Markets

Oil prices rise as looming Norway strike adds to disruptions

Oil prices rise as looming Norway strike adds to disruptions

US crude CLc1 fell $3.73, or 5 percent, to $70.38 a barrel. Renewed trade tensions weighed on market sentiment.

In the intervening weeks, a sense of bullishness has taken over the oil market, with fears that even maximum production from Saudi Arabia wouldn't be enough to compensate for some 2.5 mb/d of disrupted Iranian supply.

"The China-US trade war might be shaking the stock markets, but for Asian crude buyers, this may yield positive outcome actually ..."

Washington had previously said countries must halt all imports of Iranian oil from November 4 or face US financial restrictions, with no exemptions.

Hedge funds and other money managers raised their net long position in the six most important petroleum futures and options contracts by 47 million barrels.

The first two events set the table for the steep sell-off, which was triggered after Tripoli-based Libya National Corp. said four export terminals were being reopened after eastern factions handed over the ports, ending a standoff that had shut down most of Libya's oil output.




On Monday, Suncor Energy said its 360,000-barrel-per-day Syncrude facility would resume some production in July, earlier than expected, following an outage last month that disrupted total output and sent US prices higher. This was the biggest price slide in almost two years. "We'll consider it", Pompeo told Sky News Arabia during a visit to Abu Dhabi, according to a State Department transcript released Tuesday.

The US on Friday implemented an additional 25% tariff on $34 billion worth of Chinese imports, and China has hit back with state media citing the General Administration of Customs saying that Beijing will levy 25% tariff on $34 billion worth of US imports of food products and agricultural commodities.

An escalating U.S. -China trade row also helped depress oil prices as it raised the prospect of faltering global growth and lower energy consumption, particularly in emerging markets.

Secondly, the recent rally was being supported partly from a drop in Libyan output.

Libya's national oil production fell to 527,000 barrels per day from a high of 1.28 million bpd in February following recent oil port closures, the head of the National Oil Corporation said in a statement on Monday.

Iranian oil shipments to some U.S. allies are being threatened even before America's Nov 4 deadline for buyers to curb imports and comply with renewed sanctions on the Opec member. Higher gas prices can leave US households with less money to spend on other products.


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