Published: Sun, October 28, 2018
Markets | By Noel Gibbs

Oil Prices Stabilise As Stock Markets Plunge

Oil Prices Stabilise As Stock Markets Plunge

Touching upon the importance of oil market stability for the US, senior energy expert Omid Shokri says it is not easy to drive Iran's oil export to zero in short term.

USA planning to drop Iran oil export to zero but in short term it will not be easy to drop Iran oil export.

Oil tumbled toward a third weekly drop as crumbling equity markets across the globe stoked concern about a slowdown in energy demand growth.

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USA light crude CLc1 was up 20 cents at $67.02 after touching an intraday low of $65.99. On Wednesday, crude oil futures closed higher by $0.39, or 0.6%, at $66.82 a barrel, after having plunged to a two-month low a session earlier.

"With crude experiencing bearish fundamentals the last 2 weeks on increased supply concerns, any other bearish movement in equities tends to be a catalyst for sellers to push the short term price of crude down", Pawielski said. According to Reuters, Chinese refineries have already reduced their oil purchases from Iran in October.

India has imported about 30 million barrels of U.S. crude over the previous year, starting October 2017.

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This falls in line with comments made last month by Khalid al-Falih, energy minister of Saudi Arabia: he said that while his kingdom and other OPEC members are now pumping full-out to compensate for the shortcomings expected as a results of the USA sanctions against Iran, "We expect an oversupply in 2019, [and] we may have to go back to the reduction".

The move comes as part of a plan to facilitate Iran's oil exports as United States sanctions targeting its energy sector in November draw nearer. This week, Halliburton Co. That accounted for 12.9% of the world's oil production, which is in the range of the world's two other major oil production superpowers - Russian Federation and the U.S. The sanctions will take effect from 4 November. A great article and a must read about the supply squeeze that is still coming even if we are anxious about a slowdown in demand in the short-term. Call to get my daily trade updates at 888-264-5665 or email me at pflynn@pricegroup.com.

The Gloves are Off! His impressive career goes back nearly three decades, gaining attention with his market calls as writer of "The Energy Report". The futures closed above the 200-day average for the first time in four sessions. He attended Daley College in Chicago before beginning his career on the trading floor of the Chicago Mercantile Exchange which eventually led him and his team to The PRICE Futures Group.

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