WTI is trading about 1% higher on Monday morning, lifted by positive remarks on U.S. - China trade talks and by reports of a new drone attack on an Saudi Arabian oilfield.
Yemeni rebels reportedly attacked an oil facility in Saudi Arabia over the weekend, causing a fire at a gas plant and adding to geopolitical risk premiums. Although reports suggested that it would take at least a week to repair the damage, state-run Saudi Aramco said oil production was not affected, paring initial gains of more than 1% in crude.
Trade Talks: Crude benefited from a broad-based market rally after a weekend of mostly upbeat talk from the U.S. administration about trade. White House economic adviser Larry Kudlow said recent conversations between both sides had been “positive” and teleconferences would continue for a week to 10 days. He indicated that those could lead to “substantive renewal of negotiations” that could begin with a visit of Chinese negotiators to the U.S.
There is solid technical support for WTI at $54 and resistance at $58.
Oil Price - Aug 19
Oil Price - Aug 19
Dan Steffens
Energy Prospectus Group
Energy Prospectus Group
Re: Oil Price - Aug 19
Something to keep an eye on:
An Iranian supertanker the U.S. has suspected to be tied to a sanctioned organization has lifted its anchor and started moving away from Gibraltar on Sunday and Iran warned the U.S. not to interfere with its voyage.
The trail left by GPS data on Marinetraffic.com, a vessel-tracking service, showed the Iran-flagged Adrian Darya 1, previously known as Grace 1, moving shortly before midnight. The tanker slowly moved southeast toward a narrow stretch of international waters separating Morocco and the southern tip of the Iberian Peninsula.
Abbas Mousavi, a foreign ministry spokesman, told reporters that any attempt by the U.S. to seize the ship would "endanger shipping safety in open seas. We have issued a warning through official channels, especially the Swiss embassy,” according to Reuters.
Read more: https://www.foxnews.com/world/iran-supe ... estination
An Iranian supertanker the U.S. has suspected to be tied to a sanctioned organization has lifted its anchor and started moving away from Gibraltar on Sunday and Iran warned the U.S. not to interfere with its voyage.
The trail left by GPS data on Marinetraffic.com, a vessel-tracking service, showed the Iran-flagged Adrian Darya 1, previously known as Grace 1, moving shortly before midnight. The tanker slowly moved southeast toward a narrow stretch of international waters separating Morocco and the southern tip of the Iberian Peninsula.
Abbas Mousavi, a foreign ministry spokesman, told reporters that any attempt by the U.S. to seize the ship would "endanger shipping safety in open seas. We have issued a warning through official channels, especially the Swiss embassy,” according to Reuters.
Read more: https://www.foxnews.com/world/iran-supe ... estination
Dan Steffens
Energy Prospectus Group
Energy Prospectus Group