Wednesday , March 20 2019
Home / Commodity Blog / Crude Oil Gains amid Tensions Between USA & Saudi Arabia

Crude Oil Gains amid Tensions Between USA & Saudi Arabia

Summary:
Prices for crude oil rose today amid growing tensions between the United States and Saudi Arabia. The USA threatened actions against the Middle Eastern nation if it turns out to be responsible for the disappearance of journalist Jamal Khashoggi. If that happens, Saudi will not be able to replace supply from Iran lost due to US sanctions, creating a very undersupplied market. Gains of crude were limited by signs of increasing supply in the United States. Baker Hughes reported on Friday that the number of US oil rigs increased by 8 to 861 last week. It was the first weekly increase after three weeks of a decline. Furthermore, it was the biggest increase since the week that ended on August 10. Futures for delivery of WTI crude oil in November advanced 0.49% to .69 per barrel as of 18:35

Topics:
Vladimir Vyun considers the following as important:

This could be interesting, too:

Vladimir Vyun writes Crude Oil Hangs Near 2019 Highs on Hopes for OPEC Cuts Extension

Laura Huchzermeyer writes In the LOOP: Third VLCC of the year departs Louisiana, bound for South Korea

Lance Roberts writes Technically Speaking: A Different Way To Look At Market Cycles

Paul Hickin and Eklavya Gupte writes IMO 2020 may not solve crude oil quality riddle: Fuel for Thought

Prices for crude oil rose today amid growing tensions between the United States and Saudi Arabia. The USA threatened actions against the Middle Eastern nation if it turns out to be responsible for the disappearance of journalist Jamal Khashoggi. If that happens, Saudi will not be able to replace supply from Iran lost due to US sanctions, creating a very undersupplied market.

Gains of crude were limited by signs of increasing supply in the United States. Baker Hughes reported on Friday that the number of US oil rigs increased by 8 to 861 last week. It was the first weekly increase after three weeks of a decline. Furthermore, it was the biggest increase since the week that ended on August 10.

Futures for delivery of WTI crude oil in November advanced 0.49% to $71.69 per barrel as of 18:35 on NYMEX today. December Brent crude gained 0.34% to $80.70 per barrel on ICE.

If you have any questions and comments on commodities today, use the form below to reply.


Commodity Blog, 2018. | Permalink | No comment | Add to

Better Feed from Ozh

Vladimir Vyun
Vladimir is an online journalist with background in computer science and work experience in pension funds. He contributes news reports, fundamental analysis and sentiment forecasts to TopForexNews.com and CommodityBlog.com. His main specialization is the currencies of emerging economies and inter-market correlations with commodity and bond trading.

Leave a Reply

Your email address will not be published. Required fields are marked *