U.S. exporting more oil, but that could change

26 April, 2018, 00:19 | Author: Teresa Adams
  • Brent crude oil prices soar above $75 per barrel, hitting highest level in two years

Analysts said besides profit-booking by speculators at prevailing higher levels, fall in demand at the spot market mainly weighed on crude palm oil prices.

According to BBC, oil prices hit $75 on Tuesday, the highest level in almost three and a half years, as fears mounted over the prospect of new United States sanctions on Iran. While the Organization of Petroleum Exporting Countries and its allies concluded that they have all but wiped out a global crude surplus, fears remain that US drillers may continue boosting output to record levels and offset the group's effort to balance the market. Brent, however, posted a new multi-year high before forming a potentially bearish technical closing price reversal top. "No good and will not be accepted!".

"Looks like OPEC is at it again", he wrote. The Saudi Energy Minister, Khalid Al-Falih, went so far to say: "We have seen prices significantly higher in the past, twice as much as where we are today", he said, attempting to make the case for even higher prices.

That said, if President Trump really does want to lower oil prices, there are a number of actions he could take.

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Although oil and the dollar have moved in tandem for the last few weeks, the two tend to trade in the opposite direction, as a stronger dollar encourages non-U.S. investors to sell oil and crude-importing countries to curtail their purchases.

"Oil prices are artificially Very High!"

LONDON, April 25 (Reuters) - Oil edged lower on Wednesday, but held in sight of three-year highs reached the previous day, as rising USA fuel inventories and production weighed on an otherwise bullish market.

The US president has said that unless European allies fix what he has called "terrible flaws" in the accord by 12 May, he will restore US economic sanctions on Iran.

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"Oil prices are high because the dollar is low", Daniel Lacalle, chief economist at Tressis Gestion said on Thursday. "The risk of the U.S. walking away from the Iran nuclear deal may well have increased after Trump replaced his Secretary of State and National Security Adviser with known hawks on Iran, Venezuela, and North Korea".

"Concerns that the US may reimpose Iran sanctions and supplies from the country may be disrupted eased", Takayuki Nogami, chief economist at state-backed Japan Oil, Gas & Metals National Corp., said by phone from Tokyo.

If oil and fuel prices continue rising, the political pushback from consumer countries against OPEC will only intensify.

Crude inventories USOILC=ECI rose 2.2 million barrels in the week to April 20, compared with expectations for a decrease of 2 million barrels.

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"Not many companies on Bursa Malaysia have a direct exposure to the changes in oil price".



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