Oil Prices Mixed; WTI Gains After Strong Us Growth Figures

Crude Oil Prices Supported by Strikes However Trade Wars to Cap Gains

Crude Oil Prices Supported by Strikes However Trade Wars to Cap Gains

OPEC's collective adherence with supply targets has slipped to 111 per cent in July from a revised 116 per cent in June, the survey found, meaning it is still cutting more than agreed.

Brent fell more than 6 percent in July, while us crude futures slumped about 7 percent, the biggest monthly declines for both benchmarks since July 2016.

The official OPEC figures for July will be published on Aug.13, in its monthly oil market report. This growth was largely driven by higher realized crude oil prices which were reported at $70.55 per barrel, displaying a 46% y-o-y growth rate. Workers in three oil fields in the North Sea started shutting down output before industrial action planned for Monday, while some tankers altered course after Saudi Arabia suspended crude shipments through a key Red Sea transit route. "Overall, I think the market is in the process of stabilizing".

Oil prices are likely to hold fairly steady this year and next as increased output from OPEC and the US meets growing demand led by Asia and helps to offset supply disruptions from Iran and elsewhere, a Reuters poll showed on Tuesday.

Oil prices rebounded from levels reached over the past two weeks as USA sanctions threatened against Iran began to cut exports from Tehran.

"The disruption to Iranian barrels will weigh on oil markets in the second half of 2018 and H1 2019 as there are few spare barrels in the market that can offset a big disruption to Iranian supplies", said Emirates NBD commodities analyst Edward Bell.

Brent for September settlement, which expires Tuesday, fell 35 cents to US$74.62 a barrel on the London-based ICE Futures Europe exchange.

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"It lines up with our call to buy the dip in July", said Chris Kettenmann, chief energy strategist at Macro Risk Advisors LLC. "A miss in earnings from Apple will deepen the current tech sector selloff", they added.

Goldman Sachs Group Inc said while United States policies may weigh on crude prices in the near term, prices are poised to re-test US$80 (RM325) a barrel later this year. A Reuters poll had forecast a fall of 2.8 million barrels. "It's more likely it will disappoint to the downside".

Two days later, WTI had its first big drop for the month, falling $1.20 a barrel after weekly data showed a surprise jump in American crude stockpiles.

Oil prices fell about 2 percent on Wednesday as a surprise increase in US crude stockpiles fed concerns about global oversupply, while investors anxious that trade tensions could hit energy demand.

"There's just kind of an acknowledgment that there is still a lot of supply in Texas, so it's not clear sailing for prices", Petersen said. Brent, the worldwide benchmark, was up 1.55% to $75.52.

"Welcome to a headline-driven market", said John Kilduff, founding partner at energy hedge fund Again Capital.

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