14-09-2018 05:20 PM
Oil on Friday made back some of its losses from the earlier session, when prices dropped the most in a month, with worries about supply opposing worries that rising market crises and trade disagreement could reduce demand.
According to Mr.Ponmudi - Prices continue well sustained as the market continues to worry about in progress structural supply issues.
The International Energy Agency on Thursday cautioned that even though the oil market was narrowing currently and world oil demand would reach 100 million barrels per day (bpd) in the next three months, global economic risks were escalating.
The agency said - "As we move into 2019, a possible risk to our forecast lies in some key emerging economies, partly due to currency depreciations versus the U.S. dollar, raising the cost of imported energy.
U.S. President Trump said on Twitter on Thursday that the United States holds the leading edge in discussions.
He tweeted - "We are under no pressure to make a deal with China, they are under pressure to make a deal with us,"
Data revealed that U.S. crude production dropped by 100,000 bpd to 10.9 million barrels per day last week as the industry faces pipeline capacity constraints. This led to supply worries.
According to EIA - Despite the fact that weekly output dropped, the United States probably surpassed Russia and Saudi Arabia earlier this year to become the world's largest crude oil producer.
Even though the EIA does not circulate crude production estimates for Russia and Saudi Arabia in its short term viewpoint, it anticipates that U.S. production will continue to exceed Russian and Saudi production for the further months of 2018 and through 2019.