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Oil falls due Iraqi minister describes market as weak

2019-06-17 11:28 am | Resource: News | No Views : 66

Oil falls due Iraqi minister describes market as weak

Oil prices fell on Monday as Iraqi Oil Minister Thamer Ghadhban described the world oil market as "fragile" and said his country was "confident" the United States would give Iraq a 90-day concession on Iran's oil sanctions.

Meanwhile, Saudi Energy Minister Khalid al-Faleh said oil shipping routes should remain open globally because he sees demand for oil to rise sharply this year. Al-Falih added that Saudi Arabia will continue to reduce production to balance the market. Minister of Energy, Industry and Mineral Resources Khalid Al-Falih stressed that it is very important for the global economy to maintain open shipping lanes for oil and other energy supplies, indicating that all countries must cooperate to ensure the stability of supplies.

Increased tensions in the Middle East between Iran and the United States (along with allies in the region) have helped to reduce the downside to some extent.

The International Energy Agency (IEA) cut its estimate of world oil demand growth for the second straight month, citing various reasons for the slowdown in world oil consumption.

Meanwhile, US Secretary of State Mike Bombo said Washington would take all necessary measures to ensure the safety of navigation in the Middle East, as tensions escalated following attacks on tankers last week.

We do not want war. "We have done what we can to deter this," Pompeo said in an interview with Fox News Sunday. "The Iranians must understand very clearly that we will continue to take measures that prevent Iran from practicing this kind of behavior."

Oil trades lower
  • West Texas Intermediate crude for delivery in July fell 0.57% at 5:57 am EDT compared to 52.21 dollars per barrel.
  • Brent International Index futures for August fell 0.34% at 5:58 pm ET, with a trade volume of 61.81 dollars per barrel.

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Best Opportunities, Vision and Technical Analysis for The Oil 17 April 2019

(CURDE OIL - WTI ) We offer you oil analysis denominated by US dollar on Wednesday, April 17, 2019, with the most important forecast for the price of oil denominated by US dollars in the market. Time frame Used - four hours Oil is moving in a sideway direction in the near term. The purchasing power managed to push oil higher to close at the end of trading today, rising…

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