Oil prices fall as Trump demands OPEC 'reduce pricing now'
Oil prices fall as Trump demands OPEC 'reduce pricing now'
Jean Paul Pelissier Reuters
08 July, 2018, 08:03
On Tuesday, crude closed near 78 dollars per barrel, driven higher by a sharp drop in US inventories and the expectation of more drivers hitting the road for the July 4 holiday.
Investors had questions as "to whether Saudi Arabia and Russian Federation could or would really be able to ramp production quickly enough", said Rob Haworth, who helps oversee US$151 billion at U.S. Bank Wealth Management in Seattle.
"It's finally here - the trade war the Trump administration has threatened to launch against China", commentary published Friday by China's official Xinhua News Agency read. But oil experts say that OPEC is already close to its maximum capacity.
An Iranian Revolutionary Guards commander said on Wednesday that Tehran might block oil shipments through the Strait of Hormuz, a major route for transporting crude in the Gulf.
The black gold broke its Asian consolidation range and fell sharply in the European session, largely on the back of resurgent US dollar demand across the board, as escalating US-Sino trade tensions continue to underpin the buck.
"On China, India - yes, certainly".
Brent crude oil edged up Wednesday after a second consecutive drop in US crude inventories, driven by an outage at the Syncrude Canada oil sands facility, which usually supplies the U.S.
The rally appears to be a "short covering situation - we were down nearly 2 percent yesterday", said Yawger.
Brent crude, the global benchmark, was down 19 cents at $77.20 a barrel while US crude slipped 2 cents to $72.92.
Hurricane Beryl first of Atlantic season
It is likely that the system becomes Tropical Storm Chris on Saturday and possibly reach hurricane strength early next week. This system looks to meander in the Atlantic between the Carolinas and Bermuda over the next few days.
United States (U.S.) President Donald Trump reiterated his call for the Organisation of the Petroleum Exporting Countries (OPEC) that exerts significant influence over oil prices to take action to halt crude's upward climb.
In a tweet on Saturday, Mr Trump said Saudi Arabia had agreed to increase oil output by up to two million barrels. Jimmy Carter struggled with high gas prices, which had doubled since the Iranian revolution. "Seems like this is sort of related to Trump tweets", said Stewart Glickman, energy equity analyst at CFRA Research in NY.
"Investors are cautious since no one knows to what extent the Iranian sanctions will impact the market, and disruptions globally are taking supplies out faster than expected", said Will Yun, a commodities analyst at Hyundai Futures in Seoul.
But in the current market where several OPEC countries have reduced production capabilities due to internal political turmoil-Libya and Venezuela are cases in point-it is uncertain whether Saudi Arabia can sustainably fill Iran's position.
Bloombergreported that China and India are considering forming an "Oil Buyers' Club" to counter the market power of the Organization of Petroleum Exporting Countries is proof that the run-up in oil prices this year, from Dollars 30 a barrel to $80, is happening in a very different context than spikes of the past.
Over the short-run, Canada's production problems will go away and Libya's issue will probably be contained.
The Saudis have reported to OPEC that they had pumped 10.488 million bpd in June, up by 458,000 bpd from their self-reported figure for May, OPECsources told Reuters.
Yuan-denominated futures for September delivery slid 1.4 percent to 496.7 yuan a barrel on the Shanghai International Energy Exchange.
While OPEC leader Saudi Arabia will pick up the slack, Morgan Stanley believes oil markets will be undersupplied by around 600,000 in the second half of 2018. The drawdown in stockpiles also remains oil-supportive in the near-term.
The rescue team also includes divers and workers from Australia, the United Kingdom, and other parts of Europe and Asia. Rescue operation chief Narongsak Osottanakorn says it is "not suitable" to make the boys dive to safety yet.
The iconic striker is no longer part of the global set-up after hanging up his boots two years ago after Euro 2016. The World Cup quarter-final pits The Three Lions up against Blagult, and both sides are confident.
Belgium is scoring nearly a goal a game more than any other team in the tournament, with 12 in four matches. But the ball hit the keeper on the palms, bounced off and looped over his head and into the net.
The head coach, bus driver, a trainer and the team announcer were among the 16 who were killed, 10 of the victims were players. Our organization has faith in the justice system and we will be watching closely as this court process plays out.
A brush fire that destroyed about 20 homes in Goleta and cause thousands of evacuations reached 80 percent containment Saturday. The Klamathon Fire started on July 5 near Hornbook, California, a town 14 miles south of the OR border, according to KSBY .
He can veto any trade, but teams may be intrigued with taking on his salary in the hope of clearing salary cap space in 2019. The views on this page do not necessarily reflect the views of the National Basketball Association or its clubs.
He was part of 137 playoff wins with Popovich, the second most by any coach and player in National Basketball Association history. Parker, 36, was drafted by the Spurs 28th overall in 2001 draft and has spent his entire professional career in San Antonio .
Asahara was captured two months later, dragged out of a hidden compartment in a ceiling where he had holed up to evade arrest. After a trial that lasted eight years, Asahara was found guilty of masterminding the attack and sentenced to death in 2004.
Rowling has responded with a great putdown - by literally laughing off his silly claim in a series of "hahahahaha" tweets. It seems JK Rowling does not see this aspect of Trump's style, or rather, after all he's done and said, she doesn't care.
Tropical Depression 2 forms over Atlantic Ocean
Hurricane Beryl is located about 1140 miles east-southeast of the Lesser Antilles and is moving to the west at 14 mph (22 km/h). From 1950 through 2017, the average number of named storms has been 11 (though from 1981-2010, the average has been 12).
Belgium burst Brazil bubbles into World Cup semis
It was also the first time his side had allowed two goals in a game after conceding only six in their previous 25 matches. Belgium, meanwhile, have the best attack in Russian Federation , having found the back of the net 15 times already.
Trump To OPEC: 'Reduce Pricing Now!'
It seems his earlier hope that Saudi Arabia would increase its output by 2 million barrels a day were dashed. President Donald Trump used Twitter on Wednesday (July 4) to express his frustration with high U.S.
Bourdain leaves bulk of $1.2M estate to 11-year-old daughter
In 2013, Peabody Award judges honoured Bourdain and " Parts Unknown " for "expanding our palates and horizons in equal measure". He began dating actress Asia Argento in early 2017 and publicly supported Argento after she accused Harvey Weinstein of rape .
Russian Federation midfielder Dzagoev fit for Croatia game
France sent Argentina and Lionel Messi home, Uruguay had another brilliant display as they saw off Cristiano Ronaldo-led-Portugal. There are clear frontrunners but as I said before, this World Cup continues to surprise everyone who is watching it.
Micron shares plummet after China bans chip sales
The ban applies to its subsidiaries Micron Semiconductor (Xi'an) Co Ltd and Micron Semiconductor (Shanghai) Co Ltd. European shares are broadly higher Wednesday, but they are losing some ground as trade tensions continue to simmer.
Massive Protests In Poland Over Judicial Law
Polish Foreign Minister Jacek Czaputowicz said the law was binding and "for the time being our stance is that we are right". The law is forcing the chief justice and as many as one-third of the court's sitting judges to step down.