Saturday, 18 August, 2018

U.S. crude rises 1%, on strong gasoline demand signals

The German share price index DAX board is seen at the stock exchange in Frankfurt Germany The German share price index DAX board is seen at the stock exchange in Frankfurt Germany
| 21 July, 2018, 15:39

Both Brent crude and United States benchmark West Texas Intermediate fell more than four per cent Monday, with the former hitting three-month lows of below $72 a barrel.

Brent crude futures rose 74 cents to settle at $72.90 a barrel, a one percent gain.

The International Energy Agency reported that Saudi Arabia boosted production sharply last month, raising crude shipments to world markets by 390,000 bpd to 7.6 million bpd.

But today, Adeeb Al-Aama, Saudi Arabia's OPEC governor, said that the Kingdom's July crude oil exports would be similar to June's, and that August's exports would be 100,000 bpd below that. Although, markets edged up on Friday in the wake of Saudi Arabia moving to allay some fears of oversupply.

Both benchmarks rose by 1 percent on Wednesday after inventory data from the U.S.

-China trade war and the specter of mounting supplies from Saudi Arabia, the USA and Libya triggered concern about renewed oversupply.

The suspension also comes amid the prospect that transaction settlements will be made hard because such major banks as MUFJ Bank and Mizuho Bank are considering halting Iran-linked businesses following the US decision to reinstate sanctions against Tehran.


A Reuters poll taken before the data release had forecast gasoline stocks would be unchanged and distillate stockpiles would show a build of around 900,000 barrels.

The US government is sensitive about hikes in oil prices on the threshold of the country's important by-elections. The Energy Information Administration (EIA) reported that USA crude oil production exceeded 11 million barrels a day for the first time in history.

Grassley said in a statement, "It's long past time to put an end to illegal price fixing by OPEC", and he added that the feds are "committed to reducing our reliance on foreign oil, especially when it's artificially and illegally priced; our bill shows the OPEC members we will not tolerate their flagrant antitrust violations".

Oil prices dropped on Wednesday after an industry group reported that US crude inventories rose last week, defying analyst expectations for a significant reduction.

When Russian leader Vladimir Putin addressed the media in Helsinki alongside President Donald Trump, he proposed that their countries "work together" to make oil and gas markets calmer.

"The handful of comments from the Saudis" boosted prices, said Bob Yawger, director of futures at Mizuho Securities USA Inc.in NY. Thanks to such efforts, the company was able to reduce the share of Iranian crude oil imports to 10 percent as of last month, said a Hyundai Oilbank official. That would mean a roughly 1 million bpd increase in output.

Most of the local oil refiners try to avoid importing crude oil from Mexico because it contains a relatively high level of foreign particles such as sulfur, making suitable for producing low-profit products such as bunker fuel only.

Recommended

Star Trek: Discovery Adds X-Men Movie Alum as Classic Character Star Trek: Discovery Adds X-Men Movie Alum as Classic Character Anticipation for Season 2 of Star Trek: Discovery is high, especially after some pretty interesting hints that were left. Hugh Culber, revealed that he will return to the show, though he was killed off last season .

Israel Passes Controversial Nation State Bill Israel Passes Controversial Nation State Bill Benjamin Netanyahu has repeatedly insisted that the Palestinians must recognise Israel as a Jewish state in any final peace settlement.

Trump, Putin meet in Helsinki for summit Trump, Putin meet in Helsinki for summit The European Union is a "foe" of the United States because of "what they do to us in trade", President Donald Trump said Sunday. President Trump also expressed concern with Germany's recent pipeline with Russian Federation , calling them " captives ".

Galaxy J2 Core is Samsung’s first Android Go smartphone Galaxy J2 Core is Samsung’s first Android Go smartphone One of the rumors of the Note 9 is that it could support 5G , which means that the Galaxy S10 should also offer support. This is in line with a previous report that indicated that this flexible model will have a 7.3-inch OLED display.

Thai Soccer Team Goes Home Thai Soccer Team Goes Home The Thai government will allot 45 minutes' airtime on its " Thailand Moves Forward" for the soccer team's news conference. Thoughts of their parents also preoccupied the boys, with one admitting, "I was afraid". "I'm very happy", he said.

From Perisic to Willian: Who are Man Utd's transfer targets this summer? From Perisic to Willian: Who are Man Utd's transfer targets this summer? Shaw has done his best to convince Mourinho by going on a training trip to Dubai before reporting for pre-season training. Mourinho's men open their Premier League campaign with a home fixture against Leicester City on August 10.

Jason Roy faces fitness test ahead of England's ODI decider with India Jason Roy faces fitness test ahead of England's ODI decider with India Left-arm quick Willey took three for 40 in his nine overs and leg-spinner Rashid three for 49 in his maximum 10. Suresh Raina (46 runs), Virat Kohli (45) and Shikhar Dhawan all put up a fighting effort, but went in vain.

Trump tells Hannity Russians 'have no information on Trump' Trump tells Hannity Russians 'have no information on Trump' And so you have the president sort of pointing his rhetoric in one direction and the administration pointing us policy in another. American President Donald Trump adheres to the position of illegal annexation of Crimea by the Russian side.

White House denies Trump said Russian Federation no longer targeting U.S. White House denies Trump said Russian Federation  no longer targeting U.S. Trump's performance at the press conference that ended Monday's summit threw dynamite into the dumpster fire of his European trip. Trump initially sounded a defensive note on July 17, insisting his meeting with Mr.

'Like a little wet noodle': Schwarzenegger unloads on Trump after summit 'Like a little wet noodle': Schwarzenegger unloads on Trump after summit Schwarzenegger asked before ending the video with a deep sigh, shaking his head in disappointment. What is the matter with you?' he questioned in the clip aimed at the president.

'Helsinki has frozen over': Late night blasts Trump-Putin summit 'Helsinki has frozen over': Late night blasts Trump-Putin summit US intelligence agencies have concluded Russian Federation did interfere, but the Kremlin has denied state involvement. Putin proposed that same plan after they met at a Group of Seven summit in Germany previous year .

'Different' Ronaldo aiming for Champions League success with Juve 'Different' Ronaldo aiming for Champions League success with Juve Do you think Ronaldo will have the same impact in Serie A as he had in LaLiga? "I hope I can take them to an even higher level". Real's loss is very much Juventus' gain because, apparently, Zidane and Ronaldo are set to reunite at the Serie A side.

Liverpool table significant offer for Roma goalkeeper Alisson Liverpool table significant offer for Roma goalkeeper Alisson It had been reported previously that Los Blancos were Alisson's preferred destination, but Liverpool are now the firm favourites. The offer is a sign of Liverpool's ambition and the offer will smash the record for the world's most expensive goalkeeper.

Tesla shares fall after CEO Musk abuses British caver Tesla shares fall after CEO Musk abuses British caver Musk defended his vessel further and then added: "Sorry pedo guy , you really did ask for it". Musk responded on Twitter on July 10, calling Osottanakorn "not the subject matter expert".

Cher to release album of Abba covers after 'Mamma Mia!' Cher to release album of Abba covers after 'Mamma Mia!' B-roll footage from behind the scenes shows Streep embracing Seyfried, singing softly to her in a chapel-like setting. With so many projects, we wouldn't be surprised if that $305 million swells even larger in the near future.