Oil prices dip on rising supply, trade tensions

Tehran's oil refinery supervisor Jafar Jaleh Rafati works at a unit of the refinery south of the capital Tehran Iran Monday Dec. 22 2014

In this regard, NIOC released an announcement on Saturday, saying, "banks of Pasargad, Tejarat, Tose-e Saderat Iran, Sepah, Saderat, Mellat, Melli and Parsian are qualified to issue guarantees for crude oil trades in the stock market".

"Mounting perception of a weakening in global oil demand due to increasing tariff issues between the US and China, while extremely hard to measure, will be maintaining some negative influence in keeping would-be buyers sidelined", Jim Ritterbusch, president of Ritterbusch and Associates, said in a note.

Although Iraq's current export volume to Iran is quite low-less than 30,000 bpd, according to Reuters sources-the move to halt even this amount signals that Iraq won't be risking the wrath of an ally which provides security and training.

Oil held losses near $67 a barrel on speculation that an escalating trade dispute between the United States and China will dampen global growth at a time when American crude inventories are growing.

The second round of US sanctions reimposed by president Donald Trump in May kick in on November 4.

Finally, the plan became operational at the unsparing support of the government and special emphasis of First Vice President Es'hagh Jahangiri.

"If Turkey gets more oil from Iraq, it will be more hard for Ankara to argue it needs a US waiver to continue buying Iranian oil", the source told Reuters. U.S. drillers added two oil rigs in the week to October 26, bringing the total count to 875, the highest level since March 2015, Baker Hughes energy services firm said on Friday.

More news: Voting begins in Kandahar elections

Oil was also being weighed down by signs of rising supply from top producers.

The plan for selling export crude oil through energy stock market is carried out with the aim of diversifying crude oil export methods and participation of private sector in this plan.

"China trade war and economic crisis in emerging markets, is bleeding into the oil market", Will Yun, a commodities analyst at Hyundai Futures Corp., said by phone.

Ever since the announcement of sanctions India has conveyed its opposition to the sanctions in a series of meeting including the inaugural 2+2 dialogue in New Delhi and most recently during the visit of USA special envoy on Iran Brian Hook.

Iran was selling around 2.8 million barrels per day in June, the CNBC said in a report quoting ClipperData - a provider of crude oil and petroleum product cargo tracking solutions for energy producers, refiners and trading companies.

Crude oil futures fell Monday as investors reduced exposure, extending weakness that started a week ago amid increased investor caution in anticipation of a possible economic slowdown, an increase in oil production and a stronger dollar that could make oil more expensive in other currencies.

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