Oil steady on high OPEC supply ahead of Iran sanctions

India’s Deals With Iran and Russia Defy U.S. Sanctions

Gordon (currently a storm) is expected to develop into a hurricane.

US crude oil hasn't traded at $95 a barrel in since 2014, but this is the year that could change. The deal has worked with prices now between $70 and $80 a barrel.

Production by the Organization of the Petroleum Exporting Countries rose 220,000 barrels per day (bpd) in August to a 2018 high of 32.79 million bpd, a Reuters survey showed.

Thanks to this ever escalating trade war, China's manufacturing growth was at its slowest in more than one year this August.

"We might see renewed downward pressure on crude later this week if the U.S. goes ahead with imposing tariffs on $200 billion worth of Chinese imports", Hari said. While America initially wanted a complete halt in purchases, traders are now concerned that even a revised aim for only cuts would take out enough supply to create a market deficit, which other producers may struggle to fill.

Also weighing on crude futures was a currency crisis in Turkey.

The UK-based global forecasting company wrote in its analysis: "We expect the sanctions to tip the economy back into recession, with GDP now seen contracting by 3.7 percent in 2019, the worst economic performance in six years".

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"If emerging markets get worse. that will impact crude markets", he said.

Bahrain and Oman's oil and gas ministers both told CNBC Monday that China's demand for oil could decline on the back of its trade dispute with the US that has seen tariffs imposed on a wide range of Chinese imports.

Preliminary reports on last week's US crude inventory levels are due for release by the American Petroleum Institute on Wednesday and the more definitive numbers by the US Energy Information Administration on Thursday.

The government and lawmakers have shaken up the financial policy making circles in recent months with last week's sacking of the minister of economic affairs and finance, the latest official to lose his job.

Iranian production is arguably the single most important catalyst for oil prices in the coming months, but with fear of collapsing output so high, markets may be overestimating just how bullish sanctions on Iran will be.

The fall of the rial is primarily due to the country's weak economy and heavy demand for dollars among Iranians, who fear Washington's pullout from the 2015 nuclear deal between Tehran and world powers in May and reinstated USA sanctions could shrink Iran's exports. That followed U.S. President Donald Trump urging the group to act to prevent further rises.

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