Oil mixed with fall in Iran's exports, US-China woes

Oil Slumps to Lowest Since March as U.S-China Trade War WorsensMore

Front-month Brent crude futures, the worldwide benchmark, traded down 2.6% at $63.60, having earlier dipped to their lowest level since mid-February.

U.S. West Texas Intermediate (WTI) crude futures were at $55.78 per barrel, down 81 cents, or 1.5%, from their last settlement.

Oil prices were down for most of the last week of May and are now set for their biggest monthly decline in six months, since November 2018, as intensifying trade tensions outweighed USA crude oil stockpiles draws.

Oil prices rose on Thursday after an industry report showed a bigger-than-expected decline in USA crude inventories, although concerns that the U.S. -China trade war. That dispute has prompted worries about a recession.

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Crude oil prices were mixed in Thursday's trading start as Iran's oil exports showed month-on-month decreases in May, while market concerns persist over global oil demand due to troubled Sino-U.S. trade relations, Anadolu Agency reports. Wall Street's main indexes hit more than two-month lows on Wednesday.

USA production has offset that decline, as output returned to a record 12.3 million barrels per day, according to weekly figures.

Weekly U.S. oil inventory data has been delayed by Monday's Memorial Day holiday, with the government's report due on Thursday at 11 a.m. EDT (1500 GMT).

Crude prices have risen by about 30 percent since the start of the year when OPEC+, which includes Russian Federation, cut production to reduce a global glut.

This month, Brent futures dropped 10 percent, while WTI slide 13 percent, both saw biggest monthly drops since last November.

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"The last time it was any higher in this segment was in September 2013", Commerzbank said.

Because of weakening demand, Bernstein said any upside for oil markets was capped despite relatively tight supply.

Mr. Fritsch said energy prices should eventually be underpinned by shrinking production from members of the Organization of the Petroleum Exporting Countries and their allies, including Russian Federation.

Russia will carefully consider extending its oil output reduction agreement with OPEC+, Russian First Deputy Prime Minister Anton Siluanov told Reuters on Wednesday.

They decided curb output from January by 0.8 million barrels per day versus October levels while non-OPEC allies contribute an additional 0.4 million bpd of cuts, in a move to be reviewed at a meeting in April.

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