Analysts said that the expected lower demand for oil inputs into U.S. refineries typically sees United States crude inventories swell, all of which could pose a significant downside risk for prompt oil prices.
He further referred to restrictions imposed on the Iranian delegation in NY by the U.S. administration, noting that while the Americans sought to isolate Iran at the United Nations, "one of the most popular and active diplomacy centers was the Iranian delegation's residence there". The kingdom is about a week ahead of its fix schedule and is pumping more than 8 million barrels a day, according to people familiar with the matter.
A single Patriot air defense battery, backed up by four Sentinel 3D Radars and 200 troops, will deploy to Saudi Arabia in response to attacks that devastated the kingdom's oil production, the Pentagon said Thursday.
In announcing the limited deployment, chief Pentagon spokesman Jonathan Hoffman said Defense Secretary Mark Esper has also put an unspecified number of USA troops on "Prepare To Deploy Orders".
Tehran has blasted the allegations as "ridiculous". "It is good at nothing but masterminding explosions, destruction, and assassinations - not only in our region, but also throughout the world", Al-Assaf continued, identifying Middle Eastern nations like Bahrain, Kuwait, and Lebanon - but also European states like France and Denmark - as having been the target of Iranian terrorist attacks.
"With the supply risk premiums evaporating and the oil fear factor but a distant memory, demand worries are back competing for attention", said Innes. This shows that there is a significant amount of support underneath at roughly the $55 level so it's likely we will see buyers come back into this market every time it gets close.
West Texas Intermediate for November delivery settled down 8 cents at $56.41 a barrel on the New York Mercantile Exchange. Prices are up 2% this month. The contract is down 3.2% this week. Crude had already been heading for a weekly decline as OPEC's largest producer is about a week ahead of its fix schedule following the attacks on a Saudi Aramco facility in Abqaiq and a nearby oil field and is pumping more than 8 million barrels a day, according to people familiar with the matter. Houthi rebels from Yemen have launched rocket and missile attacks into Saudi Arabia, and the Iran-backed group has claimed responsibility for the September 14 attacks.
He also pointed out that he had explained during his interviews in NY that the International Atomic Energy Agency (IAEA) will continue monitoring Iran's nuclear activity during Iran's actions in scaling back on JCPOA commitments. Off-topic, inappropriate or insulting comments will be removed.