Economic Worries - Not Iran - Cause Steepest Weekly Loss For Crude Since May

20 Juillet, 2019, 05:53 | Auteur: Auguste Feret
  • Oil rises after U.S. Navy destroys Iranian drone

Brent crude LCOc1 futures fell 3 cents to $61.90 a barrel by 1:37 a.m. EDT (1737 GMT).

Oil prices rose on Friday as tensions spiked again in the Middle East after the United States said it had destroyed an Iranian drone in the Strait of Hormuz, a major chokepoint for global crude flows.

West Texas Intermediate crude CLc1 futures rose 33 cents to end the session at $55.63 a barrel.

Futures tumbled 2.6% on Thursday in NY, the fourth consecutive daily loss. WTI was set to fall 8.4% this week, its steepest loss since May.

"The Fed backstop and the report of the US Navy shooting down an Iranian drone are providing a modicum of support for oil markets amidst a very bearish landscape", he said.

"The biggest factor driving oil prices today is the Iran- U.S. tension story", says Phil Flynn, senior market analyst at Price Futures Group Inc.

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But most analysts don't expect an agreement any time soon, with some predicting a strong risk of further tariff escalation. A gauge of global stocks declined after early gains dissipated on Friday as expectations for a strongly dovish U.S.

The United States said on Thursday that a US Navy ship had "destroyed" an Iranian drone in the Strait of Hormuz after the aircraft threatened the vessel, but Iran said it had no information about losing a drone.

Oil prices were also supported by comments from a top Federal Reserve official that suggested the central bank will cut rates aggressively to support the economy amid the ongoing U.S.

Two influential Federal Reserve officials sharpened the public case for acting to support the USA economy on Thursday, reviving bets the central bank may deliver a larger-than-expected cut this month, although bets on a larger rate cut were pared back on Friday.

Meanwhile, U.S. energy firms this week reduced the number of oil rigs operating for a third week in a row as drillers follow through on plans to cut spending.

Still, the longer-term outlook for oil has grown increasingly bearish.

The IEA is revising its 2019 global oil demand growth forecast to 1.1 million barrels per day (bpd) and may cut it again if the global economy and especially China shows further weakness, Fatih Birol said. The U.S. -China trade spat persists as well, with Trump reiterating July 16 that he could impose additional tariffs on China. It is not a solicitation to make any exchange in commodities, securities or other financial instruments.

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