Oil prices fall on rising US rig count, IL refinery outage

Oil Price Fundamental Daily Forecast – Rising US Production Concerns Pressuring Prices

Crude Oil Price: US-China Trade Fears Capping Crude Oil For Now

U.S. West Texas Intermediate and international-benchmark Brent crude oil futures are under pressure on Monday with the U.S. contract weakening the most.

Concerns are also being raised about the sustainability of the OPEC-led supply cuts which include Russian Federation.

Until we start to see some inventories numbers this week, the biggest influences on crude oil prices are likely to be concerns over U.S.

Trade talks between Washington and Beijing resume this week with a delegation of USA officials traveling to China for the next round of negotiations.

While Beijing struck an upbeat note, it also expressed anger at a U.S. Navy mission through the disputed South China Sea. -Chinese trade relations and trader appetite for risky assets.

Escalating U.S. -China trade tensions have cost both countries billions of dollars and disrupted global trade and business flows, roiling financial markets. China has already said that it will retaliate if this increased tariff is imposed, leading to the United States saying tat it will impose duties on another $267 billion of Chinese imports.

"There's a lot of uncertainty about what's going on with this trade war, whether they're going to get anything done", said Phil Flynn, oil analyst at Price Futures Group in Chicago.

Still, oil prices have been buoyed this year by output curbs from the Organization of the Petroleum Exporting Countries and its allies, including Russian Federation, a group known as OPEC+.

The deal, effective from January, aims to cut 1.2 million barrels per day until the end of June to forestall a supply overhang. Suhail Al Mazrouei, the Energy Minister of the United Arab Emirates, said on Monday the oil market should achieve this balance in the first quarter of 2019.

OPEC and its allies meet on April 17 and 18 in Vienna to review the agreement. The markets continue to be underpinned by the OPEC-led production cuts and US sanctions against Venezuelan exports.

First, OPEC is now on a mission to cut supply again in a bid to rebalance the market and lift prices, and many OPEC producers do pump and cut from medium to heavy grades.

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