Oil falls on USA stocks rise, weaker economic outlook

Oil falls on USA stocks rise, weaker economic outlook

Oil prices rose more than 1 percent on Tuesday, tracking the stock market higher after a rise in Turkey's lira quelled fears of emerging market weakness and as market participants focused on lower crude supply from Saudi Arabia and Iran.

Earlier, there were concerns about supply shortage as an outcome of Trump's sanctions on Iran and war of words which led to oil prices marking a sweeping move to three and a half year highs.

However, OPEC ran out the prospect that trade spat between the USA and China to have much impact on the world's oil demand, unless the rifts reach beyond the world's largest two economies.

Market participants awaited industry data on Tuesday from the American Petroleum Institute (API) that analysts expect will show that USA crude and gasoline inventories fell last week.

Brent crude futures fell $1.67, or 2.3 per cent, to $71.14 a barrel, by 12:29 p.m. EDT. Analysts say it has already hit several emerging market currencies, including the South African rand, Russian ruble, and Mexican peso. It has also dented emerging market stocks while curbing growth and the outlook for oil demand.

"Discount is part of the nature of the global markets being offered by all oil exporters", IRNA reported the source as saying on Monday.

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Saudi Arabia told the Organization of the Petroleum Exporting Countries that it had reduced crude output by 200,000 barrels per day (bpd) to 10.29 million bpd in July.

Hedge funds and other money managers reduced their bullish positions in US crude futures and options in the week ending on August 7, data from the US Commodity Futures Trading Commission showed on Friday.

The main driver is expected to be upcoming United States sanctions on Iran's energy sector, which kick in come November.

Investors are now seen weighing bullish factors that include potential supply disruptions to Iranian crude exports against more bearish indicators, such as broad greenback strength and a ramp-up in production by OPEC and its allied partners.

Oil prices slid Monday after inventories at a key United States crude delivery hub jumped last week, adding to demand concerns.

"If 1 million bpd or more of Iranian exports go AWOL, the current fragile supply-demand balance will be upended, potentially sending oil prices above the May peak".

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