Oil steadies as trade rows balance oversupply and demand worries
The US-Iran war of words keeps the focus on supply as trade disputes dim the outlook for global growth and demand, with Russia and Saudi Arabia boosting output
London — Oil prices steadied on Tuesday as rising tension between the US and Iran highlighted risks to supply while escalating trade disputes raised the prospect of slower economic growth and perhaps weaker energy demand. Brent crude oil was unchanged at $73.06 a barrel by 8.40am GMT. US light crude was up 15c at $68.04. Both oil benchmarks have fallen this month as crude supplies from Russia, Saudi Arabia and other members of oil cartel Opec have increased, and unscheduled production losses have eased. Market sentiment has been driven by geopolitical worries: fears that supply could be disrupted by confrontation in the Middle East or that Washington’s trade dispute with its major trading partners could dampen global growth. Iran, Opec’s third-largest producer pumping 3.75-million barrels per day (bpd), has come under increasing US pressure, with the administration of President Donald Trump pushing countries to cut all imports of Iranian oil from November. Saudi Arabia and other lar...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.