Oil dips in nervous trading as U.S.-China trade war looms
Oil dips in nervous trading as U.S.-China trade war looms
Oil prices edge up, US-China trade war in focus
09 July, 2018, 14:38
Meanwhile, the number of working oil platforms in the United States continues to grow, and this is an early indicator of future output.
Brent crude futures LCOc1 fell 25 cents, or 0.3 percent, to $77.14 per barrel by 0317 GMT from their last close, Reuters said.
Conflicting opinions over what will happen to crude supplies in the near future, coupled with concern over the escalating trade war between the USA and China, was appropriately matched by mixed market performance for crude on Friday, with the US benchmark achieving modest price gains and the global benchmark slipping slightly.
As part of the retaliatory response, Beijing has threatened a 25 per cent tariff on U.S. crude imports, although it has not specified an introduction date.
But as is the case with any geopolitical conflict, the smart money always identifies opportunities, and Lee Dal-seok, senior researcher at the Korea Energy Economic Institute pointed out that "If China retaliates with tariffs on US crude, that could improve South Korea's terms of buying USA crude.because the USA would need a market to sell to".
Washington has announced tariffs on Chinese goods from 12:01 a.m. Washington D.C. time (0401 GMT) on Friday.
Shares of top oil marketing companies led the gains on NSE index, as US-China trade war fears weighed on oil prices.
Oil prices seesawed in a nervous trading on Friday as the United States slapped a raft of tariffs on Chinese goods in an escalating trade war between the world's two biggest economies.
However, crude oil is listed as a US product that will receive an import tariff at an unspecified later date.
In an early sign of future times, an executive from China's Dongming Petrochemical Group, an independent refiner from Shandong province, said his refinery had already cancelled USA crude orders. "We will switch to either Middle East or West African supplies", he said.
Oil prices rose on Monday as increased global demand and US efforts to shut out Iranian output using sanctions outweighed drilling data suggesting USA shale production would climb.
"Iran's exports are some 2.7 million bpd, including condensate", it noted.
"Mr. Trump sends every day a new message that creates uncertainty in the market", said Iranian Oil Minister Bijan Zanganeh stated in an interview. Venezuela is expected to lose another 400,000 bpd by year-end with production going to below 1 million bpd.
Although Saudi Arabia and Russian Federation have said they would raise output to make up for disruptions, FGE said "there simply is not enough capacity to make up for Iran's crude losses, plus Venezuela and Libya", and warned of the possibility of oil prices rising to $100 per barrel.
She thought she had done enough to move on with that fraught process at the meeting at her Chequers country residence. Davis, a sharp operator and a gut-instinct politician, was a Leave campaigner in the referendum.
The Grizzlies finished last season with a 22-62 record and missed the playoffs for the first time since 2009-10. Anderson appeared in 74 games for the Spurs and averaged 7 points, 5 rebounds and 2 assists.
Hurst added: 'Where we are today, I would say, categorically, quite clearly, we can win it, without a shadow of doubt'. It's about performing and getting better, and the more games you play the better you become.
The prime minister will have a crunch meeting with members of her Tory party to discuss her plan in Parliament on Monday evening. It comes at a critical and highly sensitive time for May's strategy, as she seeks to make progress in negotiations in Brussels.
Interestingly, Mr Davis' resignation letter makes no mention of a pledge of loyalty or commitment to the Prime Minister. On Monday, May is due to brief lawmakers on the plan agreed by the Cabinet during its 12-hour meeting.
Previous year in June, Samsung has announced a massive Rs 4,915 crore investment to expand the Noida plant. It also looks like the capacity for manufacturing refrigerators will also be increased with the new plant.
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Labour leader Jeremy Corbyn said the Prime Minister "has no authority left and is incapable of delivering Brexit". Davis also served as a reservist in the Special Air Service, the British army's elite special force unit.
When she was just 17, Kylie opened up on her decision to have the procedure done after being self-conscious over her thin lips. Having "tiptoed around the truth" on usage of lip injections for many years, in 2015 Jenner came clean on her enhancements.
This suggests strains of the bug have persisted in the factory despite cleaning and disinfection procedures being carried out. A NUMBER of the UK's leading supermarkets have pulled products from shelves following concerns over deadly bacteria .
It did not specify when the executions took place, but the Tasnim news agency said the sentences were carried out on Saturday. Iran has executed eight people convicted over two deadly attacks claimed by the ISIS terrorist group in Tehran past year .
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