OIL: Crude Continues Falling On Supply Hopes, Diesel Prices Rise
Oil prices fell again on the prospect of an increase in global supplies as the UN meetings allow talks to take place and Saudi looks to resume flows through its east-west pipeline in coming days. President Trump and Saudi-owned Al Arabiya said that US and Iranian delegations met and talks were productive. The latter reported that Iran sees multiple steps and wants sanctions and the blockade eased. However, Trump threatened Iran with "annihilation" if it doesn't reach a deal. Iran's President Pezeshkian is due to speak to the UN Wednesday. * WTI (Nov contract) fell 2.7% to $89.85/bbl after reaching $88.67 and has started Wednesday slightly lower at $89.70, holding below the 20-day EMA at $91.36 opening the 50-day at $85.52. The recent sell off is still seen as corrective. * Brent is 1.8% lower at $98.55/bbl off the intraday low at $97.36 but below the 20-day EMA at $99.21. The 50-day at $92.61 is the next level to watch. * Ukrainian negotiators will talk about its de-escalation proposal with US and European security delegates this week, according to Axios. * Gasoil is also lower this week - down 4.1% Monday but unlike crude rose 1.5% Tuesday. Shortages have driven the spread with oi
Oil prices fell again on the prospect of an increase in global supplies as the UN meetings allow talks to take place and Saudi looks to resume flows through its east-west pipeline in coming days. President Trump and Saudi-owned Al Arabiya said that US and Iranian delegations met and talks were productive. The latter reported that Iran sees multiple steps and wants sanctions and the blockade eased. However, Trump threatened Iran with "annihilation" if it doesn't reach a deal.
Iran's President Pezeshkian is due to speak to the UN Wednesday. 52. The recent sell off is still seen as corrective. 21.
61 is the next level to watch. * Ukrainian negotiators will talk about its de-escalation proposal with US and European security delegates this week, according to Axios. 5% Tuesday. Shortages have driven the spread with oil up significantly and there are calls from US politicians to ban diesel exports with Republican Hinson the latest.
She also called for a suspension of the gasoline tax. The Russian diesel export ban is likely to be extended given attacks on refineries. * 8mn barrels last week, according to those familiar with the API data. 2mn each.
The official EIA data is out Wednesday.