Saturday, 22 September, 2018

Oil prices fall as Donald Trump demands OPEC ‘reduce pricing now’

Global outages overshadow underwhelming OPEC output hike Outage in Alberta's oilsands is pushing U.S. crude to a four-year high
Russell Knight | 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 Trump tweeted 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.

Manufacturers Created 36K New Jobs in June, According to US Labor Dept.
Of those, 499,000 couldn't find work, but they did show up in the government's survey as searching for a job. The U.S. and China slapped tit-for-tat duties on $34 billion worth of the other's imports on Friday.

Woman begging people not to call ambulance gains national attention
Orange Line commuters rushed to the aid of a woman whose leg had gotten stuck in the five-inch gap between the train and the Mass. The unnamed woman was reluctant to go because she was anxious she couldn't afford medical treatment.

Russia's World Cup dream ends with Croatia shootout defeat
But then, with just five minutes to go, Mario Fernandes played the role of hero, heading home a set piece to make it 2-2. There is a comprehensive argument that Luca Modric has been the best player at the World Cup.

"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.

Recommended

China Says U.S. Has Started ‘Biggest Trade War’ in History China Says U.S. Has Started ‘Biggest Trade War’ in History Donald Trump's trade war could potentially drag in products from other American trade partners, undermining relations. Beijing's taxes hit US -made aircraft, cars, computer chips, fuel, pork and soybeans.

England fans react to goals in Sweden win 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 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 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 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.

Southgate hits back at claim England squad are 'spoilt' Southgate hits back at claim England squad are 'spoilt' Empoli fan Francesco is a little more pessimistic about England's chances, but has still admired their work so far. Alli went past Jimmy Greaves, who was 22 years and 103 days old when he scored at the 1962 World Cup .

Insider attack kills United States service member in Afghanistan Insider attack kills United States  service member in Afghanistan A U.S. soldier was killed and two others wounded in an "apparent insider attack" in southern Afghanistan on Saturday, NATO said. As in other areas of the war, Afghan units suffer more heavily than coalition units from insider attacks.

Lakers Rumors: LeBron James Not Pressuring Los Angeles to Acquire Another Star Lakers Rumors: LeBron James Not Pressuring Los Angeles to Acquire Another Star And then came the subsequent news that joining the James in Los Angeles will be Lance Stephenson , JaVale McGee and Rajon Rondo . The power forward shot 45.8% from the field, and served as a nice complement to the all-around playing style of LeBron James .

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.

Germany: Merkel pledges 'every effort' to avert USA trade war Germany: Merkel pledges 'every effort' to avert USA  trade war Italy's anti-migrant interior minister wants tighter criteria for granting humanitarian protection to migrants rescued at sea. Forfang said Thursday that "most of them" have been granted protection in the past.

Conservatives finally realize prison is bad thanks to Paul Manafort Conservatives finally realize prison is bad thanks to Paul Manafort John Dowd, former lawyer to President Trump , has called the imprisonment "harsh" and an "outrageous violation" of Manafort's civil liberties.

Orrin Hatch May Have Revealed Trump's SCOTUS Nominee Orrin Hatch May Have Revealed Trump's SCOTUS Nominee In northern Michigan, Kethledge works out of an office he built in a family barn near Lake Huron. She could serve on the court a long time , but she does not have a lengthy record of opinions.

Hsieh Su-Wei beats No. 1 Simona Halep at Wimbledon 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.

Oklahoma City mayor declares July 7 'Paul George Day' Oklahoma City mayor declares July 7 'Paul George Day' Anthony isn't an essential piece for a championship run in the National Basketball Association . Anthony recently exercised his player option worth nearly $28 million for next season.

Wimbledon: Nadal to meet Russia’s Kukushkin in second round Wimbledon: Nadal to meet Russia’s Kukushkin in second round Nadal (above) swept past Mikhail Kukushkin 6-4, 6-3, 6-4 to set up a tie with Alex De Minaur and said: 'I know him. The two-time Grand Slam champion needed 88 minutes to see off world No. 138 Broady on Center Court.