Crude oil futures rise 0.51% on global cues

Saudi Arabia reins in oil production as demand forecasts waver

Oil prices slid Monday after inventories at a key USA crude delivery hub jumped last week, adding to demand concerns.

Fear of a fallout contagion are overshadowing reports and the ability of shale oil process to produce profitably, as well all reports that Iran fired off an anti-ship missile in its war games in the Strait of Hormuz. Likewise, the oil for delivery in September contracts was trading higher by Rs 22, or 0.47 per cent to Rs 4,664 per barrel in 318 lots.

Despite the gloomy outlook for trade and the potential slowdown in economic growth, oil markets are expected to remain relatively tight, particularly as USA sanctions on Iran have started.

Brent crude, the global benchmark, was down 1.1% at $71.66 a barrel on London's Intercontinental Exchange.

Following a significant sell-off in emerging market currencies (such as the Turkish lira and the South African rand), traders are reacting to concerns that growth in emerging markets is decelerating.

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Oil prices moved up yesterday as United States of America (USA) sanctions against Iran pointed towards a tighter market, even as concerns over slowing economic growth amid global trade tensions kept a lid on gains.

The deal effectively increases combined oil output by 1 million barrels per day (bpd).

Chinese oil importers are shying away from buying USA crude as they fear Beijing's decision to exclude the commodity from its tariff list in a trade dispute between the world's biggest economies may only be temporary.

But then Trump's displeasure with high oil prices and influence over Saudi Arabia has led to augmented production levels.

“The direct impact on global demand for oil is negligible, ” Fritsch said.

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Hedge funds and other money managers reduced their bullish positions in U.S. crude futures and options in the week ending August 7, data from the U.S. Commodity Futures Trading Commission showed on Friday.

Beyond the darkening economic outlook, Phillip Futures said hedge funds had reduced bullish bets because of "rising production levels from OPEC and the United States". Yet, bullish sentiment found some support from expectations that looming USA sanctions against Iran could significantly hamper its crude exports.

Iran is the third-largest producer in the Organization of the Petroleum Exporting Countries behind Saudi Arabia and Iraq, pumping 3.65 million bpd in July, Reuters data show.

Reports of faster supply increases from major global producers are also putting downward pressure on the market after the Organization of the Petroleum Exporting Countries (OPEC) and other oil producers led by Russian Federation agreed in June to ease production curbs to make up for lost supplies out of Libya, Venezuela and Iran.

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