Oil has steepest drop in a month as economic concerns threaten demand
Oil has steepest drop in a month as economic concerns threaten demand
Oil prices climb as Iran sanctions loom
14 September, 2018, 11:44
Oil futures rose on Wednesday, with Brent reaching $80 a barrel, after a larger-than-expected drop in USA crude inventories and as United States sanctions on Iran added to concerns over global oil supply.
The falls were due to concerns of a potential slowdown in fuel demand growth because of trade disputes between the United States and China, the world's two largest oil consumers, as well as emerging market turmoil.
Russian Energy Minister Alexander Novak said on Tuesday that Russia and a group of producers around the Middle East which dominate the Organization of the Petroleum Exporting Countries may sign a new long-term cooperation deal at the beginning of December, the TASS news agency reported.
U.S. crude production is expected to rise 840,000 barrels per day (bpd) to 11.5 million bpd next year, lower than a previous expectation for a rise of 1.02 million bpd to 11.7 million bpd, the U.S. Energy Information Administration (EIA) said in a monthly report.
Gordon Gray, HSBC's global head of oil and gas equity research, told CNBC: "While we aren't explicitly forecasting Brent to rise to $100 a barrel, we see real risks of this happening". On the other hand, bond king Jeffrey Gundlach sees oil heading as high $80 or $90 a barrel.
Oil cut earlier losses and rose towards its highest level this year on Wednesday, after a drop in US crude inventories and as the prospect of the loss of Iranian supply added to concerns over the delicate balance between consumption and production.
The market tumbled early in the session as investors focused on the bearish elements of the IEA report, said Bob Yawger, director of energy futures at Mizuho in NY.
USA crude futures rose 61 cents to $69.86 a barrel.
The storm is expected to make landfall on the U.S. East Coast on Friday.
American companies in China are being hurt by tariffs in the growing trade war between Washington and Beijing, according to a survey of hundreds of firms, prompting the U.S. business lobbies behind the poll to urge the Trump administration to reconsider its approach.
The Trump administration has invited Chinese officials to restart trade talks, just as Washington prepares to escalate the US-China trade war with tariffs on $200 billion worth of Chinese goods.
The Persian country will by November 4 see a slew of countries already abandoning oil supply contracts and the rest scrambling for alternatives as crushing USA sanctions on Iran threaten to impose additional sanctions on those defying the ban on crude imports from the country.
USA light crude pushed over $70 due to falling U.S. crude inventories and production levels.
Russia, the United States and Saudi Arabia are the world's three biggest oil producers by far, meeting around a third of the world's nearly 100 million barrels per day (bpd) of daily crude consumption.
U.S. crude stocks fell by 8.6 million barrels in the week to September 7 to 395.9 million, the American Petroleum Institute (API) said on Tuesday, while the U.S. Energy Information Administration (EIA) cut its forecast for U.S. crude output growth in 2019.
Florence was downgraded to a Category 2 hurricane late Wednesday night as it approached North and SC . Another video from NOAA's GOES-East weather satellite caught a different view of Hurricane Florence.
Water kills more people in hurricanes than wind, and he said it will still be an extremely unsafe storm for rain and storm surge. The surf and storm surge are already cutting through North Carolina's Outer Banks and bands of rain are lashing the coast.
In addition to the 11 player nominees and one coach nominee, the Broncos also have a contributor finalist: owner Pat Bowlen. He made five All-Pro squads, was the 2004 Defensive Player of the Year, and joined Gonzalez on the all-decade team.
World of Final Fantasy originally launched for PlayStation 4 and PlayStation Vita in October 2016, and for PC in November 2017. Original: If you're a fan of Final Fantasy , boy did this Nintendo Direct have some nice announcements.
While some appreciate their royal connection, others have a more problematic relationship with their historical bloodline. It's about people who believe they're descendants of Russia's celebrated (and much-assassinated ) Romanoff royal family.
It has the same upgraded technology as the iPhone XS phones, and you can take Bokeh portrait shots with the help of software. For the first time, Apple will not bundle a wired headphone dongle with its iPhone Xs, iPhone Xs Max , and iPhone XR .
Even miles away from the Atlantic, North Carolina residents in low-lying areas are boarding up and emptying stores. As of Tuesday, more than 1.7 million people in the Carolinas and Virginia were warned to clear out.
The massive storm is larger than North Carolina and South Carolina - combined, according to South Carolina Emergency Management. Usually when a storm approaches the coast, forecasters can tell with ever-increasing accuracy who will get walloped.
U.S. FCC pauses review of T-Mobile, Sprint merger
Moreover, the Applicants asserted that this is now the "engineering model on which they rely in support of this transaction". This business model is described as providing the financial basis for the projected new network buildout.
Carolina Braces for Florence Storm Surge
The latter had to be relocated back to the reserve after the storm. "There definitely is a risk, but the horses are smart". Her team manages 32 wild horses living in the Rachel Carson Reserve near Beaufort, North Carolina.
Unai Emery defends relationship with Mesut Ozil
Ozil's retirement from worldwide football came after he made claims of racism from the German football association. Emery insists he has had no talks about Gazidis leaving. "I don't know any other news from him".
A.J. Green is torching the Ravens for fantasy owners
On third down Eifert drew a pass interference call on safety Tony Jefferson in the end zone to bring the ball to the Baltimore 1. At that point , no one would have blamed the Ravens for wanting a second game against the Bills this season , not the Bengals .
MTHS alum, athlete serves on Seattle Storm coaching staff
A reliable scorer and rebounder to pair down low with Delle Donne, Meesseman was an All-Star in 2015 at just 22 years old. Natasha Howard and Alysha Clark played key roles, too, in a commanding 3-0 series sweep over the Washington Mystics .
RIP iPhone: Apple discontinues its flagships
Let us know your views in the comment section below! But it doesn't seem like Apple will be making any more. Starting with 2016's iPhone 7, all newer iPhones have only had Apple's own Lightning port connector.
U.S. Identifies Bodies of Two Veterans Returned by North Korea
North Korea returned 55 boxes of remains as part of a denuclearization agreement reached between its leader Kim Jong-un and U.S. Forensic scientists have identified two sets of remains of US troops killed in the Korean War, turned over by North Korea .