Oil prices fall in the face of excess supply

Oil prices increased their losses on Tuesday as attention shifted to the risk of oversupply, while market operators minimized growing tensions between the United States and the United States. # 39; Iran.

London, 24 Jul (Notimex) Earlier in Monday's session, the market had risen after US President Donald Trump warned of serious consequences for Iran when he was threatening the United States .

"While oil prices were the beneficiaries of the In the battle between Trump and Rouhani, this dynamic began to fade as traders turned to excessive worries," said Stephen Innes , head of Asia-Pacific operations at OANDA, the futures broker

. US pressure, after the Trump administration seeks, under threat of retaliation, that countries cut off all imports The Iranian troleum from November

Saudi Arabia and major producers increase their production to offset the losses likely to occur in the run-up to November for the adoption of sanctions against Iran.

According to Genscape badysts, US crude oil reserves at the Cushing, Oklahoma, delivery center rose last week, while they should fall.

The market has also been affected by growing fears that the tariff dispute between the United States and its trading partners will have on global economic growth.

The escalating trade dispute between Washington and Beijing threatens to derail growth in the world, raising speculation that gross demand could be affected.

David Lennox, a Sydney-based resource badyst at The Fat Prophets, noted: supply goes back and forth, the demand comes and goes, but if global growth declines, we'll see the impact in time for oil prices. "

On Tuesday, a barrel of Brent crude oil from the North Sea for deliveries in September was quoted at $ 72.87 at the beginning of the session (3:00 GMT) on the Intercontinental Petroleum Exchange (ICE) electronic market.

The Brent, international benchmark for oil prices, It was down 19 cents (0.26%) from Monday's previous close at 73.06

while West Texas crude Intermediate (WTI), a reference in the United States, for shipments in September 03:00 GMT, fell 21 cents (0.31%) and traded at 67.68 dollars.

For its part, the basket of The Organization of the Petroleum Exporting Countries (OPEC) was quoted at 71.85 dollars on Monday, an increase of 28 cents (0. 39%) over last Friday's session, reported the deal.