Oil mixed on Canadian supply outage, Saudi output hike

Oil mixed on Canadian supply outage, Saudi output hike

Refiners in China were the top buyers of American crude oil in May, and have been regular importers since the USA revived domestic output and exports in recent years.

But Saudi Arabia and other members of the Organization of the Petroleum Exporting Countries have little spare capacity and oil demand has risen faster than supply over the past year.

FGE said the USA government may grant some waivers to allies that are particularly reliant on Iranian supplies, and that some Iranian oil would also be smuggled into markets.

Trump's trade war with China - which like the Iran conflict was predicated on the not entirely inaccurate argument that the US was getting the short end of the stick with regards to business relations - is another example in which pundits are predicting rough road ahead, despite compelling arguments from minority voices that the dispute will eventually resolve in the Americans' favour.

India is likely to benefit from increased supplies of crude oil from the United States as U.S. oil producers look for new markets as they brace for a trade war with China that could curb USA shipments, says a report.

The futures on US WTI oil with delivery in August rose by 0.49% to 74.16 United States dollars per barrel, while the Brent variety increased by 0.61% to 77.58 USD per barrel.

Beijing has threatened a 25 percent tariff on USA crude imports, although it has not specified an introduction date.

Concerns that oil prices will be weighed down by a trade conflict between the US and China have faded to some extent, analysts said.

"Things will get worse before they get better on trade... between the USA and China", said Greg McKenna, chief market strategist at futures brokerage AxiTrader.

Sharma scores hundred as India edge England in T20 finale
England batted first and threatened to post a huge score before stuttering at the end and finishing on 198-9 after their 20 overs. Some poor bowling from Indian pacers, who either sprayed the ball or bowled too short, helped England in making a bright start.

Looming larger over markets is the escalating U.S./China trade dispute.

USA markets also garnered support from a government employment report showing better-than-expected growth in jobs.

Earlier this month, Reuters also reported that South Korea had upped crude oil imports from Kazakhstan, already looking for alternative supplies as the November 4 deadline for the sanctions draws nearer.

The potential trade war between the United States and China comes amid a tight oil market.

Venezuela is expected to lose another 400,000 bpd by year-end with production going to below 1 million bpd.

Energy consultancy FGE warned on Friday of looming supply shortages due to United States sanctions against Iran, and because of disruptions elsewhere.

U.S. West Texas Intermediate (WTI) crude futures rose 0.37 percent, to $74.07 a barrel, Brent crude futures were changing hands at $77.44 per barrel, up 0.43 percent, according to Interfax.

"Iran's exports are some 2.7-million barrels a day, including condensate", it noted.

In addition to reducing the price of its August barrels, Saudi Arabia also told the Organization of the Petroleum Exporting Countries (OPEC) that it increased production by nearly 500,000 barrels per day last month.

Related News:



Most liked

Kylie Jenner 'Got Rid' Of Her Lip Fillers
Kylie made the statement after a fan had said the 20-year-old looked like her old self in the photo shared above. See the post, and the comment conversation, below! Kylie revealed she got rid of all her filler.

Samsung goes big in India with 'world's largest mobile factory'
India overtook the United States a year ago to become the world's second-largest smartphone market after China. Samsung has set-up this factory to tap into the lucrative and fast growing smartphone market in India.

Former Sheffield United midfielder full of praise for Harry Maguire
We managed to stop Messi and Eriksen so hopefully we can stop Kane", Dalic was quoted as saying by BBC Sports. He said: "You could always see that Harry had something about him".

Nirbhaya's rapists will be hanged, SC rejects convicts' plea
They can file one last petition with the Supreme Court, and if it's again rejected, they can seek presidential mercy, said A.P. It said the convicts were heard elaborately during appeals and no grounds have been made out for review of its verdict.

Starbucks To Eliminate Plastic Straws From All Of Its Stores By 2020
In lieu of the classic drinking straw, Starbucks said it will design alternative-material straw options and "a strawless lid". It's a plastic strawless lid that will come to replace single-use plastic straws that now inundate its coffee shops.

Erdoğan sworn in as Turkish president with enhanced powers
No major Western leader featured on a list of 50 presidents, prime ministers and other high-ranking guests. He is expected to announced the members of the cabinet later on Monday.

Who is Supreme Court contender Amy Coney Barrett?
He claimed that due to how dysfunctional the two parties were, it is unlikely that many Democrats would support a Trump nominee. I don't think my role is a rubber stamp for the President, but it's also not an automatic, knee-jerk no either", Jones said.

Orange is the New Black Season 6 Trailer & Poster Released!
Red is seen telling interrogators just how strong her girls are, stating that they have "iron wills and f*cking nothing to lose". Everyone involved in the riot is facing consequences and possible new charges - and Alex ( Laura Prepon ) is nowhere to be seen.

Jurgen Klopp desperate to sign Philippe Coutinho replacement
After Daniel Sturridge's performance during Liverpool's recent 7-0 friendly win over Chester, Reds fans have been taking to social media to laud the 28-year-old.

Iran executes eight men over last year's terror attacks in Tehran
Iran was targeted for supporting Iraqi and Syrian authorities in their fight against IS and other jihadist groups. Recall that in the aftermath of the attacks in June 2017, has killed at least 17 people, wounding more than 40.

Thai boys in hospital after being rescued from flooded cave
I promise I will care for the kids as best as possible. "I want to say thanks for all the support, and I want to apologize". Thirteen foreign divers and five members of Thailand's navy SEAL unit are guiding the boys to safety.

Concerned England fans make the same joke about the referee against Sweden
When the disappointment has run its course, these players will look back on this World Cup with pride. Sterling's movement was very good, though, causing Sweden's slow defense problems throughout.

Tiger Woods vs. Phil Mickelson for $10 million. What's not to love?
Mickelson finished in first place just four months ago at the WGC-Mexico Championship and has six top-10 finishes this year. Apparently this was close enough to happening on July 3rd that Mickelson thought it was a done deal, but it fell through.

Tropical storm Chris is third named storm of 2018 Hurricane season
Elsewhere in the tropical Atlantic, Beryl - once a hurricane - has weakened substantially on approach to the Lesser Antilles. Chris has the potential to strengthen into a hurricane because of warm sea surface temperatures and favourable winds.

Arsenal Closing In On €8m Signing Of France U20 Prospect
Guendouzi has reportedly agreed terms with the north London club and will put pen-to-paper on a five-year deal. The youngster started out in Paris Saint-Germain's academy before being snapped up by Lorient in 2014.