WTI Crude Oil and Natural Gas Forecast

India’s dilemma Donald Trump or cheap Iran oil

Concern over crude supply disruptions in Venezuela were said to have returned to haunt the trading community on Tuesday, but it was hardly enough to compensate for us crude's 4.2 percent loss the day prior: West Texas Intermediate on Tuesday climbed a mere 2 cents to close at $68.08 per barrel, while Brent rose 49 cents to $72.33.

At the Multi Commodity Exchange, crude oil for delivery in September was trading higher by Rs 37, or 0.81 per cent, at Rs 4,627 per barrel with a business turnover of 44 lots.

Brent has fallen nearly 9 percent from last week's high above $79 on emerging evidence of higher production from Saudi Arabia and other members of the Organization of the Petroleum Exporting Countries, as well as Russian Federation and the United States.

With the record refinery throughput, U.S. petroleum inventories held steady as an accumulation of refined product stocks more than offset the drawdown in crude oil stocks.

Mr Al-Aama said Saudi Arabia's policy is to work on satisfying customers' needs, but to do so while adhering to Opec and non-Opec supply agreements. Yesterday, crude oil prices moved up, despite higher-than-expected United States inventories based on official data.

Prices have been dragged down by concerns about oversupply as some production returned after outages, while trade tensions between the USA and China stoked fears of damage to their economies and commodities demand.

Traders will now be looking towards data from industry group the American Petroleum Institute, due later Tuesday, for an indication of USA crude stockpiles.

WTI crude oil prices built on overnight recovery move from near one-month lows and edged higher through the early European session on Friday.

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Data from Energy Information Administration on Wednesday showed a larger than expected 5.8 million barrels jump in U.S. crude inventories in the week ended July 13.

"We expect a fairly rapid lengthening in the (global oil supply) balance", Reid added.

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

The official's sentiment is a major step back from the bold U.S. policy objective of reducing Iranian oil exports "to zero" following President Trump's withdrawal from the Iranian nuclear deal in May. Thanks to such efforts, the company was able to reduce the share of Iranian crude oil imports to 10 percent as of last month, said a Hyundai Oilbank official. The goal is to bring down oil prices-and gasoline prices-ahead of the mid-term elections in November, the same month in which the renewed USA sanctions on Iran are returning.

OPEC had announced it would add 1 million bpd of crude to the market.

USA crude stocks rose by 5.8 million barrels last week, compared with a forecast of a decline of 3.6 million barrels.

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

Adeeb Al-Aama said in a statement that Saudi Arabia's crude oil exports in July would be roughly equal to June levels.

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