Tuesday, 20 November, 2018

Oil falls on trade fears after Trump tariff threat

Oil falls on trade fears after Trump tariff threat Oil falls on trade fears after 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.

Miami man with no arms charged with stabbing Chicago tourist
Jonathan Crenshaw, 46, was charged with aggravated battery after allegedly using his feet to stab a Chicago tourist with scissors. According to an arrest report, officers arrived at the scene to find a man lying on the ground and bleeding from his left arm.

Babies given solid food early sleep better, study claims
In the other group, the children were breastfed AND given some solid foods such as peanuts, eggs, and wheat from 16 weeks of age. However, there was no difference in the amount of daytime sleep between the two groups, the authors noted.

England V. Croatia, Winner Will Play France
Croatia opened at 60-1 World Cup odds to win the entire tournament; entering the semis, it was still the underdog at 4-1. Look at the other teams they'll be up against. "We haven't said our last word, there is still one more game to go".

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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