Oil steady as concern over Iran sanctions offset weak Chinese imports
Oil steady as concern over Iran sanctions offset weak Chinese imports
China Stringer Network Reuters
09 August, 2018, 03:30
At the end of the week, WTI settled at 68.49 USA dollars, while Brent settled at 73.21 dollars.
An even bigger surprise can come from Washington later today regarding the Iranian sanctions.
The implication that the decision to increase production was taken and started to be implemented well before the OPEC+ meeting is consistent with movements in hedge fund positioning, spot prices and spreads.
Futures in NY were little changed after a 0.8-percent increase on Monday. The average North Sea Brent mix at the Intercontinental Exchange (ICE) in London reached US$74.95 per barrel, down by US$0.99 only compared with previous month's trading.
Syncrude Canada's nameplate capacity stands for roughly 10 percent of the Canadian crude oil supply.
Crude stocks at the Cushing, Oklahoma, delivery hub fell by 590,000 barrels, EIA said. He added that he expects prices to remain "well-supported" in the near term.
Front-month U.S. West Texas Intermediate (WTI) crude futures were at $69.28 per barrel at 0408 GMT, up 11 cents from their last settlement.
The crude oil imports maintained the same levels during the last two weeks. Financial markets settled down Wednesday following the previous day's big moves when an easing of concerns over an imminent USA -led military strike on Syria sent stocks sharply higher and oil prices down.
India's imports from Iran could start to slow from August as some big Indian refiners worry that their access to the US financial system could be cut off if they continue to import Iranian oil, prompting them to reduce oil purchases from Tehran.
Saudi Arabia pumped around 10.29 million barrels per day (bpd) of crude in July, two sources at the Organization of the Petroleum Exporting Countries said on Friday, down about 200,000 bpd from June.
Europe is an important outlet for the OPEC member, and the region was taking around 600,000-700,000 b/d, or a third, of Iranian crude exports until May this year.
"You can not order 2 million barrels like ordering a coffee somewhere", Beat Wittmann, a partner at financial consultancy Porta Advisors, told CNBC recently.
"Even before their implementation, these proposed (Chinese) tariffs are starting to have an impact, with Chinese imports of USA crude falling by 70 percent from April to July", Goldman Sachs said in a note on Wednesday.
He noted that: "Anyone doing business with Iran will NOT be doing business with the United States". They managed to shrug off early wobbles caused by a decline in German industrial production which followed closely on a fall in the country's industrial orders yesterday.
But she said: "At the same time, we hope that Saudi Arabia and Canada will find a civilized solution to their differences". Saudi Arabia immediately suspended new trade agreements with Canada and expelled its ambassador.
In a series of tweets , Dorsey explains that Twitter enforces its rules "impartially, regardless of political viewpoints". Suddenly, Alex Jones and his conspiracy theory InfoWars brand have been wiped from just about every online platform .
Tesla CEO Elon Musk's discussion of privatizing the company's shares sparked a seesaw in prices before trading was suspended. Taking Tesla private "makes a ton of sense", said Gene Munster , a managing partner at venture capital firm Loup Ventures.
Hall was always chasing but was given hope when Phatlum bogeyed No. 8 to reduce her lead to one shot. On the 13th hole, Hall made a 10-feet birdie to move to 16-under and therefore a share of the lead.
Former Vice President Joe Biden gave a birthday shoutout to his "brother", and included a picture of the two at lunch last week. There have also been some celebrities who've gotten in on the fun, including R&B singer John Legend and filmmaker Matthew A.
Liverpool will be hoping to take their pre-season form into their Premier League campaign when West Ham come to town this weekend. The visitors rarely threatened but pulled a goal back through Andrea Belotti's powerful close-range header.
Popular film? What is this? It wasn't specified whether it would be added for the 91st Academy Awards this February. The film Academy has announced a number of changes to the Oscars , including the introduction of a new category.
The documents say there was an "informal arrangement", but that Pitt has not met those arrangements. Angelina Jolie and Brad Pitt attend a special screening of "By The Sea" on November 3, 2015, in NY .
Even stronger sanctions targeting Iran's oil sector and central bank are to be re-imposed in early November. Zarif told the state-owned IRAN daily, however, there are now no ongoing talks between the countries.
In short, along with the comics-based Riverdale , they basically own CW's prime-time lineup. 'But don't call her a hero yet. She went from being used to stifle the fears of gay characters in comics, to being the face of the LGBT movement at DC.
It is understood that the hard relationship between Mourinho and his 25-year-old star has become tense once again, however. The fractured nature of Pogba's relationship with Mourinho will give Barcelona hope that a deal can be struck.
Hurricane on track to skirt past Hawaii's erupting volcano
Hector is now about 1,130 miles (1,820km) east of South Point, Hawaii, and is forecast to cross into the central Pacific today. However, forecasters still expect the storm to pass south of the Hawaiian Islands and gradually weaken over the next few days.
Tesla shares dip after Elon Musk proposes going private
But they did not reveal who or what institution Musk may have been referring to when he posted "funding secured". Tesla said on Wednesday the discussions had addressed the issue of how to fund such a deal, but gave no details.
Carrie Underwood pregnant with second baby
The news comes after a Redbook interview in which the singer suggested more biological children might not be in her future. She also shared why she's not touring until May 2019 even though the Cry Pretty album will be released in September.
Engine flaw delays Boeing test of crew capsule to 2019
Boeing's second Starliner launch and first bona-fide NASA mission will send astronauts John Cassada and Suni Williams to the ISS. The space enthusiast said that, should the two Crew Dragon test flights perform well, the hardware will be ready.
China ready to levy new duties if USA escalates trade war
Such sentiment may weigh on business investment, which contributed last quarter to the fastest pace of growth in four years. Amid the more heated rhetoric, USA stocks ended the week up about 0.8 per cent, the fifth straight week of advances.
Polls open for Kansas primary
Democrats, meanwhile, have been attacking Balderson by casting his support of tax cuts as threats to Social Security and Medicare. In Michigan, three mainstream Democrats in suburban Detroit were among those vying for a chance at retiring Republican Rep.