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Oil prices were mixed on Monday, pulling out of a recovery after data suggesting that US crude inventories could rise, which would weigh on the market.
According to traders, Bloomberg's weekly data suggests that US oil stocks are rising, which contradicts a previous report from the energy information provider, Genscape, which predicts a drop in inventories.
"It has been a special Monday morning that Bloomberg or Genscape figures can kill a rally," said Bob Yawger, director of futures at Mizuho in New York.
US crude futures prices fell 21 cents to 67.54 dollars a barrel. Brent crude oil rose 35 cents to $ 77.18 a barrel after peaking at $ 77.92 a barrel.
Earlier in the session, crude was strengthened as US drilling growth slowed and investors anticipated a drop in supply once US new sanctions against Iranian crude exports escalated. would be triggered from November.
"The low number of rigs has allowed us to progress," said Phil Flynn, an analyst at Price Futures Group in Chicago. "In the end, there are also storms that could impact inventory for a while."
US drillers cut two oil platforms last week, bringing the total to 860, Baker Hughes said Friday.
The growth in the number of oil drilling rigs in the United States has stagnated since May, due to increased well productivity, but also bottlenecks and infrastructure constraints.
"A scenario of rising oil prices is based on the decline in Iranian exports due to US sanctions, shale production growth in the United States, instability in Libya and Venezuela and the trade war the next 6 to 9 months, "said Harry Tchilinguirian, oil strategist at French bank BNP Paribas.
"We are seeing Brent trade at over $ 80 under this scenario," he told the Reuters Global Oil Forum.
Outside the United States, Iran's crude oil exports decline before the November deadline for the implementation of the new US sanctions.
Although many Iranian oil importers have said they oppose sanctions, few seem to be willing to challenge Washington.
"Governments can talk hard," said the FGE consultant. "They can say that they will face Trump and / or lobby for derogations, but in general, the companies we are talking about … say they will not take it." declared FGE. "US financial sanctions and the loss of marine insurance scare everyone."
While Washington is pressuring countries to reduce their imports from Iran, it is also urging other producers to increase their production to keep prices up.
US Secretary of Energy Rick Perry will meet with his counterparts from Saudi Arabia and Russia on Monday and Thursday, respectively, as the Trump administration encourages the world's largest producers and exporters to maintain production.
Investors worry about the impact of the oil dispute between the United States and other major economies on oil demand, as well as the weakness of emerging markets.
"Trade wars, including rising interest rates, can be a problem for emerging markets that are driving demand growth (oil)," said FGE.
Despite this, the consulting firm estimated that the likelihood of a decline in oil prices was relatively low, as the Organization of the Petroleum Exporting Countries would likely adjust production to stabilize prices.
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