Oil trades below $70 as traders assess supply shortage

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West Texas Intermediate for October delivery traded at $69.91 a barrel on the New York Mercantile Exchange, down 46 cents, at 11:53am in Singapore.

Oil prices fell on Thursday, slipping back from four-month highs as investors focused on the risk that emerging market crises and trade disputes could dent demand.

Brent rude prices fell in August however extra fair lately rose to 2-month highs round $eighty a barrel.

The report provides further indication of the rapid oil demand that helped OPEC and allies get rid of a supply glut will moderate in 2019.

Oil prices rose on Tuesday as USA sanctions squeezed Iranian crude exports, tightening global supply despite efforts by Washington to get other producers to increase output.

Meanwhile, France and South Korea are shunning Iranian crude, forcing the Islamic Republic to effectively remove some oil from global markets.

Futures in NY dropped as much as 0.8 per cent after two days of gains.

"There remains a lot of noise in this week's markets, but the confluence of bullish near-term signals, such as Iran sanctions, sinking United States crude inventories and Mideast tensions should keep oil prices supported for the remainder of the week", according to Stephen Innes, head of trading for Asia Pacific at Oanda Corp.

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Novak said global oil markets were "fragile" due to geopolitical risks and supply disruptions.

South Korea has chose to comply with USA demands to cut oil imports from Iran to zero, becoming the first to do so out of the top three buyers.

It did not change its forecast that worldwide demand will rise 1.4 million barrels a day this year and 1.5 million a day in 2019.

In the absence of the November loading schedules, few were likely to be in a position to sell cargoes for those dates, the traders noted.The British oil major has bought at least seven cargoes linked to the swaps market in the last couple of weeks, but was believed to have possibly bought more, they added.

The U.S. Energy Information Administration (EIA) on Tuesday cut its forecast for U.S. crude output growth in 2019, while leaving 2018 production and demand growth forecasts unchanged.

According to Oil Price, US Secretary of State Mike Pompeo has said that the US would consider waivers "where appropriate", but reiterated that the country expects to have Iranian oil exports to "zero".

Such concerns have prompted U.S. Energy Secretary Rick Perry to meet his Saudi and Russian counterparts in an effort to convince those two countries to keep oil output high in order to offset a reduction in future Iranian oil exports.

In 2018, demand for OPEC crude is expected at 32.91 million bpd, with demand for the second half to average 33.50 million bpd, the monthly market report showed.

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