Oil Prices Slip as Saudi Arabia Vows to Keep Markets Supplied

Oil prices slipped on Tuesday on reports that Saudi Energy Minister Khalid al-Falih said Saudi Arabia would play a "constructive and responsible role" in global oil markets.

کد خبر: ۸۴۵۲۴۶

تاریخ: ۰۱ آبان ۱۳۹۷ - ۰۹:۰۳

Crude Oil WTI Futures for December delivery edged down 0.16% to $69.25 per barrel by 12:13 AM ET (04:13 GMT) on the New York Mercantile Exchange. Brent Oil Futures for December delivery lost 0.3% to $79.62 a barrel on London’s Intercontinental Exchange.

Khalid al-Falih said on Monday that the kingdom has no intention of unleashing a 1973-style oil embargo on Western consumers, despite its worsening crisis from allegations that it murdered journalist Jamal Khashoggi. Instead of restricting supplies, Saudi Arabia would do its utmost to increase them, the minister said.

"Iran oil sanctions and Jamal Khashoggi's saga are clear examples of the indisputable role geopolitics play in oil, and this is expected to impact oil price and volatility at a time when markets are just about balanced," J.P. Morgan said in a note to clients.

"We have just upgraded our price forecasts for 2019 Brent by $20.5 per barrel to $83.5 per barrel," the U.S. bank said, adding that this "bullish argument is strongly driven by tighter supply due to Iranian sanctions and declining spare capacity."

U.S. sanctions against Iranian oil exports, due on Nov. 4, had boosted oil prices by as much as 25% initially this year.

However, the oil market has been under pressure in recent weeks over intensifying U.S.-Saudi tensions over the killing of Jamal Khashoggi. Saudi Arabia denied any role in the journalist’s disappearance a week ago but backtracked on Monday and acknowledged that Saudi agents killed Khashoggi in Turkey.

U.S. President Donald Trump said the Saudis were guilty of "lies" and "deceptions,” although he added on Monday that he did not want to lose investments from Saudi Arabia.