Oil lurks near $60 mark as Turkey threatens to blockade Iraqi Kurds

Oil lurks near $60 mark as Turkey threatens to blockade Iraqi Kurds

On Tuesday, Brent crude was trading at around $58.60 per barrel in London, having on Monday hit $59.49, which was its highest since July 2015, according to Reuters.

He also threatened to cut a vital Kurdish oil pipeline and stop vehicles crossing Turkey's border. Crude prices were on course for a rise of almost 16 per cent this quarter which would make this year's performance the strongest for the third quarter since 2004.

The state-owned company calculates weekly fuel prices based on a weighted oil price formula made up of 70 percent Dubai crude and 30 percent Brent crude and adjusts fuel prices upward or downward on a weekly basis, depending on the price of worldwide crude. On the New York Mercantile Exchange, West Texas Intermediate Futures were trading down 0.42%, at $52 a barrel.

Oil prices pared losses in post-settlement trade after industry group the American Petroleum Institute reported that USA crude stocks fell last week as refineries boosted output, while gasoline inventories increased and distillate stocks fell. While OPEC failed to deliver to the market any surprises after its OPEC meet in Vienna last week, Turkey's threat to choke off Kurdish oil exports-along with the gradual acceptance that commercial oil stocks are indeed dwindling-seem to be the catalysts this week that is propping up oil prices.

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OPEC and its partners made a decision to extend its production cuts till March 2018 in Vienna on May 25, as the oil cartel and its allies step up their attempt to end a three-year supply glut that has savaged crude prices and the global energy industry. The consensus was that demand will grow by 1.7 million to 1.8 million barrels a day this year, 400,000 to 500,000 more than expected at the start of the year. The oil group's cuts are doing the job intended, shale isn't responding, and Opec and friends may finally be reaping the rewards from nine months of impressive compliance with the output deal they agreed on late past year. "Now that we see refineries coming back online that should take the scarcity premium out of the market, refined prices will fall, and that will bring oil down with it". The improved compliance rate "underscores the resolute commitment of participating producing countries to cooperate towards the rebalancing of the market".

We start the day with a higher USA dollar and we will have Consumer Confidence and New Home Sales at 9:00 A.M. and API Energy Stocks at 3:30 P.M. On the Corn front the market key is now the weather and harvest with rains and cooler temperatures are forecasted coming to a theatre near you.

Kuwaiti Oil Minister Essam al-Marzouq, who chaired Friday's meeting in Vienna of the Joint Ministerial Monitoring Committee, said output curbs were helping cut global crude inventories to their five-year average, OPEC's stated target. There are many ways to measure that but many in the industry are suggesting that supply is tightening more significantly than the major reporting agencies are reporting.

The Platts announcement follows the launch past year by rival price agency Argus Media of U.S. Gulf Coast crude prices for the Asia-Pacific.

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