SINGAPORE: OilNSE 0.00 % prices dipped on Tuesday on expectations rising output from the United States and producer club Opec would offset most of the shortfall expected from US sanctions on Iran, but analysts said markets remained tight.
Brent crude futures were at $71.86 per barrel at 0103 GMT, down 18 cents, or 0.3 per cent, from their last close.
US West Texas Intermediate (WTI) crude futures were at $63.42 per barrel, down 8 cents from their previous settlement.
Oil prices surged by around 40 per cent between January and April, lifted by supply cuts led by the Middle East-dominated producer club of the Organization of the Petroleum Exporting Countries (Opec) as well as by US sanctions on producers Iran and Venezuela.
But prices came under downward pressure late last week after US President Donald Trump openly pressured Opec and its de-facto leader Saudi Arabia to raise output to meet the supply shortfall caused by the tightening Iran sanctions.
Stephen Innes, head of trading at SPI Asset Management, said the producer group "will want to avoid at all cost oil prices surging to levels that will trigger demand devastation, (while) it is clearly in Opec's best interest to maintain a solid floor on pric ..
Bank of America Merrill Lynch said "Iranian oil production will fall to 1.9 million barrels per day in 2H19 from 3.6 million barrels per day in 3Q18 as US sanctions kick in and waivers eventually expire".
Despite this, the bank said it expected "a nearly balanced market in 2019" as output from Opec and also the United States will rise.
French bank BNP ParibasNSE -2.25 % said it expected oil prices "to rise in the near-term" as crude producers were "over-tightening the market ..
For more information Top 10 Stock Advisory Company Indore
Brent crude futures were at $71.86 per barrel at 0103 GMT, down 18 cents, or 0.3 per cent, from their last close.
US West Texas Intermediate (WTI) crude futures were at $63.42 per barrel, down 8 cents from their previous settlement.
Oil prices surged by around 40 per cent between January and April, lifted by supply cuts led by the Middle East-dominated producer club of the Organization of the Petroleum Exporting Countries (Opec) as well as by US sanctions on producers Iran and Venezuela.
But prices came under downward pressure late last week after US President Donald Trump openly pressured Opec and its de-facto leader Saudi Arabia to raise output to meet the supply shortfall caused by the tightening Iran sanctions.
Stephen Innes, head of trading at SPI Asset Management, said the producer group "will want to avoid at all cost oil prices surging to levels that will trigger demand devastation, (while) it is clearly in Opec's best interest to maintain a solid floor on pric ..
Bank of America Merrill Lynch said "Iranian oil production will fall to 1.9 million barrels per day in 2H19 from 3.6 million barrels per day in 3Q18 as US sanctions kick in and waivers eventually expire".
Despite this, the bank said it expected "a nearly balanced market in 2019" as output from Opec and also the United States will rise.
French bank BNP ParibasNSE -2.25 % said it expected oil prices "to rise in the near-term" as crude producers were "over-tightening the market ..
For more information Top 10 Stock Advisory Company Indore
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