New Orleans Braces for Intense Floods As Tropical Storm Barry Rolls In

Oil Dips: Looks To Reignite Rally on OPEC, Storm Barry and Iran Tensions

Futures in Original York had been diminutive changed after settling above US$60 a barrel on Wednesday for the principle time since Might.

Brent crude futures reversed early losses and were up 36 cents, or 0.5%, at $67.37 a barrel by 0643 GMT.

U.S. West Texas Intermediate crude futures were up 33 cents, at $60.76 a barrel, having earlier touched their highest since May 23 at $60.94. Both benchmarks were trading up more than 4 percent on the day yesterday as news of the hurricane and lowered United States crude inventories bolstered stubborn oil markets that have failed to react proportionately to the usual price-moving stimuli.

Oil has been rallying in the previous week, with Iranian tensions escalating after the British navy intervened to cease the country from blocking off an oil tanker leaving the Persian Gulf. The attempt was thwarted by a British warship which warned the Iranian Revolutionary Guards boats away, the report said.

"What happened was partially expected".

"Further cues may come in from OPEC's monthly oil market report, U.S. and European economic data, central bank comments and storm activity in the Atlantic and trade related and geopolitical development", Kotak Securities said in a report.


"They might have created a little bit of disturbance, but nothing came out of it. To have a strong price reaction you need something to really happen".

U.S. crude oil inventories have decreased for four consecutive weeks.

On the storm watch end, USA oil producers cut almost a third of the crude output from the Gulf of Mexico ahead of Tropical Storm Barry, which was headed for an already water-logged New Orleans, where it was forecast to make landfall by late Friday or early Saturday as the first Atlantic hurricane of the 2019 season. USA crude stocks fell 9.5 million barrels in the week to July 5, the Energy Information Administration (EIA) said, more than the 3.1 million-barrel draw analysts had expected as refineries ramped up output.

"There is nothing like an early start to the hurricane season to support oil prices, but looking under the hood of the EIA data, it paints an even rosier picture for US oil markets", said Stephen Innes, managing partner, Vanguard Markets in Bangkok. "The overall situation points to further rising oil prices in the short term", a report by Commerzbank AG said.

Stocks have now fallen for four consecutive weeks, according to the EIA. U.S. President Donald Trump vowed Wednesday to impose extra sanctions on Iran and accused it of violating the nuclear accord that he withdrew from closing year.

In June the members of the organization extracted 29.83 million barrels per day, but the document estimates that by 2020 it will only have to supply 29.27 million.

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