Brent oil holds losses after falling into bear market on trade war

Oil Resumes Decline as Trade War Overshadows Iran Tanker Seizure

Global equities hit a two-month low and Brent fell more than 3% Monday, as traders anxious the dispute between the world's two biggest oil buyers would lower demand.

On Monday, the 5th of August 2019, both United States and UK crude futures' prices took a tumble of more than 3 percent, as global growth concerns had been trembling financial markets across the world and fueling up frets of a recessed global economy in a near-term outlook, despite USA policymaker's ballooning optimism over U.S. economy.

As a result, Brent settled down $2.71, or 4.6 percent, at $56.23 per barrel, the lowest close since early January (the commodity has plunged almost 14 percent since last week); West Texas Intermediate finished $2.54, or 4.7 percent, lower at $51.09. Prices have lost 24.5 per cent since their 2019 peak in April.

The US Energy Information Administration lowered on Tuesday its oil demand outlook for 2019 to 1 million barrels per day, according to Reuters.

Brent has plunged more than 12 per cent after US President Donald Trump said last week that he would slap a 10 per cent tariff on a further $300bn in Chinese imports from September 1, sending global equity markets into a tailspin, according to Reuters.

Brent for October settlement added 10 cents, or 0.2 per cent, to US$59.04 a barrel on the London-based ICE Futures Europe Exchange as of 8:56am Singapore time after falling 0.6 per cent earlier. EIA forecasts Brent spot prices will average $64/b in the second half of 2019 and $65/b in 2020.

NCAA Implements 'Rich Paul Rule' For Underclassmen Testing NBA Draft Waters
Or complete some garbage online bachelor's degree to comply with their new rule? LeBron James appears to think that is the case. As soon as the rule was announced, many figured that rule was made because of high-profiled agent Rich Paul .

"The market isn't concerned about anything other than how demand is going to play out through the rest of the year", he said.

This week, the EIA reduced its forecast US demand for crude and liquid fuels. "Assuming there is no recession, oil demand should continue to see robust growth", Commerzbank said in a note. At 438.9 million barrels, US crude oil inventories are about 2% above the five-year average for this time of year.

"We believe the oil market is starting to price in the fear of a severe and multi-year breakdown in U.S".

Tensions in the Middle East remain high after Iran seized a number of tankers in recent weeks in the Strait of Hormuz, a major chokepoint for oil shipments.

U.S. crude oil imports increased, while exports decreased during the week ending August 2, the U.S. Energy Information Administration (EIA) said Wednesday.

The API is scheduled to release its weekly oil report later on Tuesday, while the EIA's inventory data is due out Wednesday morning.

Related News:



Most liked

DPRK Missiles Respond to US - South Korean Exercises
In a pair of posts to Twitter Wednesday morning, Trump argued the US pays too much to cover the Pacific ally's defense costs. He said that USA forces stationed in South Korea help stabilize the region and support the interests of the United States.

Sony, Microsoft, and Nintendo To Begin Disclosing Loot Box Odds By 2020
To put it in the language of games, loot boxes' contents and " drop rates " must now be explicit and public information.

David Luiz set to join Arsenal in surprise deadline day move
Arsenal's search for for a new central defender has so far been a fruitless one, with the North London club having been linked with a number of targets.

Mass shooting scare creates panic among tourists at Times Square
CNN reports that several pedestrians were injured during the chaos of running away but no serious injuries were reported. Another witness, David Ryan, told CBS that "a lot of kids were crying".

Turkey, U.S. reach agreement on some Syria issues, but questions remain
Turkey has also said it must have ultimate authority over the zone, another point of divergence with the United States. A joint operations center in Turkey would "coordinate and manage the establishment of the safe zone together".

European Union refusing to negotiate Brexit deal, claims Gove
He added: "From our point of view, we are determined to ensure that our position within the single market is not affected by this".

USA Today HQ in Virginia evacuated following report of armed man
The combined company would have more than 260 daily papers in the USA along with more than 300 weeklies. Armed officers with body armor patrolled the area as a helicopter flew above the building.

Loot crates are no more in Rocket League
Psyonix said the decision was made in the pursuit of "creating the best possible experience for our players all over the world". These crates were earnable in-game, but were also purchasable and items obtained could be sold or traded on the Steam market.

Disney announces $12.99 bundle that includes Disney+, Hulu and ESPN+
As far as worldwide availability goes, Disney has yet to confirm whether or not the bundle will be available outside the US. Disney blamed the disappointing performances on key divisions of 21st Century Fox , which Disney formally acquired in March.

Iran 'favours' talks despite Trump snub
He called for re-negotiations on Iran's nuclear program, as well as the country's ballistic missile tests and it regional role, which Iran rejected.

Filmmaker to create Netflix documentary on Cyntoia Brown
She's worked on her education in lockup, graduating from college, and is now working on her master's degree. Brown said she became scared of Allen after he began showing her some of his firearms.

Borderlands 3's Newest Character Trailer Introduces Amara the Siren
For those not up to date on the lingo, a game that's "gone gold" has been completed and is ready for manufacturing. Gearbox confirmed the game's status on Twitter and thanked everyone who contributed to the title's completion.

Titans Season 2 trailer reveals classic DC characters
Oh, and Game of Thrones' Iain Glen plays Bruce Wayne , Robin's estranged crime-fighting partner. Take a look at the recap of the first season and new footage from the upcoming season.

Missing British scientist found dead in Greece
The body which has yet to be identified was found around three miles from where she was last seen, police said. After she failed to show up, her partner called her phone again but there was no response.

Antonio Brown Reportedly Suffered Frostbitten Feet in Cryotherapy Machine Incident
Brown was placed on the non-football injury list after arriving on July 26 and questions about his health quickly surfaced. The receiver developed the ailment due to using incorrect footwear while in a cryotherapy machine.