubts about ongoing fuel demand growth.

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With regards to the tumble in output from Iran and subsequent affect on oil prices, there could be "no formulation of gleaming" how powerful its exports will tumble, Atkinson stated.

OPEC member states joined other countries by cutting oil production almost two years ago in an effort to push prices back up.

"We think oil market fundamentals are increasingly supportive of crude prices, at least at current levels", said Gordon Gray, HSBC's global head of oil and gas equity research.

The Paris-based IEA maintained its forecast of strong growth in global oil demand this year of 1.4 million bpd and another 1.5 million bpd in 2019, unchanged from its previous projection.

But with the crisis in Venezuela showing no sign of abating, and with new United States sanctions on Iran's oil industry set to come into force on November 4, other producers may have to ramp up production even further if they want to limit the impact on the market.

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That month Russian Federation produced 11.247 million bpd, a post-Soviet Union record-high. This news was being supported by the unknown, or the compliance with the US sanctions on Iran.

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