Oil slips as economic concerns counter tightening supplies

14 September, 2018, 01:49 | Author: Regina Silva
  • Oil slips as economic concerns counter tightening supplies

Brent crude futures rose US$1.69, or 2.2 percent, to settle at US$79.06 a barrel.

Oil markets were also watching Hurricane Florence offshore the United States amid surging demand for gasoline and diesel, although crude output will not be affected on the storm's current route.

Major Japanese refiners were said last week to have officially notified Iran that they would halt all imports of Iranian oil for October while they wait for the Japan-U.S. talks on Iranian oil imports to make a permanent decision on how to proceed in November. Yesterday's close above the key resistance line paves the way for a test of the $80 barrel mark, before a retest of the YTD high.

"According to Bloomberg, in case the Iran sanctions come into place, oil price could go up to $150 a barrel", reported ET.

"Crude oil output increased mostly in Libya, Iraq, Nigeria and Saudi Arabia, while production declined in Iran, Venezuela and Algeria", the 15-member oil cartel said.

"South Korea bought 194,000 bpd from Iran in July", OilPrice said.

Canada to resume NAFTA talks
He also warned that the USA and Mexico would move forward bilaterally without Canada. Overall, he said, he believes Canada is handling the talks well.

NASA Releases Footage Of Hurricane Florence And Her 'Mike Tyson Punch'
National Guard soldiers from the state, North Carolina and Virginia are mobilizing to prepare for hurricane recovery efforts. Emergency declarations were in force in Georgia, South and North Carolina, Virginia, Maryland and the District of Columbia.

Apple's cheaper iPhone XR rocks bright colours
Now, the operator won't sell you the handset itself, and the $400 markdown actually represents a combined 24 monthly bill credits. The bigger question is whether you consider the iPhone XR's $750 a reasonable price for a new iPhone that isn't its top flagship.

"Things are tightening up", the agency said in its monthly report, but added: "As we move into 2019, a possible risk to our forecast lies in some key emerging economies, partly due to currency depreciations versus the USA dollar raising the cost of imported energy".

Worldwide oil benchmark, Brent crude, extended its gains on Wednesday, trading near a two-month high as shrinking oil inventories pointed to an increasingly tight global market. Oil production has been hit by attacks on oil facilities and blockades, though previous year it partially recovered to around one million barrels per day.

The Organisation of Petroleum Exporting Countries, in its monthly oil market report for September released on Wednesday, said crude oil production from Nigeria rose to 1.71 million barrels per day in August from 1.53 million bpd the previous month.

Although the shipment hiatus is unlikely to signal that China has been purposefully scaling back purchases to comply with US pressure to have Iranian oil sales at zero, it could mean that Chinese refiners were looking for better terms for Iranian oil purchases, according to Bloomberg.

Their combined output has risen by 3.8 million bpd since September 2014, more than the peak output Iran has managed over the last three years.

Chinese media Xinhua said the U.S. Energy Information Administration (EIA) forecast on Tuesday that U.S. crude oil production will average 10.7 million bpd in 2018, up from 9.4 million barrels bpd in 2017, and will average 11.5 million barrels bpd in 2019.



Bank of England’s Mark Carney extends term to early 2020
Chancellor Philip Hammond has also re-appointed deputy governor Sir Jon Cunliffe, ensuring he stays at the bank until 2023. To view the full article, register now.

Former UN chief Kofi Annan laid to rest in Ghana
Some members of the Annan family including his wife arrived with the body. No matter what we are we will also die", he told the congregation.

Hurricane Florence hours away from Carolinas
Emergency declarations were in force in Georgia, South and North Carolina, Virginia, Maryland and the District of Columbia. Mayor Joe Benson said the storm will batter the oceanside town through two high-tide periods.

Photos of Hurricane Florence from space are truly scary to behold
Rainfall totals from Hurricane Florence will top 20 inches in some areas, the National Weather Service says. Hurricane Florence is now expected to head more directly west after making landfall, crossing through SC .

Myanmar's Suu Kyi: Rohingya Situation 'Could Have Been Handled Better'
Myanmar has denied allegations of atrocities, saying its military carried out justifiable actions against militants. She broke her silence on the issue today, robustly defending the court's decision to jail the duo.

Pope Francis to Convene Summit on Sex Abuse Scandal
A shocking Pennsylvania grand jury report detailed over 1,000 instances of sexual abuse by 300 priests and cover-ups by bishops . Francis removed McCarrick as a cardinal in July after a USA church investigation found the allegation credible.

Tweeple praise Akshay Kumar and Rajinikanth-starrer
Thus, it is understandable why it is 2018's most anticipated film, which will hit theatres on November 29 this year. We hope the release day comes as soon as possible as the wait is making everyone impatient.

9/11 anniversary: Russian bombers intercepted near Alaska by U.S. fighter jets
The Russian military recently launched its largest military drill since 1981. The last interception came on September 1 near the Aleutian Islands.

Several dead after vehicle ploughs into crowded square in China
The government statement called the attack a "malicious case of intentional driving" and said a man had been taken into custody. Police have detained the driver of the auto , who they say had a criminal record, according to the local government.

Paulo Dybala will leave in January, claims Zamparini
Tuttomercatoweb reported in the summer that Liverpool had made contact with Dybala's representatives over a potential move . But the Premier League big guns will no doubt have something to say before Dybala's future is sorted.