Oil prices fall with heightened US-China trade tensions

Oil prices fall with heightened US-China trade tensions

Leave it to the unreliability of polls and forecasts to suddenly turns things around for crude prices: after predictions of a USA inventory buildup contributed to a substantial loss for the commodity on Tuesday, prices on Wednesday rose 1 percent after it was revealed that inventories had actually fallen.

The EIA said in its regular weekly report that slumped by almost 4 million barrels in the week to May 3, versus forecasts for a build of 1.2 million barrels.

Early in the session, prices rose as the us sanctions against Iran and Venezuela and the ongoing production cuts by OPEC and its allies continued to tighten supply.

Late Tuesday, the API reported that US crude oil supplies rose by 2.8 million barrels for the week-ended May 3. "Exports of crude oil fell, but remain at robust levels".

USD/CAD rose 0.20% to C$1.344, though the losses in the loonie was limited by a rise in US oil prices.

Brent crude oil futures were at $69.94 per barrel, 6 cents, or 0.1 percent, above their last close.

Iran President Hassan Rouhani on Saturday said Iran must counter United States sanctions by continuing to export its oil as well as boosting non-oil exports.

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Imports for the first four months increased 16.4 percent on the year to 31.89 million tonnes, customs said.

Exports of Iranian crude oil have been put in jeopardy since the White House re-imposed sanctions on Iran in November past year, demanding all countries stop importing oil from the country.

The row has already dragged on economic growth in Asia and a breakdown in Sino-American negotiations could call global crude demand forecasts into question, said John Kilduff, a partner at Again Capital Management LLC.

While Iraq is India's top-supplier of crude oil since 2017-18, these has been a sudden jump of 288% in imports from the USA since 2017-19.

"After 20 years of having their way with the U.S., China still appears to be miscalculating with this administration".

Gold prices slipped after climbing to a more than three-week peak on Wednesday as safe haven demand eased after the White House said it had received an indication from China that Beijing wanted to make a trade deal.

The latest news from the EIA that replacement barrels for the lost Iranian crude oil may not arrive for months, is actually supportive news. The demand is expected to rise by 1.5 million b/d in 2020, up from expected growth of 1.4 million b/d in 2019.

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