Crude palm oil futures slide on low demand

Crude palm oil futures slide on low demand

Crude palm oil futures slide on low demand

On the New York Mercantile Exchange, West Texas Intermediate futures were trading up 0.3% at $69.16 a barrel.

"Under different scenarios, Iranian supplies could drop as much as 0.8 million barrels per day".

Meanwhile, according to EIA, U.S. crude oil production was 10.9 million barrels per day which was 100,000 barrels per day lower than the previous week.

A mixed report and data showing total OPEC production were offsetting supply-side strains and left the price of oil searching for direction early Friday.

USA crude inventories rose 3.8 million barrels last week as imports jumped, the government's Energy Information Administration said. With the production increases made since then, they've succeeded: compliance was at 104 percent in July.

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Saudi Arabia's output rose by 230,000 barrels a day in July to 10.65 million barrels per day. Gasoline stocks declined by 2.5 million barrels, while crude stocks at the Cushing, Oklahoma, delivery hub for WTI futures fell 1.3 million barrels, EIA data showed. "Brent oil may fall to $67 per barrel", said Reuters technical commodities analyst Wang Tao.

Oil prices declined toward lows not seen since late June yesterday after official data showed an unexpected increase in the United States (U.S.) inventories of crude oil that pushed stockpiles back toward the five-year average.

The higher supplies from OPEC and Russian Federation are contributing to growing signs of a new glut in the oil market and that is adding to concern a trade war between the US and China could curb economic growth and limit energy demand, which drove crude to the biggest decline in two years last month.

"Unipec saying they won't buy US crude and China saying they won't comply with Iran sanctions are bearish", Jakob from Petromatrix said.

Oil prices are also feeling the effects of tensions over global trade, which could cause economic growth to slow.

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"Oil has been rebounding every time prices fall to near $68 since mid-July", Makiko Tsugata, a senior analyst at Mizuho Securities Co., said by phone.

Meanwhile, a USA decision to scale back fuel standards would lead to higher demand, though that could be balanced by trade tensions between the United States and China.

Senior Iranian officials have warned the country would not easily yield to a renewed US campaign to strangle Iran's vital oil exports.

U.S. President Donald Trump sought to ratchet up pressure on China for trade concessions by proposing a higher 25 percent tariff on $200 billion worth of Chinese imports, his administration said on Wednesday.

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