Oil prices rise after Saudi output dips, U.S. drilling stalls

Oil prices rise after Saudi output dips, U.S. drilling stalls

Many U.S. shale oil drillers posted disappointing quarterly results in recent weeks, hit by rising operating costs, hedging losses and a fall in crude prices away from 2018 highs reached between May and July.

State refiners accounted for about four-fifth of Iranian oil imports in July with Indian Oil Corp along with its unit Chennai Petroleum Corp getting about 300,000 bpd oil from Tehran, the preliminary data showed.

Francis Fannon, U.S. assistant secretary of state for the Bureau of Energy Resources, was recently in China to discuss sanctions, Bloomberg said, citing a U.S. government official.

Iran has repeatedly expressed dissatisfaction over Trump's decision to pull out of an worldwide nuclear deal and reinstate sanctions.

The crude market was also roiled by reports that the United States has not been able to persuade the world's second-biggest economy to cut Iranian oil imports.

The US is due to impose a series of new sanctions on Iran in the next few months.

McDonald's Faecal Matter Issue: Salad Outbreak Causes 395 Cases Of Illness
Concerned that the romaine lettuce and carrots are still on the market, the FDA instructed Fresh Express to give a report. On July 13, McDonald's announced it voluntarily stopped selling salads at the impacted restaurants, including Kentucky.

USA crude also strengthened on forecasts that inventories at the US oil delivery hub in Cushing, Oklahoma fell 1.8 million barrels, or 6.2 percent, through Tuesday, traders said, citing energy information provider Genscape.

Oil traders had anticipated that sanctions would take Iranian barrels off the market, said Rob Haworth, who helps oversee $151 billion at US Bank Wealth Management in Seattle.

U.S. officials have softened their stance after initially saying they would press allies in Europe, Asia and the Middle East to adhere to the sanctions and reduce their imports to zero.

Also last month, China, which is Iran's biggest customer, said it did not accept unilateral sanctions against Iran. "China will continue to cooperate with Iran adhering to its global obligations", she added.

As reported, the figures for July imports of Iranian oil were about 85 percent higher than last year's shipments for the same period which were about 415,000 bpd. While the Trump administration has said it wants to cut Iranian oil exports to zero by November 4, most analysts viewed that target as unlikely.

Tamar Essner, an analyst at Nasdaq Inc., said there are "no signs whatsoever that this trade war is going to clear up anytime soon", and that has "caused investors to continue to trim net length, take profits, and de-risk that position with the sense that oil's upside is limited unless there's material reduction in Iranian barrels".

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