Tuesday, Sep 22, 2020 | Last Update : 08:25 PM IST

182nd Day Of Lockdown

Maharashtra122438091634833015 Andhra Pradesh6317495518215410 Tamil Nadu5473374919718871 Karnataka5268764233778145 Uttar Pradesh3588932895945135 Delhi2492592133045014 West Bengal2283021989834421 Odisha184122149379763 Telangana1726081419301042 Bihar169856155824870 Assam159320129130578 Kerala13863398720554 Gujarat1247671051913337 Rajasthan116881972841352 Haryana113075908841177 Madhya Pradesh108167836182007 Punjab99930754092860 Chhatisgarh8618347653680 Jharkhand7267358543626 Jammu and Kashmir65026421151024 Uttarakhand4177729000501 Goa2875322726360 Puducherry2319118065467 Tripura2227215441245 Himachal Pradesh124387836125 Chandigarh102987411123 Manipur9010683859 Arunachal Pradesh7385540813 Nagaland5544445110 Meghalaya4733252838 Sikkim2447190529 Mizoram158510120
  Business   Economy  03 Sep 2019  Oil prices fall as market eyes trade war, awaits stocks data

Oil prices fall as market eyes trade war, awaits stocks data

REUTERS
Published : Sep 3, 2019, 1:19 pm IST
Updated : Sep 3, 2019, 1:19 pm IST

US crude was down 26 cents, or 0.5 per cent, at USD 54.84 a barrel by 0644 GMT, while Brent was down 6 cents at USD 58.60 a barrel.

Oil will struggle to make substantial headway topside this week with no progress on trade talks or meetings even, soft data from Asia and a possible cracking of OPEC’s resolve to control production, said Jeffrey Halley, senior market analyst at OANDA.
 Oil will struggle to make substantial headway topside this week with no progress on trade talks or meetings even, soft data from Asia and a possible cracking of OPEC’s resolve to control production, said Jeffrey Halley, senior market analyst at OANDA.

Tokyo: Oil prices fell on Tuesday as the ongoing US-China trade war cast a pall over markets, with soft South Korean data adding to concerns over emerging markets and a rise in OPEC output.

US crude was down 26 cents, or 0.5 per cent, at USD 54.84 a barrel by 0644 GMT, while Brent was down 6 cents at USD 58.60 a barrel.

 

The United States this week imposed 15 per cent tariffs on a variety of Chinese goods and China began to impose new duties on a USD 75 billion target list, deepening the trade war that has rumbled on for more than a year.

US President Donald Trump said both sides would still meet for talks later this month.

South Korea’s economy turned out to have expanded less than estimated during the second quarter as exports were revised down in the face of the prolonged US-China trade dispute, central bank data showed on Tuesday.

A move on Sunday by Argentina to impose capital controls is also casting a spotlight on emerging market risks.

“Oil will struggle to make substantial headway topside this week with no progress on trade talks or meetings even, soft data from Asia and a possible cracking of OPEC’s resolve to control production,” said Jeffrey Halley, senior market analyst at OANDA.

 

Output from the Organization of the Petroleum Exporting Countries (OPEC) rose in August for the first month this year as higher supply from Iraq and Nigeria outweighed restraint by top Saudi Arabia and losses caused by US sanctions on Iran.

OPEC, Russia and other non-members, known as OPEC+, agreed in December to reduce supply by 1.2 million bpd from Jan. 1 this year. OPEC’s share of the cut is 800,000 bpd, to be delivered by 11 members and exempting Iran, Libya and Venezuela.

Russian oil production in August rose to 11.294 million barrels per day (bpd), topping the rate Moscow has pledged to cap output at under a pact with other producers and hitting its highest since March, data showed on Monday.

 

Nonetheless, Russia aims to fully comply with an agreement during September to cut oil production among OPEC and some non-OPEC producers, Russian Energy Minister Alexander Novak said in a statement on Monday.

Data due this week on US inventory levels will be delayed by a day to Wednesday and Thursday due to the US Labor Day holiday on Monday.

“What’s bad for the outlook for global growth is bad for oil at the moment and only big draws in inventories can delay that drift lower,” said Greg McKenna, strategist at McKenna Macro.

Tags: crude oil, brent crude, donald trump, us-china trade war, organization of the petroleum exporting countries, opec
Location: Japan, Tokyo-to, Tokyo