Oil prices ease as trade disputes outweigh supply concerns

Oil Price Fundamental Weekly Forecast – Fed’s Powell Could Shed Light on Future Demand

Iran's Oil Minister Bijan Zanganeh said on Sunday that he was very hopeful of an improvement in the country's crude exports, state TV reported, in spite of tightened us sanctions on Tehran's main source of income.

"Tensions in the Middle East continued to offer support. after Iran threatened to capture a British ship as retribution for United Kingdom forces seizing an Iranian tanker in Gibraltar", Cantor Fitzgerald said in a note.

The sun sets behind an oil pump outside Saint-Fiacre, near Paris, France March 28, 2019.

Brent for September settlement lost 1 cent to $64.22 a barrel the ICE Futures Europe Exchange.

West Texas Intermediate oil for August delivery declined 2 cents to $57.49 a barrel on the New York Mercantile Exchange at 7:02 a.m.in London after climbing as much as 0.6% earlier.

Goldman Sachs mentioned progress in US shale manufacturing is prone to outpace that of world demand at the least by way of 2020 and restrict good points in oil costs regardless of output curbs led by the Group of the Petroleum Exporting Nations.

But the US-China trade war has dampened prospects of global economic growth and oil demand.

He further mentioned some of US actions in the oil market saying that the U.S.is the world's largest producer of crude oil which had added roughly 3.6 million barrels per day (bpd) to its output over the past two years.

More news: United States approves $2.2bn Taiwan arms sale despite Chinese ire

Elsewhere, Japan's core machinery orders fell for the first time in four months in May, posting the biggest monthly drop in eight months in a worrying sign that global trade tensions are taking a toll on corporate investment.

Japanese authorities' figures on Tuesday additionally confirmed that actual wages within the nation fell for a fifth straight month. -China trade progress opens the door for increased Chinese buying of US crude oil.

"A very cautious open this morning supported by a better than expected (non-farm payrolls)", said Stephen Innes, managing partner at Vanguard Markets in Bangkok.

The Organization of Petroleum Exporting Countries' decision to extend production curbs by another nine months shows just how concerned the group and allied oil producers are about a slowdown in energy demand.

Washington has imposed sanctions that eliminate benefits Iran was meant to receive in return for agreeing to curbs on its nuclear programme under the 2015 deal with world powers.

Iran's state TV recently aired a programme showing an Iranian-flagged tanker under USA sanctions that delivered one million barrels of crude oil to China, one of the remaining partners to the nuclear deal and which has rejected Washington's efforts to cut Tehran's oil exports to zero. Meanwhile, U.S. Secretary of State Michael Pompeo said in a tweet Sunday that Iran's latest expansion of its nuclear program "will lead to further isolation and sanctions".

In the meantime, Goldman Sachs mentioned growth in US shale production was more likely to outpace that of worldwide demand at the least using 2020, limiting gains in oil prices regardless of output curbs led by OPEC.

Industry and government data for release later on Tuesday and on Wednesday is expected to show that USA crude stockpiles fell for a fourth consecutive week, dropping 3.6 million barrels, according to a preliminary Reuters poll.

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