TRADELINE LIVE CRUDE OIL NEWS UPDATE
UPDATE Oil prices rise on Saudi tensions; demand outlook drags
Oct 15 Crude oil futures rose on Monday as geopolitical tensions over the disappearance of a prominent Saudi journalist stoked supply worries, though concerns over the long-term demand outlook dragged on prices.
Benchmark Brent crude oil LCOc1 jumped by $1.49 a barrel to a high of $81.92 before slipping to $80.83, up 40 cents, by 0745 GMT. U.S. crude CLc1 was last up 20 cents at $71.54.
“Growing tensions over the disappearance of journalist Jamal Khashoggi at the Saudi consulate in Istanbul has proved supportive for oil prices,” said ING commodities strategist Warren Patterson.
Saudi Arabia has been under pressure since Khashoggi, a critic of Riyadh and a U.S. resident, disappeared on Oct. 2 after visiting the Saudi consulate in Istanbul. President Donald Trump threatened “severe punishment” if it is found that Khashoggi was killed in the consulate. kingdom said it would retaliate to any action against it over the Khashoggi case, state news agency SPA reported on Sunday, quoting an official source. has raised concerns that the Saudis may use oil as a tool for retaliation if any sanctions or other action is taken against it,” Patterson said.
Exerting downward pressure on prices, Friday’s monthly report from the International Energy Agency, the West’s energy watchdog, said that the market looked “adequately supplied for now” and the agency cut its forecasts for world oil demand growth this year and next.
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