Thursday, 21 February, 2019


Brent crude takes its cue from falling stock markets

Tehran's oil refinery supervisor Jafar Jaleh Rafati works at a unit of the refinery south of the capital Tehran Iran Monday Dec. 22 2014 Iran Reshuffles Economic Team Ahead of US Oil Ban
Conrad Doyle | 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.

Recommended

loading...
...
  • Heidi Klum channels 'Shrek' character for Halloween

    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.
    Khashoggi murder: Turkey gives official details of Saudi writer's death

    Khashoggi murder: Turkey gives official details of Saudi writer's death

    Khashoggi was killed after entering the Saudi consulate in Istanbul on October 2 to obtain paperwork for his upcoming marriage. Discussions with al-Mojeb produced no "concrete results" despite "good-willed efforts" by Turkey , Fidan said .
    Ghana moves up six spots on 2019 World Bank Doing Business ranking

    Ghana moves up six spots on 2019 World Bank Doing Business ranking

    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 .
  • Jho Low maintains innocence despite U.S.  charges over 1MDB

    Jho Low maintains innocence despite U.S. charges over 1MDB

    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.
    Pittsburgh synagogue shooting suspect pleads not guilty

    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.
    Saudi sisters' bodies recovered from NYC riverbank

    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".
  • Israel fires on Palestinians launching arson balloons

    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.
    Japan denounces South Korean court ruling on wartime forced labor

    Japan denounces South Korean court ruling on wartime forced labor

    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".
    Hormone injections reduce risk for early menopause from breast cancer chemotherapy

    Hormone injections reduce risk for early menopause from breast cancer chemotherapy

    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.
  • Oprah campaigns for Democrat Stacey Abrams for Georgia governor

    Oprah campaigns for Democrat Stacey Abrams for Georgia governor

    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.
    Chelsea beat Lampard's Derby in League Cup thriller

    Chelsea beat Lampard's Derby in League Cup thriller

    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.
    Global wildlife population declined 60% since 1970: WWF

    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 ".

The catastrophe in Indonesia: the Boeing had problems with speed 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.

Police step up sex offender monitoring for Halloween Police step up sex offender monitoring for Halloween 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.

Trump plans 'tent cities' at US-Mexico border 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.

Trump Reveals How Military Will Engage Migrants, Blasts Human Traffickers Trump Reveals How Military Will Engage Migrants, Blasts Human Traffickers But there now is not enough detention space to hold families who are coming across the border. Trump made the comments Thursday in a speech on immigration at the White House .

Beyoncé's Channels Toni Braxton For 2018 Halloween Costume Beyoncé's Channels Toni Braxton For 2018 Halloween Costume Have a Happy Halloween my Kings and Queens", she posted along with the photos where she dubbed herself " Phoni Braxton ". See Beyoncés 2018 Halloween costume and take a look back at her best looks from past years below.

NZ dollar lifted as Donald Trump predicts great deal with China NZ dollar lifted as Donald Trump predicts great deal with China Most of those imports are now being charged a 10 percent tariff, which is set to increase to 25 percent at the end of the year. The S&P 500 Index fell as much as 2.1 percent before paring the drop and ending the day down 0.7 percent.

Turkish, US troops begin joint patrols in Syria's Manbij Turkish, US troops begin joint patrols in Syria's Manbij Erodgan recently increased threats to launch a major offensive against Syrian Kurdish fighters near the Euphrates River. SDF forces have dug trenches around Manbij and other areas near the Turkish border.

Incineroar is in Super Smash Bros. Ultimate, Lights Up Grinch Leak Incineroar is in Super Smash Bros. Ultimate, Lights Up Grinch Leak 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.

United Kingdom to impose digital services tax on tech giants from 2020 United Kingdom  to impose digital services tax on tech giants from 2020 There has been particular concern in Britain about online shopping giants such as Amazon undercutting traditional retailers. Speaking in the Commons on Monday, Philip Hammond said: "A new global agreement is the best long term solution".

Paris Masters: Zverev earns 2nd round spot, Rafael Nadal withdraws from game Paris Masters: Zverev earns 2nd round spot, Rafael Nadal withdraws from game 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.

[Match Highlights] Arsenal 2-1 Blackpool - All The Goals And Best Bits [Match Highlights] Arsenal 2-1 Blackpool - All The Goals And Best Bits He then followed Guendouzi in earning a dismissal late on for a cynical foul on Pierre-Emerick Aubameyang. Emile Smith Rowe made it 2-0 in the 50th minute as he bundled home Carl Jenkinson's cross.

Chelsea icon Frank Lampard claims Eden Hazard is better than Lionel Messi Chelsea icon Frank Lampard claims Eden Hazard is better than Lionel Messi His forward runs were just as unsafe to Chelsea as to the opponents; both visiting goals came from the space vacated on his flank. Ruben Loftus-Cheek is now enjoying the best goalscoring spell of his career, netting in two consecutive games for the first time.

Verstappen goes from fast to furious to victor in Mexico Verstappen goes from fast to furious to victor  in Mexico In my mind it is just another day of fighting and I have more races to win, it is not over. Both drivers were reprimanded for risky racing moves and team tensions were high.

Trump Lashes Out at Paul Ryan Over Birthright Vaporware Trump Lashes Out at Paul Ryan Over Birthright Vaporware 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.

Eagles Acquire WR Golden Tate For Third Round Pick Eagles Acquire WR Golden Tate For Third Round Pick He has 581 receptions for 6,936 yards and 37 scores in his National Football League career. The Detroit Lions traded wide receiver Golden Tate to the Philadelphia Eagles on Tuesday.