Markets

Trump's Tweet on Deal With Saudi King Makes Oil Prices Plummet

Trump's Tweet on Deal With Saudi King Makes Oil Prices Plummet

Buyers of Iranian crude oil have been hoping for relief from USA sanctions in order to have more time to reduce purchases.

Shortly after, the White House backtracked on Trump's statement, saying that Riyadh is ready for measures aimed at stabilizing the oil market.

Oil prices fell on Monday as supplies from Saudi Arabia and Russian Federation rose while economic growth stumbled in Asia amid an escalating trade dispute with the United States.

The US on Monday said it is prepared to work with nations that are reducing their oil imports from Iran on a case-by-case basis, but ruled out granting waivers to countries like India or Turkey as it could substantially reduce pressure on Tehran. Earlier this year, to the chagrin of European partners, Trump said he would pull the United States out of the Iran nuclear agreement secured by world powers.




Brent for September settlement advanced $1.05 to $78.35 a barrel on the London-based ICE Futures Europe exchange.

Iran vowed Sunday to defeat United States efforts to block its oil exports and warned rival producer Saudi Arabia it would never take Tehran's "place" on the worldwide oil market. Oil prices rose to multiyear highs last week after US officials signaled the administration would act to cut Iran exports faster than expected and.

This is while world oil prices have climbed higher as the Trump administration has pressured U.S. allies to end all purchases of oil from Iran. "If production increases as we now forecast, a large share of this would be eroded, leaving the global oil market with a limited "margin of safety", said Morgan Stanley's Rat. "OPEC is and they better stop it because we're protecting those countries, many of those countries". "Since Venezuela and Libya failed to produce, OPEC countries made a decision to increase their output by one million barrels to compensate", Sonatrach's CEO noted, adding: "This is why prices stand at the same level". Trump will leave for a trip to Europe later this month for a meeting with North Atlantic Treaty Organisation allies, whom he has criticised sharply for paying too little for their joint defence. The president also had tough words for other U.S. allies.

Trade tensions are likely to overshadow that trip. "I would assume that infrastructure investment is quite energy intensive, so perhaps that had a knock-on effect to oil demand", said Frederic Neumann, Co-Head of Asian Economic Research at HSBC in Hong Kong". Off-topic, inappropriate or insulting comments will be removed.


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