Oil prices fall as Donald Trump demands OPEC ‘reduce pricing now’
Oil prices fall as Donald Trump demands OPEC ‘reduce pricing now’
Outage in Alberta's oilsands is pushing U.S. crude to a four-year high
08 July, 2018, 07:59
Saudi Arabia had political reasons to respond positively to Trump's request, given its animosity to arch-rival Iran, which Trump is trying to bring to its knees through strict new sanctions.
The potential trade war between the United States and China comes amid a tight oil market.
Oil prices fell more than 1%, but held close to three-and-a-half year peaks.
An Iranian Revolutionary Guards commander warned that Iran might blockade the narrow, strategic Strait of Hormuz if Trump stopped oil exports, a move some considered unlikely since Iran's own imports pass through the Strait. Still, US officials continue to demand the world, including major Asian powers, stop buying from Iran.
"On China, India - yes, certainly". The outage at the 360,000 barrels per day (bpd) Syncrude facility in Canada has contributed to a sharp reduction in the discount for US crude versus Brent crude over the past month.
U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $74.60 a barrel at 0044 GMT, up 46 cents, or 0.6 percent, from their last settlement.
US President Donald Trumptweeted this week on Wednesday that the Organization of Petroleum Exporting Countries (OPEC) is "driving [fuel] prices high" and asked them to "REDUCE PRICING NOW".
This would already take it to record levels but Trump's suggestion of raising production to two million barrels per day would stretch Saudi Arabia to its absolute limit. High fuel prices drain money from consumers' pockets, hurting economic growth while adding to inflation. "Seems like this is sort of related to Trump tweets", said Stewart Glickman, energy equity analyst at CFRA Research in NY.
"The problem with strong enforcement of sanctions on Iran, offset by increases in Saudi production, is that it will take global spare oil production capacity to zero".
Oil held near US$74 (RM299) a barrel amid estimates that United States crude inventories declined for a fourth week, compounding concerns that global markets are growing increasingly tight.
Over the short-run, Canada's production problems will go away and Libya's issue will probably be contained.
Venezuelan production fell to 1.36 million bpd by June, compared to just under 2.5 million bpd at the start of previous year, amid a structural underinvestment in the country.
Yuan-denominated futures were little changed at 497.6 yuan a barrel on the Shanghai International Energy Exchange, after losing 1.4% on Wednesday. Cutting prices can be seen as an indication that a country wants to supply more crude.
Total gasoline inventories decreased by 1.5 million barrels last week, according to the EIA, and remained about 6% above the five-year average range.
Iran's Petroleum Minister said US President Donald Trump has recently made "interfering" remarks on the Organisation of the Petroleum Exporting Countries (OPEC).
Top Photo | Workers at an oil facility near Riyadh, Saudi Arabia.
The Swedes were playing in the World Cup quarterfinals for the first time since 1994, when they reached the semifinals. Virtually from kickoff, Sweden sent long passes forward to tall striker Ola Toivonen and looked for a flick-on.
The military responded with more security checks, and the Trump administration added to those, creating a backlog. A RAND Corp. study found that these recruits were generally more cost-effective than their native-born peers.
And it is a step that has tripped England up so many times. "So proud of what all the players and staff have done". This was England's most complete performance of Russian Federation 2018 in what was a highly-credible team effort.
The game went to extra-time with Subasic staying on the pitch despite appearing to injure his hamstring late on in normal time. But against Croatia their unbelievable run ended at the quarter-final stage despite taking the lead after 30 minutes.
Cormier was getting up from the table after promoting Saturday's fight against Stipe Miocic when he slipped and hit the ground. Cormier re-emerged moments later to square off with his opponent for Saturday night, UFC heavyweight champion Stipe Miocic .
This is the second arrest in the case after an employee of the shelter, Anima Indwar, was sent to judicial custody on Wednesday. However, the premises in Hinoo and the Jail Road shelter, which also houses 70 mentally challenged girls, are yet to be sealed.
That puts paid to the conspiracy theory that our phones are always listening to us and using what they hear to target us with ads. While some apps belonged to Facebook , around 8,000 others were capable of sending information to the social networking giant.
That Croatia side hammered Germany 3-0 to reach the semis in France , and Dalic is looking for a similar result on Saturday. And it was Lovren's team that prevailed 4-3 in the shootout when Barcelona star Ivan Rakitic netted the decisive kick.
Congratulations to the Curry family! "Yippie! #curryfor3." As it turns out, Ayesha wasn't joking about her morning sickness. Ayesha also shared a handsome photo of Riley and Ryan cradling and looking fondly at their new little brother.
This comes just weeks after the mega coffee chain shut its doors to conduct anti-bias training for all employees. A day later, Starbucks responded in the comments, saying that it has "zero tolerance for discrimination".
Angelique Kerber similarly survived her own scare after being taken to a third set in her 3-6, 6-2, 6-4 win over Claire Liu . Madison Keys has become the latest top-10 seeded woman to lose at Wimbledon after her comeback fell short.
England fans react to goals in Sweden win
It was England's eighth set-piece goal of its 11 in Russian Federation , and the centre back's first in worldwide football. It's only the third time England have reached the last four and their first since Italia 90 they have made the semis.
Danilo ruled out for the rest of the World Cup
At the end of the day, Neymar's still a bloody popular player - the dude has nearly 99 million Instagram followers and counting. Brazil hasn't had the same coach for two straight World Cups since Mario Zagallo was at the helm in 1970 and 1974.
Rescue mission to save boys trapped in Thailand cave underway
Earlier in the day, the Thai Navy Seals released the letters the boys sent to their families, via rescue divers, reassuring them. Some officials said his collapse was due to his oxygen supply running out, but the cause of his collapse was not confirmed.
Fiery Trump Takes Shots at Warren, 'Me Too' Movement
President Trump was in Montana on Thursday for a campaign rally meant to inflict political damage on Democratic Sen. He again referred to Warren of MA as "Pocahontas" to ridicule her claims of Native American ancestry.
Hartley to miss British GP qualifying after FP3 crash
Luckily, the 28-year-old was able to walk away from the wreckage and gave fans a wave on his way to receive medical attention. The replays suggested a front-left tyre suspension failure with Hartley crashing into the barrier heading into Brooklands.
Hsieh Su-Wei beats No. 1 Simona Halep at Wimbledon
Halep is the first No. 1 seed to fail to reach the round of 16 at Wimbledon since Serena Williams in 2014. The Belgian, ranked number 47 in the world, knocked out defending champion Garbine Muguruza in round two.