Crude Oil prices are expected to trade lower today: Angel Commodities

Crude Oil Price Triangle Breakdown Could Give Pause to USD  CAD

Crude Oil Price Triangle Breakdown Could Give Pause to USD CAD

Brent crude futures for September fell 15 cents, or 0.2 per cent, to $66.57 a barrel by 0611 GMT while USA crude for August was down 24 cents, or 0.4 per cent, at $59.97 a barrel.

Oil prices remained supported by lower U.S. oil production after a tropical storm slashed U.S. Gulf of Mexico crude output by 73%, or 1.38 million barrels per day. Only one refinery shut down on a precautionary basis, while others continued to run.

Oil has been buoyed by shrinking United States crude stockpiles and rising tensions in the Middle East, which has prompted the UK to start talks with its allies about beefing up their military presence in the Persian Gulf to deal with the rising threat to shipping posed by Iran. About 69% of Gulf oil production and almost 61% of natural-gas production have been shut in, according to the Bureau of Safety and Environmental Enforcement.

And even though Chinese data on industrial output and retail data beat expectations when it was released on Monday, analysts still noted that economic growth of 6.2 percent in the second quarter of 2019 was the weakest in 27 years.

Oil traded near US$60 a barrel after a storm shut nearly three-quarters of US Gulf of Mexico crude production, even as lingering demand concerns continue to dent the outlook.

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Commodities were unwanted at the start of the week, led by a drop in energy futures as hurricane Barry moved inland from the Gulf of Mexico and amid GDP data in China showing that the economy slowed to a year-on-year pace of 6.2% over the three months to June - its slowest clip since 1992 - after expanding by 6.4% in the first quarter.

China's crude imports fell in June for a second straight month, but its oil imports year-to-date still looked impressive.

Futures fell as much as 3.2% in NY on Tuesday, after Secretary of State Mike Pompeo said Iran, which has been hit by American sanctions over its weapons program, had signaled an openness to talks.

"Beyond the storm we feel we're in a tightening inventory mode through August", said Phil Flynn, an analyst with Price Futures Group in Chicago.

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. This article is strictly for informational purposes only. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.

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