US PRESIDENT DONALD TRUMP SAID THAT THE END OF THE ONGOING WAR WITH IRAN COULD BE VERY SOON, LEADING TO OIL PRICES AND FALLS IN THE ASIAN MARKET. ACCORDING TO THE TREEDING DATA, THE JANUARY FUTURES OF BRENT OIL DROPPED 1.1% TO THE PRICE OF $91.55 PER BARREL, WHILE THE WEST TEXAS INTERMEDIATE (WTI) DROPPED 1.3% TO $85.71 PER BARREL
Trump said in the White House Press Conference that he expects that the war with Iran will “winterly end” and the naval restriction against the country will still remain intact most. He also said that the military conflict with Iran has been “effectively eliminated”
This statement came after Trump’s Qatar Prime Minister Sheikh Mohammed Bin Abdulrahman Al-Thani discusses the potential Iran agreement on Monday. Qatar has played a major role in arbitration between Washington and Tehran, but recent peace efforts have been most unsuccessful
Iranian officials reject any direct US negotiations. Mohsin Rezai, Secretary of the Supreme National Security Council of Iran, said on social media that Washington should stop making fake news about the “imagined interaction”
The struggle is now entering the ninth consecutive month, and the hammers have still become challenges in the flow of oil from the hydrochair, as the American-Irani strain continues. Also, the clash between the Saudi Arabia and the Iran-backed Huthi group of Yemen continued this week
On the other hand, the Russia-Ukraine conflict is also increasing the fears of disruption in supply, especially due to frequent attacks on the Russian energy infrastructure of Kyiv. Yet, some data are showing improvements in oil production globally. According to the survey of OPAC, the production level of Cartel reached 90% in October, i.e. almost equal to the level before the US-Iran conflict. OPAC recorded production of 22.87 million barrels per day with an increase of 1.38 million barrels daily
China’s oil imports to the highest extent of 6 months in October
China’s trading statistics show positive signals in oil demand. In October China imported 41.94 million metric tonnes of oil, which grew 9.4% compared to September. This import level is the highest since March and shows that crude oil remains strong in demand, while China’s oil product declined in October in export
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Conclusion for Crude Oil Traders:
If the hopes of the end of the Iran conflict with Trump’s statements are realised, oil prices may further fall. But in the middle-east there are constant volatility and Russian-Ukrainian stresses still increasing supply risk. Considering both sides to traders, OPAC’s production growth and China’s import demand should make its strategy