Oil heads for third weekly decline as equities resume slide
Oil heads for third weekly decline as equities resume slide
Chinese Bank Stops Iranian Oil Transactions Ahead of US Sanctions
28 October, 2018, 22:06
Brent crude slumped by around $1.05 and was being traded slightly below the $79 mark, at $78.84 a barrel. OPEC signaled Thursday it could cut output next year due to concerns about rising oil inventories and economic uncertainty, changing its position from just a few days ago of pumping flat out. Not only did you have Saudi Arabia backtrack from their "pump all you can" policy, you also had great earnings from energy companies and as of right now that does not even matter. These concerns were raised over USA sanctions on Iran going into effect by November 5.
Saudi Energy Minister Khalid al-Falih said this week, according to Russian news agency TASS, that the country would bump up its production to 11 million barrels a day to cool off the oil market, although some oil observers wonder if the kingdom would be able to fulfill this promise.
The market for months has weighed concern surrounding potential supply shortages from US sanctions on Iran, due to come into force November 4.
China's government has told at least two of its state oil companies to avoid purchasing Iranian oil as the US prepares to impose sanctions on the Persian Gulf state, according to people with knowledge of the matter.
United States had in May walked out of the Joint Comprehensive Plan of Action (JCPOA) with Iran and re-imposed economic sanctions on that country. EIA also forecast that total global liquid fuels inventories to decrease by 200,000 barrels per day in 2018, followed by an increase of 280,000 barrels per day in 2019.
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It is addressed to former Central Intelligence Agency director John Brennan and contains a photograph of him marked with an "X". In another he peddled theories about the billionaire political donor George Soros , who also received a package bomb.
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Revenue more than doubled from previous year to $6.8 billion to easily top analyst estimates, just as the profit did. Musk said in June at Tesla's annual shareholder meeting that the automaker would unveil the vehicle in March.
An equitiesrout in the USA late Wednesday is seeing crude oil take a step lower as energies traders reduce their oil exposure over concerns that a continued equities slide will see oil demand head further south.
Oil tumbled toward a third weekly drop as crumbling equity markets across the globe stoked concern about a slowdown in energy demand growth. Cumulatively the value of oil imports from Iran between April and September 2018 more than doubled to Dollars 7.74 billion from USD 3.84 billion in the corresponding period past year. Halting oil Iranian imports means its many refiners will have to seek alternative supplies elsewhere.
USA light crude CLc1 was up 20 cents at $67.02 after touching an intraday low of $65.99.
Financial markets have been roiled by the U.S. "Signs are mounting that shale won't keep growing at the same rate in the U.S. Drillers face pipeline bottlenecks moving crude out of West Texas". This situation could add to the global supply woes when the time comes.
The attack took place in the the city's outskirts as children were returning to classes, according to The Associated Press . Police have denied media reports that two children died, using social media to urge people not to pass on "rumours".
His former employers expressed their concern at the information, posting on the official England Twitter account: "Worrying news. Hoddle's last managerial position was with Wolves , which he left in 2006 after being with the club for two years.
The storm system is just north of Panama City, Florida, on Friday morning, and is moving east and north into the Carolinas. However, in New England and in higher-elevation areas, there will be some snow.
Tesla, for example, made air suspension and all-wheel drive standard on the 2017 Model S, and it affected the car's reliability. In May, Consumer Reports recommended the Model 3 after its latest tests showed a software update improved the car's braking.
Kelly's newly-hired attorney Bryan Freedman reacted to Friday's NBC announcement with a statement of his own. In its first year, Kelly's show averaged 2.4 million viewers a day, a drop of 400,000 from the year before.
Drummond - who was ejected in the win over the 76ers - had 20 points and 20 rebounds through three quarters against Cleveland. "Thought our bench was great all night - even in the first half, I thought they did a great job", coach Tyronn Lue said.
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Prince Harry and the Duchess of Sussex got an unplanned aerial tour of Sydney Harbour on Friday. Harry Smith was holding a sign reading "Hi Harry, I'm Harry" and the duke came over for a chat.
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But he had a message of thanks: "I want to thank everybody", Livingston said. "I'm still going to be the same person". It could be the fourth largest in USA lottery history and the game's third largest jackpot.
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The gunman, who has been described as a white man with a beard, is in custody. "These people should pay the ultimate price". There is heavy police activity in the area, according to KDKA . "Officers who were shot and to all the first responders".
Israel's Netanyahu pays historic surprise visit to Oman
The visit was announced on Omani state television, which aired video footage of the aging ruler greeting his Israeli counterpart. The statement said Netanyahu had been invited by Oman's Sultan Qaboos bin Said after lengthy communications.