Oil rises on U.S. high retail sales

Oil falls below $58 on recession fears

The price of Brent is still up almost 10 per cent this year thanks to supply cuts led by the Organization of the Petroleum Exporting Countries (OPEC) and allies such as Russian Federation, a group known as OPEC+. In the latest salvo of the dispute between the world's largest economies, the Chinese government mentioned it "has no choice but to take needed measures to retaliate" in opposition to new planned USA tariffs on billions of dollars in products. Oil has fallen nearly 7% this month because the trade war darkened the global economic outlook and ample crude production from American fields remained near a file. At just under $60 a barrel in London, crude is below the levels most OPEC nations need to cover government spending.

OPEC deepened its cuts in July, the report showed. On Thursday, the U.S. reported that retail sales rose 0.7% in July as consumers bought a range of goods even as they cut back on motor vehicle purchases, according to data that came a day after the 2-year/20-year U.S. Treasury yield inverted for the first time since June 2007 prompting a sell-off in stocks and crude oil.

Last month, OPEC along with its allies managed to renew a supply-cutting pact which will last until March 2020, with this aiming to avoid a build-up of inventories which could lower oil prices. US crude stocks grew by 1.6 million barrels last week, compared with expectations for a drop of 2.8 million barrels, the Energy Information Administration (EIA) said. OPEC is pumping about 29.6 million a day, compared with a daily requirement of 30.28 million.

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A Saudi official speaking anonymously said last week that the kingdom had sounded out its partners on potentially stepping up their efforts and is open to all options.

Meanwhile, a second week of unexpected rises in USA crude inventories is adding to the pressure. The Saudis, Russia and other key members of the coalition will meet to review their strategy in Abu Dhabi on September 12.

The report stated, "While the outlook for market fundamentals seems somewhat bearish for the rest of the year, given softening economic growth, ongoing global trade issues and slowing oil demand growth, it remains critical to closely monitor the supply/demand balance and assist market stability in the months ahead". The markets are also in a position to close higher for the first week in three. All comments are subject to editorial review.

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