Brent crude takes its cue from falling stock markets
Brent crude takes its cue from falling stock markets
02 November, 2018, 07:34
Both contracts have recovered some ground over the last week but are around $10 a barrel below four-year highs reached in the first week of October.
US supply data also showed a sixth straight weekly rise in domestic crude inventories.
Oil has been caught up in broad financial market slumps this month, with stocks under pressure from the trade war between the world's two largest economies.
The United States has imposed tariffs on $250 billion worth of Chinese goods, and China has responded with retaliatory duties on $110 billion worth of US goods.
In North America, however, there is no oil shortage as USA crude oil production C-OUT-T-EIA has increased by nearly a third since mid-2016 to around 11 million barrels per day.
Oil held losses near $67 a barrel on speculation that an escalating trade dispute between the United States and China will dampen global growth at a time when American crude inventories are growing.
"When the Russians start talking about keeping the production levels high and even the possibility that they need to increase it because of a possible tightness in supply, that brought on some selling pressure", said Gene McGillian, director of market research at Tradition Energy in Stamford, Connecticut.
The US is set to reimpose sanctions on Iran's oil industry on November 5, following President Donald Trump's decision to walk out of the 2015 nuclear deal in May.
"Today, US officials are lying to the world that Saudi Arabia and other countries should replace Iranian oil so that the price of oil doesn't rise. The second one is global economic growth momentum slowing down", IEA chief Fatih Birol told an energy conference in Singapore.
That is an increase of 10 million bpd since the start of the decade and means the three producers alone now meet a third of global crude demand.
The US dollar index also rose, supported by robust US consumer spending data.
Analysts expect the situation to only worsen on November 4 when sanctions kick in directly targeting countries that buy Iranian oil by blocking them from access to USA markets and financial institutions. Stockpiles were expected to have risen about 4.1 million barrels in the week ended October 26, an extended Reuters poll showed on Tuesday.
Washington reintroduced sanctions against Iran's currency trade, metals and auto sectors in August after USA withdrawal from a multinational 2015 deal that lifted sanctions in return for limits on Iran's nuclear program.
As Washington prepares to renew sanctions against Iran's energy sector next week, Iranian tankers are increasingly switching off their tracking systems, according to oil experts.
This story has not been edited by Firstpost staff and is generated by auto-feed.
A sign saying 'Warning! They also learned that four offenders left the Athens area without registering new addresses. The usual organizers had difficulties setting up the annual trick or treating event this year due to the issue.
Among its services, it helped raise $6.5 billion for the fund and earned nearly $600 million in fees for the bond issuance. The authorities contend that the bribes and kickbacks were paid to secure 1MDB's bond underwriting business for the bank.
It's up to Kirby, the only survivor, to start the road to recovery in a brand new adventure mode; World of Light. We got a small glimpse into the game's future story mode, as well as how characters became Spirits.
Dimitrov had 13 aces in a 7-6 (10), 6-4 win against Roberto Bautista Agut and Nishikori beat Adrian Mannarino of France 7-5, 6-4. Nadal was forced to withdraw from his US Open semi-final against Juan Martin del Potro in early September with a knee injury.
A top U.S. official said here on Monday that that complete and verifiable denuclearisation of North Korea was within reach. The banner reads: "Nippon Steel & Sumitomo Metal Corporation should compensate and apologize to victims of forced labor".
This year's focus on raising breast cancer awareness takes on a different twist for Pantai Hospital Kuala Lumpur . There are also rising number of breast cancer patients in younger age groups, especially those between 30-40.
Besides, the Congress has persistently pointed to what it calls the "failure" of PM Modi's "Make in India " initiative. The high grade came despite recording a drop in ranking in six out of 10 parameters assessed by the bank .
Abrams is locked in a tight race with Republican Brian Kemp as she tries to become the nation's first black female governor . Speaking in the Roosevelt Room in the White House, President Donald Trump lashed out on Thursday at a woman of color.
Derby may well have claimed another scalp had they not scored two own goals, through Fikayo Tomori and Richard Keogh. Davide Zappacosta's cross deflected in off Tomori's standing leg as Chelsea took the lead.
Trump and many top aides have long seen the immigration issue as the most effective rallying cry for his base of supporters. Here's what you need to know about birthright citizenship - and why the president wants to get rid of it.
The catastrophe in Indonesia: the Boeing had problems with speed
Anguished family members have been providing samples for DNA tests and police say results are expected within four to eight days. The discovery of the so-called black box will form a crucial piece of the investigation into why the Lion Air flight crashed.
Pittsburgh synagogue shooting suspect pleads not guilty
Six other people, including four police officers, were injured before Bowers was shot by police and surrendered. District Attorney Stephen Zappala said in a statement Tuesday that the Federal Bureau of Investigation and U.S.
Trump plans 'tent cities' at US-Mexico border
"Thousands of migrants waited to advance, vowing to continue their long trek toward the USA border". But the Wall Street Journal reported Monday that 5,000 troops would deploy to the southern border.
Heidi Klum channels 'Shrek' character for Halloween
In the past, Klum has dressed as Lady Godiva , the Hindu goddess Kali, a dead body and Jessica Rabbit, among others. How did they arrive at Klum's coveted party? They also brought along ogre babies in a pram to the red carpet.
Israel fires on Palestinians launching arson balloons
The Israeli military claimed that the boys were involved in planting an explosive device adjacent to the fence. The three boys all lived in Wadi al-Salaqa, a farming village in central Gaza near the Israeli border.
Global wildlife population declined 60% since 1970: WWF
While climate change plays a role in the loss of biodiversity, the report says the bigger culprit is runaway human consumption. "A recent assessment found that only a quarter of land on Earth is substantively free of the impacts of human activities ".
Saudi sisters' bodies recovered from NYC riverbank
The women were found lying on rocks near the river, fully-clothed, both wearing black jackets with fur trim and black leggings. A post on the center's website noted that Tala might have been with Rotana. "We have a bad tragedy for sure".