Crude rises Friday, falls for the week

Crude rises Friday, falls for the week

The U.S. bank said "we therefore expect a near-term Brent rebound", although it added that "beyond the next couple months ... all these supply and demand cross-currents will dissipate to bring a balanced global oil market, once new (U.S.) Permian transport capacity is online and core-OPEC ramps up".

Brent crude oil futures were at $71.28 per barrel at 0443 GMT, 4 cents above their last close, Reuters said.

U.S. West Texas Intermediate (WTI) crude futures rose 31 cents to settle at $62.25 a barrel.

On the supply side, oil markets remain tense with the United States tightening sanctions on Iranian oil exports and plans to bulk up its forces in the world's top oil-exporting region.


On Tuesday, EIA cut its 2019 world oil demand growth forecast by 20,000 barrels per day (bpd) to 1.38 million bpd.

U.S. Energy Secretary Rick Perry said that Saudi Arabia was increasing its oil production to meet needs arising from sanctions on Iran.

Efforts by the Trump administration to impose political and economic isolation on Tehran began with last year's USA withdrawal from the nuclear deal it and other world powers negotiated with Iran in 2015.

Investors have also been losing faith in this year's rally, with money managers slashing optimistic wagers on US oil prices last week for the first time since February. If Turkey decides to disregard USA sanctions and continues to import oil from Iran, more troubling times could lie ahead for both Ankara-Washington ties and for the Turkish economy.


In the previous session, holdings of SPDR Gold Trust, the world's largest gold backed exchange, dropped 0.63 percent to 740.82 tonnes, its lowest since October 11.

The latest news from the EIA that replacement barrels for the lost Iranian crude oil may not arrive for months, is actually supportive news.

The South Korean government granted freight incentives for refiners buying crude oil from regions other than the Middle East until 2021 to support companies looking for alternatives to Iranian crude and condensate, an energy ministry official said Tuesday.

Trump tweeted on Sunday that the United States would raise tariffs on US$200 billion (RM829 billion) worth of Chinese goods this week, causing investors to seek safety and flee from risky assets.


Imports of Kazakhstan's light sweet CPC Blend crude nearly doubled year on year to 15.74 million barrels in the first three months this year. -China trade negotiations fall apart.

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