10 May, 2019
The only negatives that mattered in the EIA report were stockpiles at the Cushing, Okla., storage hub for WTI, which rose by 821,000 barrels versus the previous week's 265,000 and a 289,000-barrel slide in USA crude exports to 2.3 million, which correlated with the Cushing build.
India will be hit by the Trump administration's decision to end waivers that allowed the import of crude oil from Iran without facing USA sanctions.
WTI (futures on Comex) is seen struggling to extend the recovery above the 62 handle, having reversed a sharp drop to 61.35 levels after a fresh risk-aversion wave gripped the European markets on the Yonhap report that North Korea fired unknown projectiles.
Crude slid as a trade spat between the USA and China overshadowed concerns over global supply disruptions.
The world's largest oil company Aramco will provide additional crude oil to domestic oil refiners to meet shortages arising from the United States decision to lift Iran sanction waivers from major oil importing countries, including India.
Meanwhile, holdings of SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, continued a dismal run as it fell by 0.16 percent to 739.64 tonnes on Monday, its lowest since October 11.
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The trade tensions between the world's two largest economies increased as U.S. President Donald Trump claimed that China "broke the deal".
However, a Sino-US trade deal is still not off the table with Beijing confirming that it will still send a delegation to go to the United States for a trade talk. Led by Chinese Vice Premier Liu He, the trade talks are due to resume on Thursday in Washington.
Crude's rally has fizzled over the past two weeks as rising USA production and stockpiles diminish the impact from the end of Iran sanctions waivers and Venezuela's economic crisis.
"So people have been bearish because of that".
"They don't want to raise their production above the 10.3 million bpd, because they are part of the OPEC+ pact, but they are also being pressured by the U.S.to increase their output", one of the sources said at the time.
The Organization of the Petroleum Exporting Countries and its allies led by Russian Federation, a group known as OPEC+, agreed to reduce output by 1.2 million bpd for six month.
China, the world's biggest oil importer, took in 164.9 million tonnes of crude during the first four months of 2019, or about 10.03 million bpd, up 8.9 percent on the same period a year earlier, the data showed.