MTECHTIPS;-Oil prices edge higher but trade row caps gains

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MTECHTIPS;-Oil prices edge higher but trade row caps gains

MTECHTIPS-Oil rose on Monday as investors remained cautious over the supply outlook, although the fallout from global trade tensions limited price gains. October Brent crude futures were last up 36 cents at $75.12 a barrel by 0902 GMT. The September contract expires on Tuesday. U.S. crude futures were up 78 cents at $69.47 a barrel. The oil price has been rallying almost uninterruptedly for the past two weeks, in part as trade tensions between the United States and China have heated up, but also as looming sanctions on Iran have already started to curtail flows of oil from the country. “There are a myriad of factors to follow at the moment in the oil market but one way or the other we always arrive at the same conclusion. It is the impact of the U.S. sanctions on Iran that will decide the next $15 a barrel,” PVM Oil Associates Tsaid in a note. “The best case scenario is that the U.S. provides meaningful sanction waivers in the run-up to the mid-term elections and Iran can get away with a loss of around 500-700,000 barrels per day of exports. In case, however, President Trump plays hardball and puts its allies and foes under maximum pressure the loss of barrels could amount to 2 million barrels per day.” The U.S. economy grew at its fastest pace in nearly four years in the second quarter, but with Washington and Beijing at loggerheads over trade, oil prices could struggle this week, analysts said

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