Trump calls for OPEC to boost oil production, says price too high

29 March, 2019, 09:39 | Author: Frank Williams
  • Oil bounced off the bottom of the range

Crude oil prices edged lower on Monday, as fears of a drop in energy demand due to global economic slowdown outweighed optimism over OPEC-led supply cuts and the US sanctions on Iran and Venezuela.

U.S. West Texas Intermediate (WTI) futures were at $58.69 per barrel, down 35 cents, or 0.6 per cent.

Crude futures were little changed in post-settlement trade after the American Petroleum Institute, a trade organization, said US crude inventories rose 1.9 million barrels in the latest week.

The US President's latest tweet, while calling on the cartel to "increase the flow of Oil", used a rather friendly tone, which is different from previous tweets on the same subject that go further back than his presidency. Higher US crude oil production might be pressuring WTI more than Brent crude oil prices. "Thank you!" Trump tweeted.

Today's U.S. Energy Information Administration's weekly inventories report, due out at 14:30 GMT, is expected to show a 1.1 million barrel draw down for the week-ending March 22.

Other traders have expressed concerns about a potential economic slowdown ahead that could slash crude demand. -Chinese trade war have also capped prices.

Overall, bullish sentiment underpins the market, which has seen Brent rise nearly 25 percent this year.

More news: American Airlines extends Boeing 737 MAX flight cancellations

Crude oil prices appeared headed lower for a third session early Monday in what analysts suggested could be a sentiment-driven pause before new gains considering tightness in the market related to OPEC cutting production at least into June.

Oil prices have found support from efforts by the OPEC and non-affiliated allies like Russian Federation, known as OPEC+, to trim output as well as plummeting Venezuelan output.

Crude was already under pressure after an unexpected surge in US oil stockpiles on Wednesday.

Analysts said that they expected the United States in early May to extend some sanction waivers on Iranian oil, but might reduce the number of countries receiving them.

The 180-day exemptions were granted in November to eight countries - China, India, Greece, Italy, Taiwan, Japan, Turkey and South Korea.

U.S. sanctions have also hit Iranian crude exports.

"Enjoy it whilst it lasts". "Buyers are driving prices higher due to expectations that tightening of waivers on USA sanctions on Iran will create a tighter fundamental picture".

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