Oil Prices: November 4 Iran Sanctions Nearing

10:52 11/01/2018

For days, oil prices have pulled back on rising supplies, and concerns that global economic growth and demand will fall victim to the US-China trade war The American Petroleum Institute (API) reported yet another crude oil inventory-build this week, for example, of 5.69 million barrels, for example. That’s now the fourth build we’ve seen in weeks. In addition, global oil supply is also rising as Russia, Saudi Arabia and the U.S. pumped 33 million barrels per day in September. At the same time, oil has also been caught in the global market slump, fueled by a trade fight between the world’s two largest economic super powers. “There are two downward pressures on global oil demand growth. One is high oil prices, and in many countries they’re directly related to consumer prices. The second one is global economic growth momentum slowing down,” said IEA chief Fatih Birol, as quoted by Livemint.com However, those issues may not be enough to overshadow Iran sanctions.

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