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Oil Prices Drop as U.S. Inventory Grows

Oil Prices Drop as U.S. Inventory Grows

"Demand for crude oil from refiners is very high, and gasoline demand remains sky-high, as well", said John Kilduff, partner at Again Capital Management in NY. USA crude was down $1.05 at $67.71. U.S. efforts to cut Iran's oil exports are expected to contribute to global oil price volatility in the short term, according to the International Energy Agency.

Prices rose amid fears of supply...

Moreover, the high level of USA dollar index, which is a measure of value of the US dollar relative to a basket of foreign currencies, strengthened the downward movement on Monday. An end to the ongoing trade dispute could boost overall oil-market demand.

"It appears the oil market has little confidence that Iran volumes can be easily replaced", analysts at Bank of America Merill Lynch wrote in a recent note.

U.S. West Texas Intermediate crude futures (WTI) were down 43 cents, or 0.6 percent, at $69.70 a barrel, after rising more than 2 percent in the previous session.

Brent for September settlement, which expires on Tuesday, lost 3 cents to $74.94 a barrel on the London-based ICE Futures Europe exchange. Three industry sources have previously stated that Russian Federation used stocks held in tanks at its oilfields to help increase its oil output in June.

U.S. stockpiles of crude oil are once again sending oil prices in another direction, with the American Petroleum Institute (API) showing that United States reserves of crude oil barrels once again rose by 5.6 million barrels in just a week, wiping out previous contractions in supply stocks and pushing oil prices back into recent lows, with WTI prices back into 68.40.

U.S.net imports, measuring the imports deducted by its exports, is a very important value for the oil price movements.

The API is scheduled to release its data for last week at 4:30 p.m. EDT (2030 GMT) on Tuesday, and the EIA report is due at 10:30 a.m. EDT on Wednesday.

The API reported that for the week of July 28 commercial oil reserves in the US climbed 5.6 million barrels, or 1.4 percent, to 410.5 million barrels. Saudi Energy Minister Khalid al-Falih stated that "Two our oil tankers had minor damages from the attack and we temporarily halted the oil shipments via Gulf of Aden due to safety reasons".

Alhajji said, "It is clear that the Saudis want a balanced market with the least political pressure possible". Both WTI and Brent are selling off today, with Brent prices now down by more than 1%. Despite all the pipeline bottlenecks, the increase of rig counts is a negative factor for oil prices. September WTI fell 92 cents, or 1.32%, to settle at $$68.69 a barrel, for a weekly gain of 0.6%. Analysts pointed out the widening gap between WTI and Brent can support US oil exports in the future.

Brent crude oil spot prices averaged $74 per barrel (b) in June, a decrease of nearly $3/b from the May average.

At the same time, representatives of U.S. Treasury Secretary Steven Mnuchin and Chinese Vice Premier Liu He are having private conversations as they look for ways to re-engage in negotiations in a bid to avert a full-fledged trade war, two people familiar with the effort said.

Trump said Monday he'd meet his Iranian counterpart without preconditions, following a war of words earlier this month. I am waiting to see how trade tensions play out over the fall, how Venezuela manages in the months ahead, and how oil markets react to Iran sanctions in November.

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