Tensions in US-Iran, oil prices between concerns

On Tuesday, oil prices depended on balance as concerns over the collapse of crude demand were offset by supply-related risks associated with the United States‘s new sanctions on Iran.

Brent Brands’ precious forecasts fell 12 cents to $ 64.74 per barrel up to 0832 GMT.

Gross American futures rose 3 cents to $ 57.93 a barrel.

Hopes of progress in the trade war between China and the United States during this week’s G20 meeting were faded by a comment by a senior US official saying US President Donald Trump was “pleased with any results” from the talks.

Poor production data released Monday by the Federal Reserve Bank of Dallas added concerns over crude oil crude demand due to trade conflict.

PVM analyst Tamas Varga in a note said that “the take-up of geopolitical risk is partially offset by another stop, ie between the US and China.”

“The general consensus is that no interruptions will occur until the end of the week when the two leaders will resume their trade talks. The potential failure to reach a mutually acceptable agreement will increase demand concerns that will be lifted hand from oil bulls “.

Oil demand bill concerns were briefly shaken last week when Brent climbed to 5% and gross American grew almost 10%, its strongest week since 2016, after Iran dropped an American plane Thursday, adding tensions caused by attacks on oil trucks in areas in May and June.

Washington has blamed attacks on Iran, which denies having any role.

US President Donald Trump targeted Iran’s Supreme Leader Ayatollah Ali Khamenei and other senior Iranian officials with sanctions on Monday. Iran said the move closed the path of diplomacy.

Trump also said on Twitter that other countries should defend their oil ships in the Middle East and not protect the United States.

Meanwhile, the Organization of Petroleum Exporting Countries and its allies, including Russia, appear to expand an agreement to halt production when they meet on 1-2 July.

Saudi chief executive Aramco, the state oil firm of de facto OPEC leader, said there was no plan to increase its current capacity of 12 million barrels a day, given the huge spare capacities.

Russian Energy Minister Alexander Novak said international co-operation on crude oil had helped stabilize oil markets and was more important than ever. He also expressed concerns about the demand.

United States sanctions against Iran and Venezuela have cut oil exports by two OPEC members, but US production is growing, prompting some Russian officials accusing Washington of carving the market share for its energy exports./Investing.com

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