Oils in the midst of rising rough inventory of the US, the tariff war of the SINO-VS

By Siyi Liu

Singapore (Reuters) – Oil prices fell on Wednesday as rising stocks in the US and the market are concerned about a new Sino – Trade War Offset President Donald Trump’s renewed push to eliminate the Iranian raw export.

Brent Raw Futures fell by 21 cents, or 0.28%, at $ 75.99 per barrel against 0701 GMT. US West Texas Intermediate Crude (WTI) lost 11 cents, or 0.15%, to $ 72.59.

Oil on Tuesday traded in a wide range, in which WTI dropped by 3%at a certain point, the lowest since December 31, after China had announced rates for the American import of oil, liquefied natural gas and coal as a retribution for American taxes on Chinese export.

However, the prizes came back after Trump had restored the “Maximum pressure” campaign on Iran to limit his nuclear program that he carried out in his first term that reduced the Iranian raw export to zero.

Wednesday weigh the market on the market, was the higher than expected American rough stocks at night, said Jun Rong Yeap, a market strategist at IG.

Raw shares rose with 5.03 million barrels in the week ending on January 31, according to market sources, with reference to the figures from the American Petroleum Institute.

The petrol supplies rose with 5.43 million barrels and distillate shares fell by 6.98 million barrels, the API reported, according to the sources.

Official data for the US government inventory will be released on Wednesday at 1530 GMT.

Rising rough and fuel supplies in the world’s largest oil consumer signal consumption, which contributes to the concerns of investors about the impact of rates on global economic and energy demand for views.

The impact of China’s retaliation rates on the import of American energy will be limited “in view of the fact that neither the global offer nor the offer of these raw materials are changed by China’s rates,” said analysts of Goldman Sachs on Tuesday in a note.

Both countries will be able to find alternative markets, according to the memorandum.

As far as Iran is concerned, Trump recovered his “maximum pressure” campaign on Iran on Tuesday, which includes efforts to drive the oil export to zero to prevent Tehran from getting a nuclear weapon.

Although Trump said he was open to a deal with Iran, he signed a presidential memorandum that re -prepared Washington’s policy towards Iran. The plan can affect approximately 1.5 million barrels per day oil that the country exports, analysts from Anz said Wednesday, referring to data from Scheepspracking.

“The clamp on Iran can be what is needed to stabilize Sentiments for oil prices for now and there can be room for further recovery, at least in the short term,” said Ig’s Yeap.

(Reporting by Siyi Liu in Singapore and Laila Kearney in New York; adaptation by Christian Schmollinger, Kim Coghill and Saad Sayeed)