Oil Prices Rise to Two-week High amid Global Supply Concerns
Taarek Refaat
Oil prices rose about 2 percent, a two-week high, amid concerns about global supplies, after Washington imposed new sanctions targeting Iranian Chinese oil importers.
Brent crude futures rose $1.18, equivalent to 1.8 percent, to $65.85 a barrel, while U.S. West Texas Intermediate crude closed up $1.14, equivalent to 1.9 percent, to close at $62.47.
Both benchmarks closed at their highest levels since April 3, according to London Stock Exchange data.
The United States has imposed new sanctions targeting Iranian oil exports, including a Chinese refinery, as President Donald Trump seeks to intensify pressure on Tehran and cut Iranian oil exports to zero.
The measure comes as the U.S. government resumed negotiations with Iran over its nuclear program this month.
Iranian Foreign Minister Abbas Araqci commented ahead of the next round of talks in Rome on Saturday that Iran's right to enrich uranium is non-negotiable.
This comes as the Organization of the Petroleum Exporting Countries (OPEC) announced that it had received updated plans for Iraq, Kazakhstan and other countries to make further cuts in oil production to compensate for production exceeding the agreed quotas, which boosted the prices of oil futures contracts.
In another context, U.S. crude inventories rose, while gasoline and distilled stocks fell last week, according to the US Energy Information Administration.
The U.S. Energy Information Administration added that crude inventories rose by 515,000 barrels to reach 442.9 million barrels in the week ending April 11, compared with analysts' forecasts in a Reuters poll of 507,000 barrels.
The International Energy Agency said on Tuesday that global oil demand growth this year will be the lowest since 2020, when demand shrank due to the Corona pandemic.
Trump lifted tariffs on Chinese goods, prompting Beijing to impose retaliatory tariffs on US imports.
'The global economy depends heavily on the ability of the United States and China to reach an agreement and avoid starting a prolonged trade war,' said Alex Hoods, director of market strategy at financial services company StoneX, said in a memo.
Giovanni Stonovo, an analyst at UBS, said: "The calming of the trade war between the United States and China would reduce the decline in economic growth prospects and limit the growth of oil demand."
Uncertainty over trade tensions has prompted many banks, including UPS, BNP Paribas and HSBC, to lower their crude oil price forecasts.
'Using a conservative estimate of a 15 percent decline in global GDP growth, based on the impact of the U.S.-China trade war in 2018-2019, we may see a decline in oil demand growth to just 600,000 barrels per day in 2025, nearly half of our estimates before tariffs,' said Janev Shah, vice president of commodity market analysis at Restad Energy.
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