WTI extends higher on API report to $68.70 in post-settlement trade

WTI extends higher on API report to $68.70 in post-settlement trade

Oil traded near US$68 (RM276) a barrel as investors assessed the impact of escalating trade frictions between the world's two biggest economies against a decreasing number of American oil rigs and flaring tensions between the United States and Iran. "You are unable to provoke the Iranian nation against Iran's security and interests".

"You (Trump) threaten us with paying a price like few countries have ever paid. You may begin the war, but it is us who will end it", he said.

The Chinese yuan climbed today after a series of tweets by Trump undermined the outlook for the greenback, while the market has also been supported by persistent threats from America to curb exports from Iran.

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Even though most believe that oil prices would increase if Iran shut down the Strait of Hormuz or engages in military conflict with the U.S., oil prices apparently have been little moved from the development so far. "You must know what you are talking about; ask your predecessors and take advantage of their experiences", General Soleimani emphasized. So stop threatening ... us.

Earlier in Monday's session, the market had risen after President Donald Trump warned of dire consequences for Iran if it threatened the United States.

U.S. officials are stepping up diplomatic efforts to pressure countries to stop importing Iranian oil. "Trump, this is the language of night clubs and gambling halls", said Soleimani, who as Quds Force commander is in charge of the Revolutionary Guards' overseas operations.

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Saudi Arabia said on Thursday it was temporarily halting all oil shipments through the strategic Red Sea shipping lane of Bab al-Mandeb after an attack on two oil tankers by Yemen's Iran-aligned Houthi movement.

Trump in May withdrew the U.S. from the Iran nuclear deal, bringing his administration to demand all countries stop importing oil from the Islamic Republic by November or face secondary sanctions. "Therefore you have to be careful about insulting the Iranian people and the president of our Republic", Suleimani said.

About 4.8 million barrels per day of crude and refined petroleum products flowed through the strait in 2016, according to the US Energy Information Administration, which notes it is one of the primary "chokepoints" for oil delivery worldwide. "What damn could you do in 33-day war [in Lebanon] other than accepting Hezbollah's conditions for an end to war?"

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The already contentious relationship between Washington and Tehran became even more distressed over the weekend when Iranian President Hassan Rouhani said hostilities between the two countries would lead to the "mother of all wars".

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