Oil dips as US dollar rises, Turkish tumult elevates demand concern

Saudi Arabia reins in oil production as demand forecasts waver

At the Multi Commodity Exchange, crude oil for delivery in August month moved up by Rs 24, or 0.51 per cent, to Rs 4,698 per barrel in business turnover of 1,474 lots.

The US benchmark crude has declined more than 4percent this month as worldwide trade disputes threatened to deflate energy demand growth.

Oil prices slipped on Monday as trade tensions and troubled emerging markets dented the outlook for fuel demand, though United States sanctions against Iran pointed towards tighter supply ahead.

Brent for October settlement declined 20 cents to end the session at $72.61 a barrel on the London-based ICE Futures Europe exchange, and traded at a $6.04 premium to WTI for the same month.

Moreover, Turkey's economic turmoil has raised concerns about a contagious crisis throughout emerging economies, which dented market expectations for the overall oil demand in the coming months.

Crude prices have dipped in recent weeks, reflecting less worry about supplies following increased output by Russian Federation and several OPEC nations, the International Energy Agency said in its latest monthly report about the global oil market.

Advances were capped by concerns that a rising U.S. Dollar would dampen demand for the dollar-denominated asset. USA light crude fell 30 cents to $67.33.

Investors are concerned about the world economy as trade disputes between escalate between the United States and its major trading partners.

More news: Amid Deteriorating Economy, Iran's Khamenei Rejects Talks with U.S.

Yet their shipped imports in July were about half a million barrels per day (bpd) below their Jaunary-June average of 12.4 million bpd, shipping data shows.

"The direct impact on global demand for oil is negligible", Fritsch said.

LONDON-Oil prices fell Wednesday after data showed a rise in USA crude stockpiles, following days of volatile trading.

Sentiment was also clouded by a darkening economic outlook which could start impacting oil demand, traders said.

In direct communications with OPEC, Saudi Arabia reported that its monthly crude production slipped by 201,000 bpd in July, meaning that it pumped 10.288 million bpd last month - lower than the 10.387 million bpd figure secondary sources compiled by OPEC show.

Despite the cautious mood in oil markets, bullish sentiment found some support from expectations that United States sanctions against Tehran would restrict Iranian crude exports, tightening global supply.

"Since it takes months to get USA crude (to China). this (not buying US shipments) is a precautionary measure to avoid any distressed selling in case the government puts tariffs on USA crude oil", said Sushant Gupta, research director at energy consultancy Wood Mackenzie. Bloomberg reported that "oil earlier rose higher amid supply concerns as Iran's foreign minister said the OPEC nation won't meet with the United States at the United Nations General Assembly in NY in September".

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