Crude oil futures fall 0.31 per cent on weak global cues
Crude oil futures fall 0.31 per cent on weak global cues
US passes Russia, briefly, to become world's top oil producer
03 November, 2018, 05:12
U.S. West Texas Intermediate crude ended Thursday's trading session down $1.62, or 2.5%, at a almost seven-month low of $63.69 per barrel, Kallanish Energy reports. WTI is now more than $11 below its October 3 high of $76.90.
Reports from the United States suggesting a possible waiver for India and other major Iranoil importers, experts say, could keep Brent range-bound between $70-80 per barrel this year. But on Monday, trying to dismiss such concerns, Saudi Arabia's Energy Minister Khalid Al-Falih said that "there is no intention" for such action, and that Saudi Arabia would play a "constructive and responsible role" in world energy markets.
On Thursday, oil prices rose as investors were encouraged by a strong rebound in the US stock markets. Both stock markets and crude futures jumped in early October before selling off sharply.
-China trade war kept pressure on the market.
While futures in NY edged higher on Friday on signs of a possible trade deal between the US and China, they're still on course for a 5.7 percent weekly loss.
But there's another similarity between July 2016 and October 2018.
The International Energy Agency (IEA) on Tuesday said that high oil prices were hurting consumers and could dent fuel demand at a time of slowing global economic activity.
At the same time, forecasters now think oil consumption growth will be weaker than previously anticipated.
New U.S. sanctions on Iran begin on November 4 and Washington has made it clear to Tehran's customers that it expects them to stop buying any Iranian crude oil from that date.
"We still expect that the global oil market will be in deficit in 4Q18", the U.S. bank said. "We can not end oil imports from Iran at a time when alternatives are costly", noted the Indian government, as quoted by Reuters. Analysts also believe that the surge in output has resulted in Contango scenario which implies that prices for future delivery are higher than for immediate dispatch resulting in traders stocking up on oil for later sale in trading market resulting in traders and investors increasing their positions for short term.
Prices were pressured as USA inventories were expected to rise for a sixth straight week as other top producers Saudi Arabia and Russian Federation signaled potential output increases. US light crude CLc1 was 60 cents lower at $66.44. Brent was up 29 percent over the same period.
The WTI Crude Oil market fell significantly during the trading session on Tuesday after gapping lower, breaking below the major uptrend line. WTI picked up 0.26 dollar to settle at 67.59 dollars a barrel.
The market could get some clarity next week, when sanctions on Iran's energy industry go back into full force.
First came the insistence that the country had nothing to do with the disappearance of one of its high-profile critics. It later admitted he had been murdered, saying the killing was premeditated and a result of a "rogue operation".
The WWE is looking to an old friend to help out with perhaps the most controversial event in professional wrestling history. That 10-year deal, which is part of the Saudis' "Vision 2030" project, reportedly will net the WWE more than $400 million.
Sock goes up against Dominic Thiem on Friday after the 2018 French Open finalist edged Borna Coric 6-7 (3-7) 6-2 7-5. Andy Murray and Novak Djokovic met in the Paris final in 2015, the only all-Big 4 championship match there.
Directing duties then fell to Adil El Arbi and Bilall Fallah , who are best known for directing episodes of FX's Snowfall . Producing L.A.'s FINEST are Jerry Bruckheimer and Doug Belgrad, who helped create the first two BAD BOYS installments.
A statement from the Metropolitan Police said: "One person arrested". "Officer remain on scene and the incident remains ongoing". Two people have been stabbed and a man arrested at an address in central London that is home to the offices of Sony Music .
Our second source points out that Grande has addressed the split publicly so it's only fair that Davidson does the same. In a teaser for this week's episode with host Jonah Hill , Davidson jokingly proposed to musical guest Maggie Rogers .
Now that it's out of fuel, NASA chose to officially retire the spacecraft, letting it float in a safe orbit far from Earth. The distinction helped scientists zero in on potential Earth-like planets and better the odds for finding life.
Following the announcement of his death, some of Haq's supporters rioted in the streets of Rawalpindo and the capital Islamabad. Police say they have transferred Haq's body to a hospital and officers are still investigating.
Equivalence, however, covers a more limited range of business and excludes major activities such as commercial bank lending. City workers walk past the Bank of England in the City of London , Britain, March 29, 2016.
What No. 5 CFB Playoff ranking means for Wolverines
Can a conference send two teams to the playoff? No team ranked third in the first CFP rankings has ever made the playoff. That changes Thursday when the Knights host 5-3 Temple, and UCF closes its season against 7-1 Cincinnati and 7-1 USF.
Diablo amiibo Arrives In December 2018
The team says the game is only coming to iOS and Android for now, and it's doubling down on the choice to keep this game mobile. Diablo Immortal is being developed by Blizzard in collaboration with NetEase, the studio behind PUBG clone Rules of Survival.
Turkey: Khashoggi strangled to death, then dismembered
Saudi officials say they do not know the whereabouts of his body, but that it was dumped with the help of a local collaborator. On 25 October, Saudi Arabia's public prosector says the murder was "premeditated", based on information supplied by Turkey.
Drunk Japanese pilot was 'almost 10 times over limit'
JAL said from now on it will involve airport staff in alcohol checks rather than getting pilots to test each other. JAL's company rules prohibit its pilots from drinking alcohol less than 12 hours before flying any planes.
Mystery of Saudi sisters found tied together in Hudson River
The sisters had recently requested asylum in the United States without giving a reason for the application, according to police. The women were found lying on rocks near the river, fully-clothed, both wearing black jackets with fur trim and black leggings.