Oil Prices Continues Gain As Brent Crude Hits $74.2 Per Barrel

29 April, 2018, 00:53 | Author: Mable Gonzales
  • Brent Crude

The answer, the economists explain, is "worries have surfaced about the Organization of the Petroleum Exporting Countries (OPEC) oil supply, which explains the recent rise in oil prices".

Oil markets are underestimating the impact that a collapse of the Iran nuclear deal - and the re-imposition of USA sanctions on Iran - could have on prices, a Middle East strategist told CNBC.

Trade data in Thomson Reuters Eikon shows seaborne imports of crude oil by Asia's main buyers will hit a record this month, a big portion going to slake China's voracious thirst. Subscribe on Apple Podcasts.

But new reports of falling crude inventories in the United States and creeping concerns that President Donald Trump will slap sanctions on Iran propped prices back up.

Crude oil for delivery in May was trading lower by Rs 13 or 0.29 per cent at Rs 4,545 per barrel with a business volume of 1,889 lots at the Multi Commodity Exchange (MCX).

Geopolitical factors once again trumped fundamentals with the growing concern over new USA sanctions on Iran, keeping WTI and Brent crude prices high despite a build in crude oil inventories reported yesterday by the Energy Information Administration.

Trump has until May 12 to decide whether to pull out of the deal.

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Oil output in Venezuela PRODN-VE, a member of the Organization of the Petroleum Exporting Countries (OPEC), has fallen from nearly 2.5 million barrels per day (bpd) to just around 1.5 million bpd now due to political and economic turmoil in the South American country.

Punch also reports that the EIA showed that the USA crude oil exports averaged 1.12 million bpd previous year, with the highest daily export of 1.73 million bpd recorded in October.

The authority also said gasoline inventories had gone up by 800,000 barrels in the reporting period, compared with a 3-million-barrel decline a week earlier. "Not so long ago, many doubted that the Federal Reserve would announce three increases of 25 basis points in its key rates during the year".

Dutch bank ING said "the wide discount for WTI to Brent saw exports rising 582,000 bpd week-on-week to a record high of 2.33 million bpd".

Over the past four weeks, motor gasoline product supplied averaged 9.4 million barrels per day, up 1.3 percent from the same period a year ago.

With U.S. output and exports surging, some analysts warn that the 20 percent climb in Brent prices since February is starting to look overdone. Said Greg McKenna, chief market strategist at futures brokerage AxiTrader, "The market does look a little toppish".

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