OPEC raises global oil demand outlook for 2018

Source U.S. Energy Information Administration Short Term Energy Outlook May 2018

Oil prices steadied below 3-1/2 year highs on Monday as resistance emerged in Europe and Asia to USA sanctions against major crude exporter Iran, while rising US drilling pointed to higher North American production. At the same time, Europe and Asia are opposed to the possibility for the U.S. to introduce sanctions against one of the major oil exporters - Iran.

Given the above issue, global price of oil hits a record low which was unprecedented in the recent years.

Even so, crude oil prices are inching higher, adding to multi-year highs; WTI now +0.1% at $70.79/bbl, Brent +0.4% at $77.42/bbl.

By contrast, net long positions were increased slightly in USA gasoline (+1 million barrels), US heating oil (+7 million barrels) and European gasoil (+2 million barrels).

To recall, last Tuesday, on May 8, U.S. President Donald Trump abrogated nuclear deal with Iran threatening with new sanctions on Iran and the countries that will continue cooperating with Tehran.

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"So far the impact on the global economy has been minor and negligible, but the build-up of potentially disruptive concerns has increased", OPEC noted in its monthly oil market report. The number of working drilling platforms has risen by 10 to 844 for the week to May 11, and this is the highest level since March 2015.

While Dhar admits that elevated oil prices will incentivise raised U.S. output, potentially capping further gains, he thinks pipeline constraints will likely limit any-near term response from United States producers.

In the commodity markets, the price of gold remained unchanged at 1,320.70 Dollars per ounce.

Futures in NY fell as much as 0.5 percent after sliding 0.9 percent Friday.

The dollar index, which measures the strength of U.S. dollars against a basket of six major currencies, declines by a minimum of 0.04% to 92.50 points.

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