Oil prices fall as US-China trade war clouds demand outlook

Oil prices fall as US-China trade war clouds demand outlook

While Iran's exports have moved in Trump's favor, the president faces the predicament of wanting oil prices to come down before USA midterm elections on November 6.

Oil prices firmed on Tuesday after Saudi Arabia indicated it was comfortable with a higher price range ahead of a meeting between major producing countries in Algeria.

The potential for a full-blown trade war between the USA and China could also undercut demand by reducing economic growth globally.

Benchmark Brent crude already is nearing $80 a barrel and analysts believe it may go even higher as production remains low.

"As oil sanctions against Iran take effect, perhaps in combination with production problems elsewhere, maintaining global supply might be very challenging and would come at the expense of maintaining an adequate spare capacity cushion", IEA said in its monthly Oil Market Report.

On the New York Mercantile Exchange, West Texas Intermediate futures were trading up 0.8% at $69.54 a barrel.

"Trade tensions might escalate and lead to slower economic growth, and in turn lower oil demand, " IEA added.

Gazidis Swaps Gunners For Milan
Meanwhile Arsenal's chief commercial officer Vinai Venkatesham will take over the role of managing director at the same point. Emery was left in the dark over Gazidis' future, as shown in a press conference before Arsenal's 0-2 win over Newcastle .

The Organization of the Petroleum Exporting Countries (OPEC) must keep together for the sake of the global economy as the body's founding member Iran faces renewed sanction from the United States, its secretary-general Mohammed Sanusi Barkindo said on Tuesday, September 18, the Associated Press reported.

Oil futures rose more than 1 percent on Tuesday on signs that OPEC would not be prepared to raise output to address shrinking supplies from Iran, and as Saudi Arabia signaled an informal target near current levels.

Opec with a group of non-Opec producers that includes Russian Federation started withholding oil supplies in 2017 to end a global glut and prop up prices.

Novak said OPEC+ would also discuss supply and demand forecasts for the fourth quarter.

"But there's still a big question mark over China's USA crude purchases, which fell at one point to zero, there's a risk of Chinese tariffs on U.S. crude oil", Jakob said, which could weigh as United States output continues growing. Riyadh boosted production significantly in June, pumping 10.42 million barrels a day, up from 9.9 million barrels a day in April.

The world's biggest crude exporter believes it may no longer be possible to avoid higher prices as US sanctions on Iranian exports crimp supply, according to people familiar with Saudi Arabia's view.

Related Articles

  • Kavanaugh accuser may testify after all, under right terms

    Kavanaugh accuser may testify after all, under right terms

    However, Katz maintained that Blasey still preferred that the committee fully investigated her claims before she testified. She doesn't want Kavanaugh to be in the room when she is. "We don't know if she's coming or not, but this is her chance".

    Jimmy Butler Reportedly Requests Trade From Timberwolves

    Butler met with Minnesota Timberwolves head coach Tom Thibodeau in Los Angeles yesterday for showdown talks regarding his future. In 59 games for the Timberwolves last season, Butler averaged 22.2 points per game on 47.4 per cent shooting.
    India Bans Traditional Muslim 'Instant' Divorce

    India Bans Traditional Muslim 'Instant' Divorce

    The legislation stymied in parliament sought to make the practice a non-bailable offence, with up to three years in jail.
  • Korea leaders embrace as they meet in Pyongyang for third summit

    Korea leaders embrace as they meet in Pyongyang for third summit

    The two leaders will sit down for formal talks after lunch, which will be followed by a musical performance and welcome dinner. K-pop starlet Ailee and rapper Zico, who were described by Moon as pioneering "new culture", were also part of the entourage.
    'Super typhoon' nears Hong Kong, China after slamming Philippines

    'Super typhoon' nears Hong Kong, China after slamming Philippines

    Guangdong is on its highest alert for the storm, which also hit Hong Kong , where it swayed skyscrapers and blew out windows. More than 2.45 million people were evacuated in China's Guangdong province as Mangkhut made landfall at 5pm local time.
    Jeff Flake ‘not comfortable voting yes’ on Brett Kavanaugh

    Jeff Flake ‘not comfortable voting yes’ on Brett Kavanaugh

    The Republicans move in lockstep, and so do the Democrats. "Given the late addendum to the background file and revelations of Dr. Democratic Senate Minority Leader Chuck Schumer played directly into the idea that the #MeToo campaign had changed everything.
  • Prince Harry sneaks samosas from Meghan's cookbook launch

    Prince Harry sneaks samosas from Meghan's cookbook launch

    And Al-Manaar for the support and seeing this through for us, our team at Kensington Palace and the Royal Foundation . Meghan can be heard saying "sorry" to Harry, the pair having a laugh at the situation.
    Kim, Moon join hands on peak of sacred North Korean volcano

    Kim, Moon join hands on peak of sacred North Korean volcano

    Many South Koreans still harbor deep anger over the North's 1950 sneak attack that started a war that killed and injured millions. The United States, South Korea and Japan also have set their own economic restrictions on North Korea.
    Roseanne: My character gets killed off 'The Conners' by opioid overdose

    Roseanne: My character gets killed off 'The Conners' by opioid overdose

    Despite her stated intent for the tweet to be purely political, Barr was criticized for being racist. Goodman also defended his Roseanne co-star and said he knows for a fact that Barr is not a racist.
  • Trump attacks credibility of Kavanaugh sex accuser

    Trump attacks credibility of Kavanaugh sex accuser

    Looks like Grassley and Senate Republicans are exhausted of trying to look reasonable and are rushing to confirm Kavanaugh asap. The scandal, which broke a week ago, has already delayed what previously seemed to be Kavanaugh's certain confirmation.
    Cristiano Ronaldo To Face Further Ban?

    Cristiano Ronaldo To Face Further Ban?

    Juventus' Emre Can has apologised for comments he made in the aftermath of Cristiano Ronaldo's sending off against Valencia.
    Smartphone maker OnePlus forms new division to develop a Smart TV

    Smartphone maker OnePlus forms new division to develop a Smart TV

    Pete Lau , the OnePlus CEO and founder, told Business Insider that his company is now also planning a OnePlus TV . This means we could possibly see casting, voice assistant and other smart home features built right into the TV.