Oil slips on poor Opec demand forecast

12 Juillet, 2019, 14:10 | Auteur: Auguste Feret
  • US oil stockpiles fell by 8.13 million barrels last week spurring a spike in oil prices

The contract closed at the highest level since May 22 on Wednesday.

Adding to the price gains, oil companies were evacuating crews from oil platforms in the Gulf of Mexico in anticipation of a tropical storm that was set to slam into the Louisiana coast and there was the risk that it might morph into a full-blown hurricane.

Brent crude futures were up 32 cents at $67.33 a barrel by 1153 GMT.

Oil has been rallying in the previous week, with Iranian tensions escalating after the British navy intervened to cease the country from blocking off an oil tanker leaving the Persian Gulf.

Oil prices jumped on Wednesday as a larger-than-expected decline in US crude stockpiles and a potential tropical cyclone in the Gulf of Mexico added to concerns over tightening market.

A fourth weekly draw in USA crude stockpiles and signs that the Federal Reserve is prepared to cut interest rates also supported prices. USA crude stocks fell 9.5 million barrels in the week to July 5, the Energy Information Administration (EIA) said, more than the 3.1 million-barrel draw analysts had expected as refineries ramped up output.

The latter, including Norway and Brazil, will increase production to 2.4 million barrels per day. This is also propping up prices.

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Keeping a lid on prices are two independent reports calling for lower demand.

In June the members of the organization extracted 29.83 million barrels per day, but the document estimates that by 2020 it will only have to supply 29.27 million.

The IEA said the "main message" of its closely-watched report was that oil supply in the first six months of 2019 had exceeded demand by 0.9 million barrels per day.

However, an International Energy Agency (IEA) forecast for a global oil surplus capped the gains.

Early Friday, the International Energy Agency (IEA) expects the return of an oversupplied oil market next year, despite the OPEC-led pact created to cut production and stabilize prices. This stockpile draw comes as the OPEC plus group agree to extend the current output cut.

France, Germany, Britain and the EU High Representative on Tuesday expressed "deep concerns" over Iran's fresh move to raise the concentration of its enriched uranium beyond agreed limits, calling for an urgent meeting of a joint commission on the issue.

The market was also bolstered by the news that a tropical cyclone is likely later this week in the Gulf of Mexico, raising concerns over potential disruptions to oil and natural gas production in the region. The September WTI crude oil support is $59.12 and the September Brent crude oil's support is at $66.63.

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