Oil Prices Slips as Trade Wars Over Shadow Demand Concerns

Oil Pushes Higher as Iran Tension Reignites Concern Over Supply

Brent crude futures LCOc1 were up $1.92, or 3%, to $66.08 a barrel by 10:49 a.m. EDT (1449 GMT).U.S.

OPEC and its allies agreed last week to extend their supply-cutting deal until March 2020. Washington withdrew from the accord a year ago and re-imposed sanctions.

On Monday, the 8th of July 2019, Crude oil prices extended its Friday's (July 5th) rally, nearly entirely goaded by a mounting tension around Tehran's nuclear program alongside a better-than-anticipated U.S. employment figure.

Oil prices are being strained by worries about demand because the U.S.

"The market is still caught between concerns of slowing growth and high geopolitical risk with Iran", said Phil Flynn, an analyst at Price Futures Group in Chicago.

Operations at the Louisiana Offshore Oil Port, the only US port where the largest crude tankers can operate, were normal on Wednesday morning, a spokeswoman said.

The storm is forecast to bring as much as 10 inches (25 centimeters) of rain in parts of Louisiana and MS in the next seven days, according to the U.S. Weather Prediction Center in College Park, Maryland.

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Washington abandoned a landmark 2015 nuclear deal between Tehran and world powers past year and reimposed sanctions on the Islamic republic's crucial oil sales as well as other parts of the economy. -China trade dispute-and its impact on global oil demand growth, than the likelihood of a major supply outage. "There has been no progress in the U.S". The countries are the world's two largest oil consumers. 'President Trump wants to be re-elected and will therefore be prepared to sign a trade deal, probably in 4Q, that doesn't necessarily meet all of his initial demands, ' says Mark Cliffe, Chief Economist and Head of Global Research of the ING Group.

The U.S. and global benchmarks have risen this year as OPEC and big producers like Russian Federation have honored commitments to cut production and support prices.

It was the sixth consecutive month that the EIA revised its 2019 demand forecast.

Russian oil output fell close to a three-year low in early July, industry sources told Reuters, dragged down by declining output from the largest producer Rosneft.

Oil prices were propped up as market participants were anxious that the heightening geopolitical tensions in the Middle East may disrupt oil flows.

(MENAFN - Baystreet.ca) OPEC and allies had little choice but to roll over their production cuts into the first quarter of 2020 amid higher-than-average global inventories, continued uncertainties over the global economy and oil demand growth, and rising rival oil supply, mostly from US shale.

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