Oil edges down on lower demand outlook, U.S.-China trade dispute

12 Août, 2019, 20:56 | Auteur: Auguste Feret
  • Shaky-Oil-Demand-Is-The-Weakest-Since-2008-According-To-Energy-Guard-Dogs

Bleak global economic outlook will weigh on the oil demand growth outlook, eventually collaborating to the downside in the prices.

"Oil is facing severe global headwinds at the moment from the escalation of the trade war, weak macro data and a strong US dollar", said Jens Naervig Pedersen, a senior analyst at Danske Bank A/S in Copenhagen.

In a sign of lower production in the United States, the weekly USA oil rig count, an early indicator of future output, fell for a sixth straight week as producers cut spending on new drilling and completions.

Worldwide benchmark Brent crude futures were at US$58.25 a barrel by 0007 GMT, down 28 cents, or 0.5%, from their previous settlement.

West Texas Intermediate crude for September delivery fell 25 cents to $54.25 a barrel on the New York Mercantile Exchange as of 7:24 a.m. London time.

Both benchmarks fell last week, with Brent losing more than 5per cent and WTI falling about 2per cent.

"What we have noticed recently is a different perception of risk in different geographies", said Emily Ashford, executive director of energy research at Standard Chartered.

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Although the third quarter is fundamentally the strongest season for oil demand because of driving in summer holidays, the trade dispute between the United States and China has weakened demand and reduced crude prices.

India's imports of crude oil have also stalled in recent months, a fall that tallies with weaker economic growth in the country. As per the information of Alfonso Esparza, a senior market analyst in Toronto.

Germany's Ifo economic institute said its quarterly survey of almost 1,200 experts in more than 110 countries showed that its measures for current conditions and economic expectations have both worsened in the third quarter.

Production fell in July by 0.2 mb/d, and it was backed up by additional cuts of 0.1 mb/d by the ten non-Opec countries included in the Opec+ agreement. The Organization of the Petroleum Exporting Countries and its partners including Russian Federation agreed to extend supply cuts till March 2020.

The Organization of the Petroleum Exporting Countries and its allies, known as OPEC+, have agreed to cut 1.2 million barrels per day (bpd) since January 1. -China trade war have caused global oil demand to grow at its slowest pace since the financial crisis of 2008, the International Energy Agency (IEA) said on Friday.

Saudi Arabia plans to keep crude exports below 7 million barrels a day next month as it allocates less oil than customers demand, unidentified officials from the kingdom said last week.



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