Oil rises on concern over Saudi and Iranian supply

Saudi Arabia reins in oil production as demand forecasts waver

Oil prices edged lower, with Brent crude was at 72.72 dollars a barrel and USA crude was at 67.33 dollars.

Crude stocks at the Cushing, Oklahoma, delivery hub for US crude futures rose 1.6 million barrels.

Andurand expects oil to jump to US$150 a barrel as USA sanctions against Iran kick in in a couple of months and crude supply shrinks by a million bpd or more.

Oil prices jumped on Tuesday after Saudi Arabia said it cut production, adding to concerns over global supply as US sanctions against Iran curb its exports, though the prospect of a slowdown in global economic growth kept a lid on markets.

Brent for October settlement traded at $72.69/bbl on the London-based ICE Futures Europe exchange, down 12 cents.

Oil held steady even as Turkey's economic strife sparked an emerging-market sell-off, fueling fears of broader market turmoil.

Prices have been suppressed below US$70 this month as fears of a trade war between the USA and China temper gains, with neither side showing signs of backing down.

Traders expect growth to slow further as the Iran sanctions take hold, the trade spat between the United States and China escalates, and as Asia's emerging markets show signs of cooling.

Turkey is a relatively small oil consumer, accounting for less than 1 million barrels per day (bpd) or around 1 percent of global demand, but Commerzbank analyst Carsten Fritsch says the impact of the Turkish crisis could be considerable.

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To be sure, recent strength in the USA currency has fueled a cautious mood in oil markets.

Oil prices decreased on Monday as data showed that inventories at a major USA crude delivery hub rose last week.

Oil dropped as economic turbulence in Turkey and the strengthening greenback heightened concerns about global oil demand.

LONDON-Oil prices fell Wednesday after data showed a rise in US crude stockpiles, following days of volatile trading.

Hedge funds cut bets on rising prices for WTI and Brent, and total positions in both benchmarks shrank for a fifth straight week - the longest stretch of declines since 2016.Royal Dutch Shell Plc said its head of global manufacturing, a business that includes refineries and chemicals plants, will step down at the end of August.

Brent crude has fallen back to about $72 a barrel as the questions over demand have offset concerns over supply disruptions, such as USA sanctions on Iran, which had helped to propel the global oil benchmark to highs of $80 a barrel in May. While concerns about scarce oil supplies have receded after Saudi Arabia and other producers pumped more, the International Energy Agency warned that renewed American sanctions on Iran and disruptions elsewhere could be challenging.

Yu was quoted as saying Monday that Iran is one of China's largest trading partners and it would continue to import its crude oil.

Despite these worries, prices got a boost from the introduction of US sanctions against Iran, which from November 4, will include oil exports.

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