Bearish Tone after US Says Iran Prepared to Negotitate

Florida Gas Prices Decline Despite Barry

About 58%, or 1.1 million barrels per day (bpd), of crude oil production in the U.S. -regulated areas of the Gulf of Mexico remains shut in the wake of Tropical Storm Barry, the U.S. Bureau of Safety and Environmental Enforcement (BSEE) said on Tuesday.

USA crude inventories USOILC=ECI fell 3.1 million barrels, EIA data showed, more than analysts' forecasts for a decrease of 2.7 million barrels.

Oil prices slipped on Monday after China posted its slowest quarterly economic growth in at least 27 years, reinforcing concerns about demand in the world's largest crude oil importer.

The rising USA output will further undermine the efforts by Russian Federation and Saudi Arabia to reduce global oil inventories by convincing suppliers both in the Organization of the Petroleum Exporting Countries and outside of OPEC to cut production. "Barry stopped working to strike refinery properties along the coastline". About 73 per cent of crude output in the Gulf of Mexico was halted as of Sunday but some producers are preparing to return workers to offshore platforms as storm Barry weakens after making landfall.

Inventory data will be published by the American Petroleum Institute on Tuesday evening, and by the U.S. Department of Energy on Wednesday.

USA officials say they are unsure whether an oil tanker towed into Iranian waters was seized by Iran or rescued after facing mechanical faults as Tehran asserts, creating a mystery at sea at a time of high tension in the Gulf.

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The marketplace was likewise born down by indications of further increases in result from the U.S., which has actually ridden a wave of shale oil manufacturing to end up being the globe's greatest crude producer, in advance of Russian Federation as well as Saudi Arabia.

Last week, WTI Crude prices surged over 5 percent over falling inventory levels coupled with rising worries of a global supply shortage.

Natural gas output from the northern Gulf of Mexico is down 62%, or 1.7 billion cubic feet per day, BSEE said.

"In the short-term, given that we're in peak driving season, we're going to continue to see inventories draw", Sanford C. Bernstein analyst Oswald Clint said in a Bloomberg TV interview.

Trump said on Tuesday a lot of progress had been made with Iran and that he was not looking for regime change in the country. This article is strictly for informational purposes only.

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