17 September 2018 : Brent crude prices dipped early on Monday, falling to $77.39/bbl (Friday close: $78.26/bbl) as fears of a shortage abated after data at the end of the previous week showed an increase in oil supplies. Furthermore, additional U.S. tariffs of $200 billion on Chinese imports expected this week have cast a cloud over oil demand in the latter part of the year.
However, these factors are being upset by persistent concerns over sanctions on Iranian exports, with India, Iran’s second largest buyer, announcing a 50% cut in crude loadings from Iran in the coming months. With this, Brent crude prices began trending up during trading in Asian markets, recovering enough to breach the $78/bbl mark. Whilst analysts see the U.S.-China trade war weighing on medium-term oil demand, they expect declining Iranian exports to prop global oil prices.
Reporting for EasyKobo on Monday , 17 September 2018 in Lagos, Nigeria
Source: Vetiva Capital Management Limited
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