Published: Wed, August 15, 2018
Money | By Michele Stevens

Oil Falls Amid Rising U.S. Inventories

Oil Falls Amid Rising U.S. Inventories

"Any further escalation in the trade conflict between them is clearly an important downside risk and could lead to a further slowdown in oil demand growth for 2019, leading to a downward pressure on oil prices", said Sushant Gupta, research director at energy consultancy Wood Mackenzie.

At the time of writing, the barrel of WTI is down -1.30% at $ 66.20, looking vulnerable below a break of the $ 66 support, as rising USA crude stockpiles dent the sentiment.

Although Brent crude oil has become about 8 percent more expensive this year in dollars, the price increase has been 14 percent in China's renminbi and more than 18 percent in Indian rupees.

Oil prices rose more than 1% Friday as USA sanctions against Iran looked set to tighten supply.

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Front-month Brent crude oil futures were at $72.57 per barrel at 0702 GMT, down 24 cents, or 0.3 percent, from their last close.

Moreover, Turkey's economic turmoil has raised concerns about a contagious crisis throughout emerging economies, which dented market expectations for the overall oil demand in the coming months.

Advances were capped by concerns that a rising U.S. Dollar would dampen demand for the dollar-denominated asset. "Ultimately, we could see losses from Iran exceed 2 million barrels a day", the Westbeck Capital chief executive said.

Investors are concerned about the world economy as trade disputes between escalate between the United States and its major trading partners.

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LONDON-Oil prices fell Wednesday after data showed a rise in USA crude stockpiles, following days of volatile trading.

USA crude inventories rose unexpectedly last week, climbing 6.8 million barrels in spite of refinery crude runs hitting a record high, the Energy Information Administration's data showed. Meanwhile, U.S. output, which had surged to a record last month, has slowed in recent weeks.

Brent crude has fallen back to about $72 a barrel as the questions over demand have offset concerns over supply disruptions, such as United States sanctions on Iran, which had helped to propel the global oil benchmark to highs of $80 a barrel in May.

Iran is the third-largest producer in the Organization of the Petroleum Exporting Countries behind Saudi Arabia and Iraq, pumping 3.65 million bpd in July, Reuters data show.

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The United States has started implementing new sanctions against Iran, which from November will also target the country's petroleum sector. Platts cFlow trade-flow software shows an increase in exports for the week ending August 10, with a big jump in crude to Canada balancing a drop off in crude exports to Asia.

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