OMCs gain as US-China trade war fears weigh on oil prices
OMCs gain as US-China trade war fears weigh on oil prices
Oil prices inch up in face of tight market
09 July, 2018, 23:45
For the week ended on July 6, the total number of oil drilling rigs in the USA increased by 5, or by 0.6 percent - to 863 units.
Official data that came out on Thursday, a day later than normal due to the July 4 public holiday, showed inventories at Cushing, the delivery point for US crude futures, fell to their lowest in 3-1/2 years.
Trump's trade war with China - which like the Iran conflict was predicated on the not entirely inaccurate argument that the USA was getting the short end of the stick with regards to business relations - is another example in which pundits are predicting rough road ahead, despite compelling arguments from minority voices that the dispute will eventually resolve in the Americans' favour.
According to the latest estimates, American crude shipments to China are around 400,000 barrels per day (bpd), worth $1 billion a month at current prices.
The discount has halved to $5.54 a barrel on Friday from $11.57 in early June. That could lure India to take more USA crude, Fielden said. "I do expect that at least over the next few weeks, the Brent-WTI spread is going to narrow".
Even if the USA government grants some waivers to allies, FGE estimated 1.7 to 2 million bpd of crude and condensate would be cut out of markets once its sanctions are implemented.
In addition to reducing the price of its August barrels, Saudi Arabia also told the Organization of the Petroleum Exporting Countries (OPEC) that it increased production by nearly 500,000 barrels per day last month.
Oil prices initially fell on Friday, along with Asian stock markets.
Russia, US readying deal for summit Russia's expectations were low heading into the World Cup , but Cherchesov feels their efforts have won over the public. We could only prove our worth by working hard", said Cherchesov.
"Increased Saudi crude availability that is being enhanced by reduced OSPs (official selling prices) into Europe and other regions is providing a strong counter against curtailed Libyan export activities", Ritterbusch wrote.
US markets also garnered support from a government employment report showing better-than-expected growth in jobs. Although there is some general nervousness over the U.S.
Oil prices dipped on Friday in a nervous market ahead of a raft of import tariffs expected to be imposed later in the day by the world's two biggest economies, the United States and China, Reuters reports.
Extra output is needed because oil demand has been rising fast this year and supply from several parts of the world, including Venezuela and Libya, has been falling.
Oil benchmarks went in different directions again on Friday afternoon, with WTI trading up and Brent trading down as fears of the escalating U.S.
USA producers continued to bring more rigs into oilfields already producing at record levels.
The U.S. rig count, an early indicator of future output, is much higher than a year ago as energy companies have ramped up production in response to higher prices.
The oil and gas rig count now stands at 1,052-up 100 from this time past year.
When the practice schedule was released yesterday at Wimbledon , the first reaction was to wonder if there had been some mistake. Two double-faults from De Minaur followed by a net error allowed Nadal to serve for the first set, which he took easily .
Vehicles could be the next battleground. "So we have 50 plus 200 plus nearly 300", Trump told reporters aboard Air Force One. The US imports much more from China than the other way around, giving the US an advantage in a tariff dispute.
James's Palace in London , Prince George was dressed up in the newly made replica of the classic Victorian christening gown. However, his great-grandmother the queen and her husband Prince Philip will not be among the guests, Kensington Palace said.
Then, Baron Cohen's voice - in a thick, Borat-style accent - can be heard addressing former US Vice President Dick Cheney . It also follows news from earlier this year, in which it was said that Baron Cohen was trying to get in a room with O.J.
The biggest question hanging over the investigation right now is whether or not Trump will sit down with Mueller for an interview. Trump's tweets are the result of the president finally having the time to turn his attention to this issue and because Mr.
Lucas Colazzo, a cardiac surgeon at the hospital, wrote alongside a photo of Gadot posing with several employees. The movie has since cast Kristen Wiig as the film's villain , Cheetah, and Pedro Pascal in an undisclosed role.
Mazbouh fiercely criticized the way she had been treated, claiming she was "harassed by taxi drivers and men in the street". Tourist Mona el-Mazbouh complained about sexual harassment in profanity-laced video, with Egyptians responding in kind.
Why the Thai cave rescue is so tricky
The first boy of the day, and fifth overall, was removed from the cave at 5 p.m., a source close to the operation told ABC News . Narongsak Osattanakorn said the second phase began at 11 a.m. and authorities "hope to hear good news in the next few hours".
Starbucks Will Eliminate Plastic Straws Globally by 2020
The announcement comes after Seattle, Starbucks' home market, banned restaurants from using plastic straws and utensils on July 1. Last month, McDonald's announced that it would start testing plastic-straw alternatives at certain US locations later this year.
Bihar teen rape: Principal, teacher sent to jail for fortnight
Woman police SHO Indra Rani said the survivor would be produced before a judicial magistrate on Saturday to record her statement. The accused threatened to make the video viral if she reported the matter to anyone in the school or at her hom, she said.
Ant-Man and the Wasp Gets Really Big Opening Weekend
It's the first animated film to ever surpass $500 million at the North American box office, and the 12th film ever to do so. Universal and Amblin Entertainment's " Jurassic World: Fallen Kingdom " scored $27.6 million from 86 worldwide territories.
Britain's Brexit minister David Davis steps down
In her reply, Mrs May said: "I do not agree with your characterisation of the policy we agreed at cabinet on Friday". She said the government's Brexit plan was "far from perfect" but marked "grown-up steps".
Starbucks to eliminate plastic straws by 2020
A number of restaurants and private establishments also have taken measures to curb their use of plastic straws. Frappuccino drinks will still be served with dome lids, but with straws made from paper or compostable plastic.