Oil prices fell on Monday on concerns the U.S.-China trade dispute will erode global economic growth, although looming U.S. sanctions against Iran’s oil sector kept crude from falling further, traders said. <\/p>\n
International Brent crude oil futures were at $75.63 per barrel at 0654 GMT, down 19 cents from their last close.<\/p>\n
U.S. West Texas Intermediate (WTI) crude futures were down 30 cents at $68.42 a barrel.<\/p>\n
Trading activity was limited due to a public holiday in Britain, traders said.<\/p>\n
“Falling U.S. rig counts and last week’s decline in U.S. inventories are supporting oil prices amid a protracted U.S.-China trade war that could dampen global growth and weigh on oil demand,” said Stephen Innes, Head of Trading for Asia-Pacific at futures brokerage OANDA in Singapore.<\/p>\n
U.S. energy companies cut nine oil drilling rigs last week, dropping to 860, the biggest reduction since May 2016, energy services firm Baker Hughes said on Friday.<\/p>\n
“Despite growing concerns about potential oversupply, the markets will continue to get a fillip from U.S. sanctions against Iran,” Innes added.<\/p>\n
Washington will target Iran’s oil exports with sanctions from November.<\/p>\n
OPEC-member Iran has exported around 2.5 million barrels per day of crude oil so far this year. Most analysts expect this figure to fall by at least 1 million bpd once sanctions kick in.<\/p>\n","protected":false},"excerpt":{"rendered":"
Oil prices fell on Monday on concerns the U.S.-China trade dispute will erode global economic growth, although looming U.S. sanctions against Iran’s oil sector kept crude from falling further, traders said. International Brent crude oil futures were at $75.63 per barrel at 0654 GMT, down 19 cents from their last close. U.S. West Texas Intermediate (WTI) crude futures were down 30 cents at $68.42 a barrel. Trading activity was limited due to a public holiday in Britain, traders said. “Falling U.S. rig counts and last week’s decline in U.S. inventories are supporting oil prices amid a protracted U.S.-China trade war […]<\/p>\n","protected":false},"author":40,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[133],"tags":[],"class_list":["post-177388","post","type-post","status-publish","format-standard","hentry","category-oil-gas"],"acf":[],"_links":{"self":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/177388","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/users\/40"}],"replies":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/comments?post=177388"}],"version-history":[{"count":0,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/177388\/revisions"}],"wp:attachment":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/media?parent=177388"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/categories?post=177388"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/tags?post=177388"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}