Saudis to Limit Oil Exports in September to Stabilize Market

09 Août, 2019, 06:55 | Auteur: Auguste Feret
  • Oil Slump Deepens on Unexpected Jump in U.S. Fuel StockpilesMore

And while inventories might have a short-term impact, an ongoing trade war between the USA and China is likely to continue to weigh on prices.

On Tuesday's (August 6th) market wrap-up, United Kingdom crude was slumped 2.40 percent to settle at almost seven-month lows to $58.60 per barrel, while US West-Texas Intermediate crude futures was knocked down 2.87 percent to $53.60 a barrel on Tuesday's (August 6th) market wind down.

Oil Futures likewise fell sharply lower, including an approximately seven-month decline for the worldwide benchmark Brent, as contracts lost early momentum as soon as the global market pared its recovery. Prices have lost more than 20% since hitting their 2019 peak in April.

Crude oil futures hit their lowest levels since early 2019 on Wednesday after data from Energy Information Administration showed a significant jump in US crude stockpiles in the week ended August 2, after seven successive weeks of declines. Meanwhile, U.S. crude production was set to rise 1.28 million bpd to 12.27 million bpd this year. "As such, it is unlikely to mark the start of a sustained recovery in demand", Capital Economics said in a report.

Financial markets across the globe were hammered over the past week after U.S. President Donald Trump on August 1 threatened to impose 10% tariffs on another $300 billion in goods from China starting next month.

"The market isn't concerned about anything other than how demand is going to play out through the rest of the year", he said.

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Crude has fallen about 10% this month as a deterioration in relations between the world's two biggest economies worsens an already bleak consumption outlook.

"People saw those numbers and it put a negative vibe in the market", said Robert Yawger, director of energy futures at Mizuho in NY.

"We could keep following the trend lower", Graves said. But Trump on Tuesday allayed worries that the trade conflict with Beijing could be drawn out.

In Asia, stocks were slightly lower late Wednesday as traders held their breath for a week-long sell-off, with efforts initiated by Chinese finance experts to put a lid on a weakening yuan, which traded at 7 to the United States dollar level and triggering a global selloff in equities and oil.

Demand for safe-haven assets such as government debt underscored lingering anxiety over recession risks. I can imagine that Secretary General Barkindo is on the phone with Khalid Al-Falih and Alexander Novak right now.

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