Sunday, 13 October, 2019

Oil gains after strong U.S. retail sales help ease recession worries

Crude Oil Oil falls below $58 on recession fears
Russell Knight | 17 August, 2019, 19:00

USA crude CLc1 was also 2% higher at $55.60 a barrel, having dropped 1.4% in the previous session and 3.3% on Wednesday. Germany also reported anemic economic data for Q2 as its exports slowed, hinting at a possible recession, along with the inverted yield curve news, which tanked stocks. Brent Crude futures, in turn, fared nearly as poorly, with the global benchmark falling 58.23 dollars a barrel (-2.10 percent). The global benchmark was down $1.52, or 2.6%, at $57.96 and West Texas Intermediate crude (WTI) was down 80 cents, or 1.5%, to $54.43 in early trades.

"The rebound has a corrective look about it on thin volumes, rather than a beachhead for an impending rebound", said Jeffrey Halley, senior market analyst at OANDA. "WTI had enjoyed a decent rebound over the last week but failed at the first hurdle, running into resistance around the mid-July lows before plunging once again".

The price of Brent is still up almost 10% this year thanks to supply cuts led by the Organization of the Petroleum Exporting Countries (OPEC) and allies such as Russian Federation, a group known as OPEC+.

A Saudi official on August 8 indicated more steps may be coming, saying: "Saudi Arabia is committed to do whatever it takes to keep the market balanced next year".

Huawei could be developing a Google Maps replacement
The US placed Huawei on its "Entity List" in May, effectively barring American tech companies from dealing with the Chinese firm. Based on a statement by AndroidAuthority.com, Huawei is now developing their own " Google Maps replacement" called the Map Kit .

More Than 1000 Pack Funeral for El Paso Massacre Victim
Elodia Perches, co-owner of Perches Funeral Home , said the funeral home has received more than 400 flower arrangements so far. Funeral home staff urged attendees to be patient as people began rotating in and out of the service amid scorching heat.

Watch Alessia Cara Nail Impressions of Billie Eilish and Amy Winehouse
Alessia Cara shows her versatility as a singer with ideal musical impressions of Billie Eilish and Amy Winehouse . First, Cara was tasked to recreate the stylings of Billie Eilish to the tune of " Pop Goes the Weasel ".

OPEC released a statement on Friday stating that it expects a downbeat oil-market for the rest of 2019, with there being a major slow-down in economic growth, whilst also facing numerous challenges in 2020, with rivals wanting to pump more oil, resulting in OPEC having to restrain supplies even more to control the market. Meanwhile, a second week of unexpected rises in U.S. crude inventories is adding to the pressure.

"OECD oil inventories rose in June and stood 67 million barrels above latest 5-year average - the level originally targeted by supply cut deal".

"OPEC leaves forecast for 2020 global oil demand growth unchanged at 1.14 million bpd".

"OPEC killed the golden goose", said Bob Yawger, director of futures at Mizuho in NY.

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