Monday, 10 December, 2018

Crude oil plunges after Trump tariff threat, Libya ports reopen

GREAT AGAIN: US to Become World's TOP OIL PRODUCER by 2019 Crude oil plunges after Trump tariff threat, Libya ports reopen
Priscilla Morrison | 12 July, 2018, 11:20

A further escalation of trade disputes could depress demand for oil from China and elsewhere. Firstly, if the new list of tariffs on China are eventually imposed then China could turnaround and tax US oil. "If the forecast holds, that would make the USA the world's leading producer of crude".

Crude oil prices also fell as the US dollar rose on Wednesday's surprisingly strong USA inflation report, which increased prospects the Federal Reserve will raise interest rates twice more this year. A stronger dollar can weaken dollar-denominated commodities, like crude.

"The trade concerns have bitten today and the reason is that this is above and beyond what the market was expecting", said Michael McCarthy, chief markets strategist at CMC Markets in Sydney. "If these tariffs are introduced, there will be an impact on global growth and demand".

The announcement by Libya's National Oil Corp that four export terminals were being reopened, ending a standoff that had shut down most of Libya's oil output, was the catalyst for a correction, Razaqzada said.

Saudi Arabia said that it pumped almost 10.5 million barrels per day last month, compared with 10 million in May.

More news: Perisic hails 'dream' goal as Croatia reach final

"Libyan relief changes the conversation about spare capacity", said John Kilduff, a partner at Again Capital Management.

President Trump has been pressuring the Organization of the Petroleum Exporting Countries, or OPEC, to increase production to cool off oil prices, which recently hit the highest levels in over three years.

USA crude oil stocks fell by almost 13 million barrels last week, the most in almost two years, dropping overall crude stocks to their lowest point since February 2015, the Energy Information Administration said on Wednesday.

A pump jack lifts oil out of a well, during a sandstorm in Midland, Texas, U.S., April 13, 2018. This will bring additional crude to the market.

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