Oil prices drop as escalating trade war clouds demand outlook

OPEC Sees Need to Keep Oil Supply Deal as Demand Faces Headwinds

OPEC Sees Need to Keep Oil Supply Deal as Demand Faces Headwinds

"We have no choice but continue to work with all parties", Barkindo said.

“Investors are now assessing the Saudis' mixed message on oil prices versus its earlier pledge to increase output, ” said Hong Sungki, a commodities trader at NH Investment & Securities Co.in Seoul.

In addition to these obvious supply issues, trade disputes and financial woes in emerging market countries may affect crude demand.

But the current calm could be short-lived in light of the intensification of US hostilities toward Iran, according to IEA.

Pakistan Foreign Ministers To Meet In New York After Imran Khan Request
In his letter, Khan also said the two countries need to pay "close attention" to resolving the Siachin and Sir Creek issues. He said that Prime Minister Khan - in a letter - had responded to Modi in a positive way to resume peace talks.

Iran's oil exports have fallen about 35 percent since Trump announced new US sanctions on Tehran.

US West Texas Intermediate (WTI) crude was down 15 cents, or 0.22 percent, at $68.76 per barrel. U.S. sanctions affecting Iran's oil exports come into force on November 4.

The upcoming deadline for US sanctions on Iranian oil and gas exports to come into effect in November could prove a challenge to global supply stability and reserves, particularly if there are any other significant outages in the system at the same time, according to the IEA.

The Organization of Petroleum Exporting Countries is concerned by threats to crude supply from large producers such as Iran, the group's top official said.

North Korea Shows Sincere Will to Reunification
Moon and Kim were also expected to hold a joint news conference on Wednesday if their two sets of summit meetings go smoothly. Some watchers speculate the newly completed Taedong Seafood Restaurant will likely be picked as the venue for Moon's dinner.

Reuters reported on September 5 that Saudi Arabia wants oil to stay between $70 and $80 a barrel to keep a balance between maximising revenue and keeping a lid on prices until U.S. congressional elections.

"Mr. Trump's attempt to prevent Iran from appearing on the global crude oil markets has allowed Russian Federation and Saudi Arabia, which would not favour low prices, to pursue hostage-taking policies in the market", Iranian OPEC governor Hossein Kazempour Ardebili said on Saturday.

Oil prices edged lower yesterday as investors focused on deepening trade tension between the United States (U.S.) and China that is expected to dent global crude demand, but losses were limited as the market weighed potential supply tightening due to Iran sanctions.

"The brinkmanship between Beijing and Washington has the potential to severely impact the competitiveness of USA crude oil and petroleum products in the Chinese market, and it will also deter Chinese investment in the US energy sector", said Abhishek Kumar, senior energy analyst at Interfax Energy in London.

Elizabeth Warren uses alleged Brett Kavanaugh victim’s story to raise cash
Far from being supported and believed, Monahan says she has been "smeared, threatened and isolated by her own party". Chuck Grassley (R-Iowa) on Tuesday in which she asked for an FBI investigation to occur before her testimony.

The International Energy Agency, the oil watchdog for industrialized countries, warned earlier this month that Brent prices could break out above $80 a barrel unless other producers act to offset deepening supply losses in Iran and Venezuela.

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