Thursday, 16 August, 2018

Oil falls on trade fears after Trump tariff threat

Oil prices rise as looming Norway strike adds to disruptions Oil falls after Libya ports reopen, Trump tariff threat
Russell Knight | 12 July, 2018, 04:52

Paris: The OPEC cartel today warned that global trade tensions could have a negative impact on the oil market by pushing down demand for crude.

US crude inventories fell last week by 6.8 million barrels, according to the American Petroleum Institute, an industry group. US crude was down 43 cents, or 0.6 percent, at $73.68.

The market shrugged off bullish government data showing USA crude stockpiles slumped by almost 13 million barrels last week, the biggest slide in almost two years.

Brent crude fell $2.10, or 2.7 percent, to a low of $76.76 before recovering slightly to $77.20, down $1.66, by 1208 GMT. Hedge funds and other money managers with bullish wagers appeared to pare long positions, pulling back from long positions added as crude approached three and a half year highs last month, Saucer said.

Washington yesterday threatened to impose new tariffs on another Dollars 200 billion in Chinese goods and Beijing vowed to retaliate.

Oil's price fall was aided by news Tripoli-based National Oil Corp (NOC) had lifted a force majeure on four Libyan oil ports, saying production and exports from the terminals would "return to normal levels in the next few hours".

In addition, overall crude imports declined on the week, falling to 7.4 million barrels per day, off by 1.3 million bpd from the week-earlier period.

Croatia were lions, says scorer Mandzukic
Russia's Denis Cheryshev opened the scoring in the 31st minute, before Andrej Kramaric equalised for Croatia. England are on the cusp of a World Cup final - and Charlie Nicholas is back with his semi-final predictions.

Gazza's message for Southgate and his England squad
So, we lost the game and then on the Tuesday we were playing again, so I thought, 'Well, I'd better put the socks on". England looked drained of all inspiration and confidence and their manager Roy Hodgson quit on the spot.

'Dangerous' crocodile caught in Australia after ten years on the run
The 4.7m beast was found in a trap downstream from the northern outback town of Katherine after first being spotted in 2010. The crocodile was taken to a farm outside Katherine where it's likely to become the newest tourist attraction.

Crude oil prices also fell as the USA dollar rose on Wednesday's surprisingly strong US inflation report, which increased prospects that the Federal Reserve will raise interest rates twice more this year.

With the sanctions on Iran's oil exports and its central bank about to take effect on November 4, US Secretary of State Mike Pompeo said on Tuesday that his country may grant oil sanctions waivers to countries seeking relief from the measures.

Among Iran's major oil clients, South Korea and Japan have sought waivers but China, India and Turkey have indicated they may not heed U.S. measures.

US oil prices jumped on the news, but later retreated, though were still above the day's lows.

Analysts polled by Reuters forecast on average that crude stocks fell by 4.5 million barrels, ahead of government data at 10:30 a.m. EDT on Wednesday.

"In spite of the extraordinary draw in crude oil inventories, the market is under pressure after refiners produced a record amount of gasoline this week and in conjunction with a greater than expected build in distillate inventories", said Andrew Lipow, president at Lipow Oil Associates in Houston.

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