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Oil rises on European stock draw despite demand slowdown forecast

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 Oil rises on European stock draw despite demand slowdown forecast

Oil prices rose more than $ 1 a barrel on Friday, helped by declining European stocks and OPEC production, despite the International Energy Agency reporting a minimal increase in demand since the 2008 financial crisis.

Futures for Brent LCOc1 crude oil rose $ 1.15, or 2%, to $ 58.53 a barrel. West Texas Intermediate (WTI) CLC1 crude oil futures were up $ 1.96, or 3.7%, to $ 54.50 a barrel.

"Despite the IEA’s further decline in oil demand, oil prices are trading slightly higher, as the IEA’s head announced earlier that demand was declining, and the agency still expects an increase in reserves by 2H19,” said a UBS analyst. Giovanni Staunovo.

The IEA said that global oil demand in May since January has grown most slowly since 2008, which was facilitated by growing signs of a slowdown in economic growth and an intensified trade war between the United States and China.

Graphics: rising global oil demand - tmsnrt.rs/2YFYbzG

Oil prices rose after Euroilstock data showed that the total reserves of oil and oil products in 16 European countries in July were slightly lower than in June.

However, crude oil prices lost about 20% from the peak values ​​of 2019 reached in April.

Over the week, Brent lost more than 5%, while WTI fell about 2% after markets this week were undermined by an unexpected increase in US crude oil reserves and fears of a slowdown in demand amid a deepening China-U.S rate. trade war.

Despite a weekly decline, hedge funds increased their net long futures and options positions in the US by the week of August 6, the US Commodity Futures Trading Commission (CFTC) said Friday.

Graphics: OPEC supplies and not included in OPEC - tmsnrt.rs/2MPdnD7

The Russian Ministry of Energy said the IEA estimates are largely in line with its own forecasts, and that Moscow took into account the possibility of lower oil demand when it extended an agreement to reduce production with the Organization of Petroleum Exporting Countries.

Saudi Arabia, the de facto leader of OPEC, plans to keep its crude oil exports below 7 million barrels per day (barrels per day) in August and September to restore market balance and help absorb global oil reserves, an official spokesman for Saudi oil said Wednesday.

"Saudi Arabia seems to be redoubled its efforts to curb global supplies in response to a sell-off this week,” said John Kilduff, partner at Again Capital Management.

However, oil production in Russia rose to 11.32 million barrels per day from August 1 to 8, compared with 11.15 million barrels per day in July, two industry sources familiar with the data from the Ministry of Energy told Reuters.

The level is higher than Moscow’s obligations under an agreement to reduce production with OPEC.

OPEC, Russia and other producers, an alliance known as OPEC +, agreed in July to extend their supply cuts until March 2020 to raise oil prices.

U.S. energy companies this week reduced the number of oil rigs operating for the sixth week in a row, cutting six rigs and lowering their total to 764, the lowest level since February 2018, Bakers Hughes energy services from General Electric Co (GE.N ) The firm said on Friday.



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