Oil rises to March high on Middle East tensions, Venezuela concerns

BP_Alexander

Crude oil price on Tuesday hit high for the month of March, finding support from concerns over tensions between Iran and Saudi Arabia, and about Venezuela crude production.

Crude output remained under the nation's assigned quota, but the Kingdom increased diesel and gasoline and other fuel shipments by 27 percent to 1.912 million barrels per day in January, the Joint Organizations Data Initiative in Riyadh said.

West Texas Intermediate (WTI) oil futures for April delivery had risen 5 cents, or 0.1 percent, to $61.24 a barrel, after settling up 23 cents on Thursday.

The International Energy Agency said last week Venezuela was "vulnerable to an accelerated decline" and such a disruption could tip global markets into deficit.

However, increased output in the United States, Canada and Brazil has capped oil price gains.

The Energy Information Administration will issue its weekly update on USA petroleum supplies today.

The possibility that the USA could renew sanctions on Iran would hamper output from the country.

Saudi Arabia called the 2015 nuclear deal between Iran and world powers a "flawed agreement" on Monday, on the eve of a meeting between the Saudi crown prince and U.S. President Donald Trump.

The next Windows 10 update will make Cortana more helpful than ever
We're expecting the feature update to be done soon, possibly even this week, so you're going to want to stay tuned for that. Starting today, these changes will be rolling out to all Insiders in supported markets who are on RS4 and RS5 builds.

Investors will also be watching for news stemming from Saudi Crown Prince Mohammed bin Salman's visit to the USA this week.

The premium of Brent crude to WTI rose above $4 a barrel on Tuesday, its widest in a month.

Crude oil prices were very volatile within a range, as concerns about rising supply from the USA and elsewhere threatened to undermine efforts by OPEC and other producers to tighten the market.

The market narrative consuming crude oil markets now is the interplay between supply cuts by OPEC and its allies and rising USA shale output, with a side helping of Chinese imports driving demand.

Also, News of Libya said loadings of crude oil at a key port had been suspended, offsetting an earlier dent to the price caused by evidence of the inexorable growth in USA oil output supported prices.

India is also a market where there is virtually no direct influence being exerted by USA shale oil as the South Asian nation hardly imports any crude from the United States.

The region's victor in exporting to India was Iraq, which increased 12.2 percent to 885,900 bpd, most likely as a result of Baghdad's willingness to offer deeper discounts on its heavier grades of crude compared to similar grades from other exporters. Many analysts expect global oil markets to flip from slight undersupply in 2017 and early this year into oversupply later in 2018.

Related News:

  • Del Potro defeats Federer to win Indian Wells title

    Del Potro defeats Federer to win Indian Wells title

    The 29-year-old from Argentina says he is not thinking about his ranking and just wants to keep up the pace as long as he can. I think it's time to celebrate a little bit before thinking about Miami which is one of my favourite tournaments on tour.
    Airtel Takes on Jio With New Rs

    Airtel Takes on Jio With New Rs

    In an effort to compete with Vodafone and Reliance Jio, Airtel is now offering a new postpaid recharge pack for a price of Rs 499. It also comes with a 3000 mAh rechargeable battery, with the company claiming internet surfing time of almost 8 hours on this.
    Has $59.26 Million Stake in Time Warner Inc (NYSE:TWX)

    Has $59.26 Million Stake in Time Warner Inc (NYSE:TWX)

    Fourteen equities research analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. Chieftain Capital Management Inc bought 322,299 shares as the company's stock declined 2.93% while stock markets rallied.
  • Woman to fill Senate vacancy in Mississippi

    Woman to fill Senate vacancy in Mississippi

    She became a Republican in late 2010, and won a three-way GOP primary for agriculture commissioner in 2011 without a runoff. The sources spoke on condition of anonymity because they weren't authorized to speak on the record before the announcement.
    Morata wasn't happy with Spain snub, admits Alonso

    Morata wasn't happy with Spain snub, admits Alonso

    Spain travel to Germany on Friday before heading back to Madrid to host Argentina on Tuesday in two worldwide friendlies. Morata has scored just 13 goals in 39 games for Chelsea this season, with his campaign hampered by injuries.
    Mackenzie Financial Corp Boosts Stake in NVIDIA Co. (NVDA)

    Mackenzie Financial Corp Boosts Stake in NVIDIA Co. (NVDA)

    ANALYSTS VIEWS: The current analyst consensus rating clocked at 2.3 on company shares based on data provided from FINVIZ. On movement of stock as RSI reading reached at 50.03 because on this mostly stock considered as overbought or oversold.
  • Cost of Care for Alzheimer's will Increase by $20 over previous year

    Cost of Care for Alzheimer's will Increase by $20 over previous year

    Alzheimer's disease also denoted to be the sixth leading cause of deaths in the U.S which needs to gets restricted anyhow. According to the estimated data, cost of care for Alzheimer's will increase to more than $1.1 trillion by 2050.

    Research Report for Investors: Tenet Healthcare Corp. (NYSE:THC)

    Ingalls & Snyder Llc decreased its stake in Pfizer Inc (PFE) by 24.8% based on its latest 2017Q3 regulatory filing with the SEC. The company reported $1.40 earnings per share (EPS) for the quarter, topping the Zacks' consensus estimate of $1.25 by $0.15.
    Senate committee launches effort to prevent election hacking

    Senate committee launches effort to prevent election hacking

    Top intelligence officials have warned that the U.S. election infrastructure remains vulnerable to foreign intrusion. They also call for the federal government to do more to deter cyberattacks by foreign adversaries.
  • Samsung might end support for its Movie Maker following android P update

    Samsung might end support for its Movie Maker following android P update

    And if you are someone like me who basically lives on his phone , fast charging will ensure you're back in the green in no time. Reviewers from Digital Trends, CNET, Tom's Guide, and Tech Radar all recognized the superiority of the Pixel 2's camera.
    BMW headquarters raided in diesel emission probe

    BMW headquarters raided in diesel emission probe

    VW also said in its December 2015 statement that it had found no evidence of unlawful alterations to Carbon dioxide emissions data.
    SSC paper leak: Supreme Court rejects PIL as CBI begins probe

    SSC paper leak: Supreme Court rejects PIL as CBI begins probe

    The case, an appeal from the Punjab & Haryana High Court, was heard by a Bench of Justices Kurian Joseph and Mohan Shantanagoudar .


Most liked

Oklahoma freshman guard Trae Young to enter National Basketball Association draft
Young's season ended early after the Sooners were bounced by Rhode Island in the first round of the NCAA tournament last week. The 6-2 guard from Norman recently concluded one of the most historic seasons in recent college basketball memory.

Is This Intel Corporation (INTC)- Stock Profitable wrt Profitability Ratios
Mark Wolfson decreased its stake in Intel Corp ( INTC ) by 4.03% based on its latest 2017Q3 regulatory filing with the SEC. Grassi Investment Management grew its position in shares of Intel Co . 37 funds opened positions while 64 raised stakes.

Samuels slogs Windies closer to World Cup qualification
Brendan Taylor struck 138, his second hundred of the qualification tournament, as Zimbabwe were bowled out for 289. It would have been nice if one of them had been there at the end to cap off a great day.

Google Pay Now Works For Las Vegas Monorail Tickets
Google Pay will soon become much more useful for folks who use public transit - at least in the city of Las Vegas. Google plans to broaden its support for transport networks in future releases of the Google Pay app .

Liz Hurley wants safer streets
The driver of the suspects' vehicle is reported as white or of mixed race in his early to mid-20s with a shaved head and around 6 feet tall.

Kermit Davis officially introduced as new Ole Miss head basketball coach
But the Blue Raiders choked in the conference tournament, lost to Marshall and were held out of the NCAA tournament. Davis could end up being the ideal coach for the Rebels following a disappointing 2017-18 season.

Liverpool FC face £200m fight to keep Mo Salah this summer
Real Madrid are ready to abandon their pursuit of Eden Hazard and focus on a world-record £200million transfer of Mohamed Salah . Down the player's end, Alisson is said to prefer the prospect of playing for Real Madrid than he is a move to Anfield.

Barack Obama lands in New Zealand
However, the invite list did raise some eyebrows - while some backbenchers are on it, Trade Minister David Parker is not. Green Party co-leader James Shaw said he was invited but could not attend because of another appointment.

England goalie hopeful Pope says it's every man for himself
I want it to be me - who wouldn't? - obviously it's a massive honour, so it's something I want and why I am delighted to be here. And he has helped Burnley keep 10 clean sheets, a large contributing factor to the team's best season since the 1970s.

Microsoft and BlackBerry announce partnership to make work phones more secure
The solution includes BlackBerry's expertise in mobility and security, along with Microsoft's cloud and productivity products. Final prices were not disclosed.

USA government issues sanctions against Venezuela's petro cryptocurrency
Russian government officials and businessmen helped the Venezuelan government launch the world's first state-backed cryptocurrency, Time Magazine reported Tuesday.

'Three Billboards Outside Ebbing' rules BAFTA
The British Academy Film Awards are basically the UK Oscars so they're a huge deal and a great predictor of the Academy Awards. He told reporters: "I think it's important to represent this movement and try to listen if people are trying to be heard".

People are accidentally setting off Apple's Emergency SOS alert
Many people have complained that their iPhone and Apple Watch are accidentally triggering SOS alerts and making 911 calls. It's a potentially life-saving feature, but of course butt dials are going to be more common than actual emergencies.

Scorpio Tankers Inc. (STNG) - Analyst rating score stands at 1.90
The ATR may be used by stocks market technicians to get into and exit trades, and it is a helpful tool to add to a trading system. Scorpio Tankers Inc (NYSE: STNG ) shares traded -1.37% down during most recent session to reach at the closing price of $2.16.

WWE's Daniel Bryan Medically Cleared to Wrestle ... After Over 2 Years Out
She revealed how Bryan had received encouraging news from all of them but still needs to be cleared by WWE's medical team. It was later reported that WWE would not be clearing Paige to return to the ring, and she hasn't wrestled a match since.