Oil tumbles as much as 2% as Oklahoma crude piles up

Saudi Arabia reins in oil production as demand forecasts waver

Prices are essentially marching to the US President Trump's actions, which are exerting a major clout over oil markets.

Specifically for OPEC crude, demand was pegged at 33.40 million b/d for both the third and fourth quarters of 2018, which was 1.08 million b/d more than the bloc's July production level, as assessed by the independent secondary sources used by OPEC to track member output.

The U.S. wants to cut Iran's oil export, but everyone, with even a limited knowledge of worldwide affairs, knows that such thing is impossible, the official added. Non-OPEC production is now expected to be 59.62 million bpd in 2018, a 2.08 million bpd increase from a year ago.

Under pressure over rising gas prices, Trump in July called on the Organization of Petroleum Exporting Countries to bring down oil prices.

The supply/demand picture remains unclear due to uncertainty over the size of the loss of crude oil production due to the sanctions against Iran, which are expected to kick in on November 1.

US Gulf Coast refinery utilization rose 2.7 percentage points to 97.3% the week ended August 3, supported by strong export pull which pushed refined product exports up 174,000 b/d to 5.2 million b/d. "But the impact on investment mood is starting to show", Brown said.

In Turkey, an economy that's larger than the Netherlands or Taiwan, bonds and stocks dropped along with the lira as investor confidence plunged.

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Weaker currencies in Asia and tariff-suppressed trade slows economic growth, reduces purchasing power, and eventually hits fuel demand.

Crude Oil prices have seen sharp swings in the recent past where prices marked a top at Dollars 75 per barrel for WTI crude in July and have reversed course since then, witnessing a six consecutive week losing streak.

For the moment the IEA did not change its forecast for global demand for oil to increase by 1.4 mbd.

OPEC expects the demand for its crude to be 32.9 million bpd this year, about 600,000 bpd lower than in 2017. "Perceptions about emerging-market demand are also going to be negative for the energy complex". 50 major USA oil companies revealed second-quarter results showing they spent $2 billion more than they brought in.

Although that's slightly above June, it's below the figures for April and May.

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

Because of the conflicting factors in oil markets, McKenna said "I'm staying out of oil at the moment".

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