OPEC oil production climbs as Saudi Arabia pumps moreNaija247news
06 August, 2018, 02:17 | Author: Melinda Barton
Crude oil prices turned sharply lower ahead of the start of trading on Wednesday in NY after a surprise build in crude oil inventories in the United States.
According to two officials, the US hasn't been able to persuade China to reduce Iranian oil purchases, but Beijing has reportedly agreed not to increase its oil imports from Iran, Bloomberg reports. Brent crude futures LCOc1 were at $73.42 per barrel, down 3 cents from their last close.
Crude fell to the lowest in more than five weeks as a surprise rise in US crude inventories and increases in production from OPEC and Russian Federation has investors anxious that global supply levels are on the upswing. Gasoline stocks declined by 2.5 million barrels, while crude stocks at the Cushing, Oklahoma, delivery hub for WTI futures fell 1.3 million barrels, EIA data showed.
U.S. West Texas Intermediate (WTI) crude futures were at $68.87 per barrel at 0647 GMT, down 9 cents from their last settlement.
"Oil is holding up reasonably well".
"Venezuela's ticking time bomb together with the return of Iran's oil industry to the sanctions era has all the makings for a major supply shock", Stephen Brennock, oil analyst at PVM Oil Associates, said in a research note published Friday.
Saudi Arabia's oil production grew by 230,000 barrels a day in July to 10.65 million barrels a day, just shy of an all-time peak reached in 2016, according to a Bloomberg survey of analysts, oil companies and ship-tracking data.
US crude oil exports to China dropped by roughly 42% in July as the appetite for light sweet USA crude declines in the Asian giant ahead of the start of 25% tariffs on USA oil imports, Kallanish Energy learns. "A lot of this is the risk premium priced in for Iran and when do we start seeing an impact on supply there", ING commodities strategist Warren Patterson said.
Although the sanctions don't officially take effect until November, Iran is already seeing customers flee as the United States imposes penalties on buyers after Trump quit a nuclear accord with the country. OPEC has responded with boosting supply, but we are yet to see how much Iranian supply would be choked off, Croft said, adding that "it's going to be very significant".
Worries about the possible loss of Iranian supply are being somewhat offset by concerns that global trade tensions could slow economic growth and crimp energy demand.
Trump has turned up pressure on China for trade concessions by proposing a higher 25 percent tariff on $200 billion of Chinese imports and China has said it will retaliate.
American oil production in May actually inched down from April by 0.3 percent, according to EIA's Monthly Crude Oil and Natural Gas Production report.
The 36-year old now the second choice shot-stopper in the side is expected to start in goal in absence of No 1 keeper Courtouis. Eden Hazard to coolly convert the winning spot-kick. "I am ready, I am ready", said Guardiola of City's title defence.
The Mendocino Complex Fire is a combined 80,408 acres as of Tuesday night, and is made up of the Ranch and River fires . It is now the sixth most destructive wildfire in California history and is threatening another 1,600 homes.
Pompeo said he would visit Malaysia, Singapore and Indonesia this week, where he planned to announce new security assistance. The announcement comes at a time when trade frictions with China have given United States trade diplomacy a sharper edge.
The approach known as "Sarri-ball" will grace Stamford Bridge this season as the Blues move away from a mainly defensive outlook. It was a very positive conversation so I'm very happy about it. "It depends on him and us".
Musk said it will cost the same amount as systems Tesla now puts in its cars, but will bring much more processing power. During the same quarter a year-ago, Tesla saw its Q2 revenue hit $2.79 billion while posting a loss of $1.33 per share.
The pastor denies the charges while United States officials have publicly insisted that Brunson is innocent and should be freed. Soylu also shrugged off Washington's move, saying the only business he had with the USA was the extradition of Gulen.
U.S. threats have escalated since, with the president saying he is ready to impose tariffs on all $500bn of Chinese imports . Beijing said the timing of the new tariffs would depend on whether the United States follows through on its threat.
This will ensure that people will not be recommended photos and information banned by the Chinese government. It will automatically block any websites or searches that are not approved under the Great Firewall .
Kelly has often joked publicly about how working for Trump is the hardest job he's ever had, including those on the battlefield. Kelly falling out of favor with the president, suffering a deteriorating role in the White House and looking to the exit.
It was the second time in the match that Ashwin had dismissed Cook, England's all-time leading Test run-scorer, in such a manner. The wicket of Alastair Cook in the last over of the day means no other batsman will have to come out to bat today.
Verizon, Motorola unveil 5G-upgradable smartphone, Moto Z3
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Trump shoots at LeBron
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Romelu Lukaku Defends ‘Cool’ Jose Mourinho Amid Criticism
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Judge stops 3-D guns hours before United States release
Some gun rights groups point out laws allow people to make their own guns now and say this isn't all that different. They're seeking to block the federal government's settlement with the company that makes the plans available online.
ESPN's Paul Finebaum on what's next for Urban Meyer
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