Sunday, 19 May, 2019

Brent Crude Oil Rises To $71.98 On Syria Crisis

Russell Knight | 14 April, 2018, 05:38

The Energy Information Administration will also release its monthly short-term energy outlook report Tuesday and weekly USA petroleum-supply data Wednesday.

"Russia vows to shoot down any and all missiles fired at Syria". You shouldn't be partners with a Gas Killing Animal who kills his people and enjoys it!

On Monday, crude oil tracked global stock prices higher on signs over the weekend that President Donald Trump's administration may be softening its stance in the trade spat with China, though remarks from China's foreign ministry and a tweet from Trump suggest the dispute could easily heat up again.

Brent crude futures rose to US$71.09 per barrel at 0104 GMT, up seven United States cents from their last close.

President Xi Jinping on Tuesday promised to open China's economy further and lower import tariffs, striking a conciliatory tone on the trade tensions between his country and the United States.

OIL prices edged higher on Wednesday, adding to steep gains in the previous session, as markets eyed an escalation of Middle East tensions after Europe's air traffic control agency warned of possible air strikes on Syria in the next 72 hours.

Crude Oil WTI Futures for May delivery were trading at $65.38 a barrel in Asia at 11:00PM ET (03:00 GMT), down 0.20%.

Trump tells Gardner he'll protect states that have legalized marijuana
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Items belonging to missing family found in river amid search for bodies
Police identified their vehicle as a maroon or burgundy 2016 Honda Pilot with license plates 7MMX138. They were expected to get to a family member's home in San Jose on April 6, but did not show up.

The Yodeling Walmart kid to perform at Coachella this weekend
That number of musicians includes Post Malone , who reportedly wanted to collab with Ramsey on stage on Saturday night. The festival which happens in Indio, California, takes place over two weekends: April 13-15 and April 20-22.

The fundamentals behind oil are likely to remain shaky in the longer-term as increasing U.S. output complicates Opec's [the Organisation of the Petroleum Exporting Countries] efforts to prop prices higher and rebalance markets. That was the highest finish for the most active contract since December 1, 2014, according to FactSet.

USA data this week showed a surplus building in the domestic market, with crude oil inventory levels jumping more than 3 million barrels, contributing to the trend for crude oil prices early Thursday morning.

WTI is now trading above $66.80.

OPEC, Russia and several other non-OPEC producers began trimming supply in January 2017.

On Thursday, OPEC said the global oil stocks surplus was close to evaporating due to healthy energy demand and its own supply cuts.

Analysts had anticipated a decline of 189,000 barrels a day.

"Barring any geopolitical shocks, we see limited upside potential for oil prices from current levels due to ongoing oversupply, mainly from the USA and Russian Federation, and also a slowing demand growth outlook", said Georgi Slavov, head of research at commodities brokerage Marex Spectron.

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