Oil prices seeking bullish rebound on supply constraints, WTI eyeing $72.00

Cornelia Mascio
Ottobre 17, 2018

USA sanctions on Iranian oil exports are due to kick in on Nov 4.

An oil pump jack can be seen in Cisco, Texas, August 23, 2015.

Tensions have flared between the US and Saudi Arabia over the disappearance of Jamal Khashoggi, a journalist with the Washington Post who was critical of the Middle East nation.

U.S. President Donald Trump said the Saudi crown prince intends to expand an investigation into the disappearance of Khashoggi and that the prince did not know what happened in the Turkish consulate where Khashoggi apparently disappeared.

US President Donald Trump can not bring oil prices down by "bullying" other nations, Iran's oil minister said on Tuesday, adding that the market was suffering from short supply.

Saudi Arabia stands committed to meeting all of India's energy needs, especially in oil, its Energy Minister Khalid A. Al-Falih said on Monday.

The United States plans to impose new sanctions targeting Iran's oil sector on November 4 to try to stop the country's involvement in conflicts in Syria and Iraq and bring Tehran to the negotiating table over its ballistic missile programme.

"Once pipelines and oil terminals are built connecting the Permian to the U.S. Gulf Coast, then there will be a big step up in U.S. crude oil exports", Harry Tchilinguirian, oil strategist at French bank BNP Paribas told Reuters Global Oil Forum.

Brent crude was down 50 cents a barrel at $80.28 by 1320 GMT.

US crude price gains, however, were being limited by recent stock builds at Cushing, Oklahoma, the delivery point for WTI, where inventories have risen for three straight weeks, traders said.

Analysts forecast that USA crude stockpiles rose last week for the fourth straight week, by about 2.2 million barrels, according to a Reuters poll ahead of weekly inventory reports.

The last time South Korea did not import oil from Iran was September 2012, according to customs data.

Jahangiri said some countries that have stopped importing oil from Iran are looking for workarounds that would allow them to continue to import energy from Iran indirectly. Meanwhile, front-month USA crude futures traded near the smallest premium to the 12th month in about 10 months.

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