Oil remains steady as emerging-market fears escalate amid Turkey crisis
15 August, 2018, 19:17 | Author: Kathy Ellis
Traders are also monitoring reports of multiple unsold crude oil cargoes around the Atlantic Basin, with producers including Russian Federation and Nigeria cutting prices for certain grades.
At the Multi Commodity Exchange, crude oil for delivery in August month moved up by Rs 24, or 0.51 per cent, to Rs 4,698 per barrel in business turnover of 1,474 lots. While the question of Iranian supply remains in the background, crude oil traders have been ignoring supply-related concerns in recent history.
On Friday, the International Energy Agency (IEA) warned the energy market outlook could become "far less calm" as US -imposed oil sanctions against Iran take effect.
Worldwide benchmark Brent crude traded at around $72.80 on Friday morning, little changed from the previous session, while U.S. West Texas Intermediate (WTI) stood at $67.43, down around 0.3 percent.
Oil drops as economic turbulence in Turkey and the strengthening greenback heightens concerns about global oil demand.
Trade tensions with the USA have weakened currencies in emerging markets as investors pull cash out of countries like India and China and convert it to US dollars, which are still seen as a safe haven.
It also said that trade friction between the USA and China was unlikely to have much impact on global oil demand growth, unless the rifts spread beyond those two nations.
China, India and Turkey are already on board to continue Iranian oil imports, and Japan has said it is considering continuing shipments.
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Turkey's currency fell Friday after its economy was rattled by the United States' move to slap the country with more tariffs . Washington "must give up the misguided notion that our relationship can be asymmetrical", he said in the opinion piece.
"Crude oil processing increased sharply and reached a record level of nearly 18 million barrels per day last week", said Carsten Fritsch, senior commodities analyst at Commerzbank.
Investors are concerned about the world economy as trade disputes between escalate between the United States and its major trading partners.
But soon, the Iranian imports in India will see a significant decline as some of the refiners are anxious about the adverse effects on the access to the USA financial systems if the dealing with Iran in terms of crude is continued.
"The direct impact on global demand for oil is negligible", Fritsch said.
Despite the cautious mood in oil markets, bullish sentiment found some support from expectations that United States sanctions against Tehran would restrict Iranian crude exports, tightening global supply.
Despite these worries, prices got a boost from the introduction of USA sanctions against Iran, which from November 4, will include oil exports.
The Organization of the Petroleum Exporting Countries forecast lower demand for its crude next year as rivals pump more and said top oil exporter Saudi Arabia, eager to avoid a return of oversupply, had cut production.
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