Oil falters as Trump ups pressure while Goldman dissuades bulls

Analysts had expected a decrease of 1.3 million barrels. He also accused Iran of sowing chaos and pledged to imposed further sanctions.

Speaking at the Asia Pacific Petroleum Conference (APPEC) in Singapore, the president of commodity merchant Mercuria Energy Trading, Daniel Jaeggi, said that almost two million barrels per day of crude could be removed from the market by the fourth quarter of 2018 due to these sanctions.

It could cause Washington to take extraordinary steps, including the use of the Strategic Petroleum Reserve, to cool down the crude oil and other fuel prices ahead of the US mid-term elections.

Trump, not the Organisation of the Petroleum Exporting Countries (Opec), is behind the recent rise in prices, Zanganeh said.

In a speech before the United Nations, Mr Trump reiterated calls on the Organization of the Petroleum Exporting Countries to pump more oil and stop raising prices. Quite frankly, if we pull back from here it should be looked at as a potential buying opportunity and what should be a very bullish market going forward as the trade wars heat up, one of the sanctions that has been put on is the Iranian oil sanctions, and that has a tightening effect on supply obviously.


"Iran will lose sizeable export volumes, and given Opec+ reluctance to raise output, the market is ill-equipped to fill the supply gap", Harry Tchilinguirian, global head of commodity markets strategy at French bank BNP Paribas, told the Reuters Global Oil Forum.

Brent markets rallied significantly during the day as well, but unlike WTI, they don't seem to be constrained by significant resistance above. "Saudi Arabia is about 320,000 barrels away from their 2016 pre-cut high, and there's a question mark about how much more they can really do beyond that in the near term". Brent hit US$82.55 per barrel, its highest since Nov 10, 2014.

In addition to ripping USA foes such as Iran and Venezuela, President Donald Trump took direct aim at America's Gulf allies during his speech at the UN General Assembly meeting today.

"We are not going to put up with it, these awful prices, much longer".

The IIF said such a system would likely fail to persuade major European companies to do business with Iran for fear of USA sanctions. "I think demand is emerging as a concern as we look at 2019", he said.


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