Sunday, 21 October, 2018

Oil regains some poise, but demand concerns drag

Iran says OPEC has 'not much credit' left Saudi Arabia has taken oil market 'hostage', Iran says
Russell Knight | 17 September, 2018, 11:57

Brent crude was up 17 cents at $78.35 a barrel at 1044 GMT. The global benchmark the day before rose to its highest since May 22 at $80.13 a barrel.

Traders will be able to use the ICE platform from September 17 to trade a derivatives contract linked to Nigeria's four largest crude oil grades- Bonny Light, Forcados, Qua Iboeand Bonga.

After a volatile week, Brent was set for a 2.4 percent weekly rise and WTI 2.7 percent.

The report showed that higher production from the Organization of the Petroleum Exporting Countries (OPEC) more than offset seasonal declines from non-OPEC members, although non-OPEC supply was also up 2.6 million bpd in August of the previous year, led by the U.S.

Meanwhile, output from Iran has hit its lowest level since July 2016 as top buyers India and China distance themselves from Tehran due to looming USA sanctions on November 5, according to the International Energy Agency.

U.S. President Trump said on Twitter on Thursday that the United States holds the upper hand in talks.

Brent crude futures have reached a high around $80.00 a barrel three times this year before pulling back.

Five dead in Carolinas as Florence brings ´epic´ floods
Annazette Riley-Cromartie said she and her family thought they'd be safe in their brick house in eastern North Carolina. A hotter atmosphere can also hold more water, so this should allow hurricanes to dump more water on affected areas.

Another win Gonzo: Browns lose to Saints, 21-18
Gordon missed the majority of training camp, taking time to make a concerted effort to improve his mental and physical health. The Saints got the ball back with the game tied and quickly marched down the field for a go-ahead field goal.

Hurricane Florence death toll: How many people have been killed?
These victims of the hurricane were staying at a hotel that took severe storm damage from Florence. Hurricane Florence officially made landfall this morning at 7:15 am ET in Wrightsville Beach, NC.

"Prices remain well supported as the market continues to fret about ongoing structural supply issues elsewhere", ANZ Research said in a note.

In May, US President Donald Trump pulled out of an worldwide nuclear deal with Iran, OPEC's third-biggest producer, and announced the imposition of sanctions.

Crude oil futures held on to gains in morning European trading Friday, edging higher as the market continued to weigh warnings of supply-side risks from the International Energy Agency.

Indian refiners, traditionally major buyers of Iranian crude, will cut their monthly crude loadings from Iran for September and October by almost half from earlier this year.

Washington re-imposed some of the financial sanctions from August 6, while those affecting Iran's petroleum sector will come into force from November 4.

The official admitted that Iranian oil exports would drop, but reiterated Iran's position that the us sanctions would not succeed in cutting off all of the country's oil sales.

In a move strongly opposed by Iran, OPEC had agreed in June to boost crude output by about a million barrels a day, AFP said, as the threat of sanctions stoked supply concerns on world markets.

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