Publicado: Vie, Octubre 12, 2018
Financiera | Por Marilu Caballero

Oil drops to around $83

Oil drops to around $83

USA bank Jefferies said there was enough oil to meet demand, but "global spare capacity is dwindling to the lowest level that we can document".

Despite the fall in output, US crude futures CLc1 settled down more than 2 percent at $73.17 per barrel on Wednesday, tracking the weaker USA stock market and reflecting the declining importance of Gulf of Mexico output due to burgeoning growth from onshore shale fields.

Neither Saudi Arabia nor any other oil producer has such capacity to replace Iran's oil in the market, he stressed.

India will buy 9 million barrels of Iranian oil in November, two industry sources said, indicating that the world's third-biggest oil importer will keep purchasing crude from the Islamic republic.

US sanctions against Tehran are widely expected to have an immediate impact on Iran's oil exports, although the estimates of exactly how much of the country's oil could disappear from November 4 vary widely.

These concerns remain supportive. For 2018/19, the real economic growth was expected to moderate, but still, the International Monetary Fund expected Iran's economy to grow by 4 percent in 2018/19, forecasting stable oil production in line with the OPEC cap on Iran's production.

Brent crude rose 65 cents to $84.56 a barrel by 10:50am EDT (1450GMT).

US crude was down by 1 cent at $74.28 a barrel, having fallen as low as $73.07 in the previous session to close the day just 5 cents lower.

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WTI's weekly gain was about 1.3 percent; Brent's was around 1.4 percent.

WINDOW: Cash Dubai's premium to swaps edged higher by 2 cents to $1.48 a barrel.

The figure for March to September this year was 4.644 million tons, down from 8.629 million in the same period in 2017.

"Two days ago, two of our companies have placed orders with Iran for oil for the month of November", Mr. Pradhan said at the inaugural conference of the Energy Forum. The Khafji and Wafra fields are located in the Neutral Zone, a portion of the two nations' border that's been undefined for nearly a century.

Oil prices rose on Tuesday on growing evidence of falling crude exports from Iran, Opec's third-largest producer, before the imposition of new U.S. sanctions and a partial shutdown in the Gulf of Mexico due to Hurricane Michael. The tankers are sailing to India, China and the Middle East. Another official said various nations have sought waivers and these were being considered, though America was not looking to grant exemptions.

Hedge funds cut their bullish wagers on USA crude in the latest week to the lowest level in almost a year, data showed on Friday.

Speaking at the "The Energy Forum" in New Delhi on Monday, he said the world's third-largest oil importer did not know whether it would receive a waiver from USA sanctions. Shanghai crude futures traded 1.3 percent higher at 570.9 yuan per barrel on Monday, resuming trading after a week-long holiday.

That was the longest streak of weekly cuts since October of previous year. Emerging economies, most notably India, are bearing the brunt of high energy prices, which comes when they're already contending with currency depreciation and the fallout from trade disputes, he said.

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