Oil falls 1% as focus shifts to high U.S. fuel stocks
14 Janvier, 2020, 17:05 | Auteur: Auguste Feret
Oil settled at the lowest level since early December as geopolitical tension in the Middle East eased.
Futures in NY fell as much as 1.5pc Monday to the lowest level in over a month.
One area of concern with regards to inventory is that USA refinery margins for petroleum products are thin, particularly as winter demand for heating oil has been middling and gasoline margins have deteriorated. In Libya, warring factions have called a cease-fire in their nine-month conflict.
"There is a continuing sense that the geopolitical risk from Iran has come down dramatically", said Phil Flynn, a senior market analyst at Price Futures Group Inc.
"For Brent, which is a broader indicator of the global crude market, it is a combination of supply and demand", he added. In the Asian session, USA crude slipped below the 58.00 level, before recovering.
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Crude oil prices fell roughly 1% Monday as Middle East tensions lessened and investors focused more on lackluster seasonal demand following last week's US report showing large fuel inventories. "There's been an abject lack of heating oil demand", Kilduff said. "But watch out for increasing Iranian proxy activity and an acceleration of Iran's nuclear program in the months ahead".
Benchmark Brent crude edged up 0.3 percent to $64.39 per barrel after falling 1 percent on Monday.
Light synthetic crude from the oil sands traded at $4.50 below WTI, unchanged from Friday's settle.
The London Brent crude was sold for $64.63 per barrel which gained 43 cents at 0.67 percent while the U.S. West Texas Intermediate (WTI) crude futures garnered 32 cents at 0.4 percent for 58.40 per barrel.
"The possibility of the war between the United States and Iran has disappeared".
The reminder that the U.S.is going after anyone doing business with Iran comes after the most recent flare-up in the Middle East and the expanded sanctions on the Islamic Republic to include individuals and metals and construction companies.
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