OPEC slashes growth forecast for global oil demand
OPEC slashes growth forecast for global oil demand
Oil extends losses as markets fall, inventories climb
13 October, 2018, 22:52
USA crude futures continued to drop for second day, losing $1.88 to $71.29 per barrel in midday trade, as global stock markets fell, with investor sentiment made more bearish by a bigger-than-expected US crude inventories build.
This was after a 1.3 percent gain earlier in the day.
Petroleum prices slumped to two-week lows on Thursday as global stock markets fell, as a report, showing USA crude inventories rising more than expected, weighed on investor sentiment.
Oil prices have rallied this year as market watchers expect that USA sanctions on Iran, OPEC's third-largest oil producer, will reduce oil supplies. Rising US Treasury yields and trade policy worries sparked the sell-off on Wall Street. "One in particular will be energy because it's all about economic expectations", said Brian LaRose, a technical analyst at United-ICAP.
The group reduced its estimates for the expansion in global consumption in 2018 and 2019, citing slowing economic activity in emerging markets.
The cuts represent 718,877 barrels per day (bpd) of oil production. In the U.S. Gulf of Mexico, companies cut output by 40 percent on Thursday because of Hurricane Michael, even as some began returning crews to offshore platforms.
Since Monday, oil producers, including Anadarko Petroleum Corp, BHP Billiton, BP and Chevron Corp, have evacuated personnel from 75 platforms as the storm made its way through the central Gulf on the way to landfall on Wednesday on the Florida Panhandle.
Worries about crude supply from the Middle East have given prices some support. As reported by S&P Global Platts, the analysts predict that while the USA pressure on the regime of Maduro would not contain limitations on the US imports of Venezuelan crude oil, it could contain new restrictions on the US refined product exports and light oil exports to Venezuela.
The landmark nuclear deal, signed during the Barack Obama regime, was concluded between Iran and six world powers which include, U.S., Russia, U.K., China, France, and Germany, that lifted sanctions on Iran but place strict limits on its nuclear program for 12 years.
India, a major buyer, has ordered Iranian oil for November, although New Delhi does not yet know whether it will receive such a waiver. However, Gulf production cuts have been less of an impact on supplies with the rise of US shale oil.
Israeli security personnel have been deployed in large numbers around the Palestinian village of Khan al-Ahmar, sources said. On Friday, a bomb was detonated along the fence and a number of Gazans entered into Israel, according to IDF spokesman Lt.
Sabalenka a year ago made it to the final of the Tianjin Open , where she was defeated by Russia's Maria Sharapova. The world No.7's 50-minute win came after a powerful start and she claimed 80 percent of her first-serve points.
As a result of poorly fitting saddles and having to carry heavy loads, many donkeys ended up with spinal injuries and cuts. More than 1000 cruise ship passengers visit Santorini each day in the high season between May and October.
It was put on display by Team Sky's Italian bike manufacturer Pinarello at the NEC between 28 and 30 September. The police says investigations are now ongoing after the trophy disappeared during an event in Birmingham.
He will be joined by Joao Carlos Valado Tralhao, U23 coach of Benfica, and Patrick Kwame Ampadu, coach at the Arsenal Academy. Thierry Henry has been appointed as the new Monaco head coach, replacing Leonardo Jardim, who was sacked earlier this week.
One of England's biggest problems in the World Cup , despite reaching the semi-final, was the lack of creativity in the midfield. Marcus Rashford squanders two opportunities as England draw 0-0 with Croatia in their second UEFA Nations League outing.
Argentina beat Iraq 4-0 on Thursday with a new-look side, taking their unbeaten run since Russian Federation to three games. The attacker hasn't featured for Argentina since their elimination from the World Cup against France at the last-16 stage.
For example, neurologists may recommend physical or occupational therapy to help with arm or leg weakness caused by AFM. More and more cases of a rare polio-like illness are being reported across the country, according to news reports .
He asked the IPCC to share its experience with Vietnam in monitoring damage caused by climate change in the coming time. Following the meeting in the RoK, Vietnam was chosen as the first country to be introduced to this special report.
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