Oil Prices Fall Following U.S. Inventory Rise

Chairman of the Joint Technical Committee and Saudi governor for OPEC Adeeb Al Aama in this file

President Trump took to Twitter in late June, when oil prices were on the rise as many feared tightening oil supplies. Russian Federation and Saudi Arabia are helping Trump's cause by increasing their supply so it will be a challenge for bullish traders to overcome resistance on the basis of increased gasoline demand.

They also want to be able to sell oil at a higher price because they will need more revenue and Iran wants to say that if the Saudis and Russians raise production, it could end the historic OPEC/Non-OPEC pact. Iran could make the case that the economic war on the country is being deepened by the transit of oil from Saudi Arabia, UAE and Kuwait to global markets.

The market also got a boost from reports rebels in Yemen attacked an oil facility in Saudi Arabia, Kilduff told CNBC. Several European nations have requested a waiver from USA sanctions on Iran already, which would have allowed European companies in certain strategic sectors to continue to operate in the country.

When Trump was in Europe, he reminded the Europeans about the sanctions and the new US posture toward Iran. This new mechanism for pricing oil remains outside the dollar's institutions, and so not so exposed to USA pressure.

Following Russia's lead, European Union leaders are exploring the possibility of circumventing USA sanctions on Iranian oil sales by trading oil for goods instead of purchasing it, according to Iranian officials. If the purchases of Iranian oil continue, the U.S. threatens to impose penalties on these companies.

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Higher crude oil prices caught the attention of U.S. President Donald Trump in early July, prompting a call for more oil from Saudi Arabia.

The US Energy Information Administration (EIA) said on Wednesday US crude production had reached 11 million barrels per day for the first time.

In the wake of these warnings the Japanese banks then notified that they would stop settling transactions related to Iranian Oil. USA crude stocks rose by 5.8 million barrels last week, compared with a forecast for a decline of 3.6 million barrels. United States oil production continues to break records, topping 10.9 mb/d in the last few weeks, an all-time high.

It was reported an increase to the number of active oil and gas rigs by 2 in the United States last week with oil rigs staying at 863 and gas at 189.

Oil prices on Wednesday extended gains from the previous session, buoyed after official data showed that US inventories of gasoline, diesel and heating oil unexpectedly fell last week. Prices yesterday dropped 32 cents to US$72.58. The company already has begun diversifying its condensate suppliers, said a Hanwha Total Petrochemical official, adding that Iranian condensate may seem to take relatively high portion but it takes up only 30 percent on yearly basis due to high import volume early this year. Over the past four weeks, motor gasoline product supplied averaged 9.6 million barrels per day, down by 0.1 percent from a year ago.

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