m3n4.net
m3n4.net December 19, 2018


Oil gains after report shows larger than expected U.S. stock draws

18 May 2018, 09:37 | Tara Lloyd

Oil gains after report shows larger than expected U.S. stock draws

Oil gains after report shows larger than expected U.S. stock draws

Crude has rallied this month on concern that President Donald Trump's decision to quit an worldwide accord with Iran and reimpose sanctions will strain global supplies just as markets begin to show signs of a tightening. It stood at $79.39 as of 8:20 pm Nigerian time.

The CEO of French oil giant Total said Thursday he "wouldn't be surprised to see US$100 per barrel" in the coming months.

Crude has rallied this month after U.S. President Donald Trump pulled out of a nuclear agreement with world powers that had eased sanctions on Iran in exchange for curbs on its atomic program.

Oil rose to $80 a barrel in London for the first time since 2014 as US crude inventories fell and traders braced for the impact of renewed sanctions on OPEC member Iran.

U.S. President Donald Trump announced last week that the United States would withdraw from the Iran nuclear deal, a landmark worldwide agreement signed in 2015.

Iran turns to China as Europe tries to save nuclear deal
Add that trump intends to immediately impose sanctions against any foreign companies that will do business with Iran. Iran has claimed its nuclear program is for civilian purposes and denies supporting extremists in the region.

French energy giant, Total, said on Wednesday that it might abandon a multi-billion dollar gas project in the country if it could not secure a waiver from U.S. sanctions, adding to doubts on European-led efforts to salvage the global nuclear agreement.

"The import and export situation in reality has still not freed up but maybe we can see something now the long-awaited decision has been revealed", said the source in Asia.

But betting that oil prices have hit a ceiling and liquidating bullish positions is a "dangerous" game, according to Goldman Sachs.

Going forward, oil prices are expected to remain high due to supply constraints and expected to hinder global economic growth as the geopolitical risks are the major headwinds for the oil market.

The downward trend was supported by data released late Tuesday by the American Petroleum Institute showing US crude oil inventories increased last week by 4.8 million barrels.

Stephen Colbert Had Strong Words About 'Javanka' at the Jerusalem Embassy Opening
"Today we dedicated the new US Embassy in Jerusalem - a longtime promise to the American and Israeli people.", she explained. There's a bunch of other people who live there, too.

"While the economic environment will continue to support oil demand. support from harsh weather conditions will vanish and the recent jump in oil prices will take its toll", it said.

India, the world's third largest oil consumer, said on Thursday it had received assurances from the world's top oil exporter Saudi Arabia it would ensure adequate supplies to keep a lid on soaring oil prices.

Global demand will cross 100 million barrels a day this summer, the bank said, creating a 1 million barrel-a-day deficit without a response from OPEC and Russian Federation, which are still persisting with output cuts that were aimed at shrinking a global glut.

Economists warn that rising oil prices pose a danger to the current economic expansion and could boring the effects recently enacted U.S. economic stimulus.

Hawaii volcano EXPLOSION - fears major eruption on its way
It would be "very, very hazardous" if a volcanic vent were to open under the facility where the fuel is stored, the governor said. Those forces would emit "ballistic projectiles" - as small as pebbles or weighing up to several tons.



Other News

Trending Now

Utah police: Teen murder victim was on phone with mom during attack
Police also said the girl's mother was on the phone with her when she was " brutally attacked " after arriving home from school. Sister-in-law Nichole Newman Cannon wrote: 'I will always remember the amusing jokes at the times I needed my head lifted up.

Chris Paul put the team on his back
But even for his Houston Rockets teammates, what they saw from him Tuesday night (Wednesday, Manila time) was on another level. For a variety of reasons (ok, it was mainly injury), the Warriors did not use the Death Lineup against Houston all season.

Latest Star Wars film 'Solo' gets early praise following world premiere
Favreau has a huge playground to explore, and we're bound to get a new cast of characters to follow when the series premieres. For more information about Nissan's relationship with Star Wars , be sure to visit the company's official website .

EU Chief Tusk Slams Trump Over Trade, Iran
Tusk pointed to some of Trump's latest decisions before concluding, " someone could even think with friends like that, who needs enemies ".

Rupert Murdoch's son Lachlan to become Fox CEO after Disney deal
The position of current 21st Century Fox CEO James Murdoch , younger brother of Lachlan Murdoch , is unclear. As expected, the new-model Fox Broadcasting Co. will emphasize live sports and events.

New Nintendo Switch Online Details Revealed
Friends can even watch each other play single-player games online, and “pass the controller” at any time. The other 10 will be announced soon, Nintendo is promising, with more added "on a regular basis".

Karnal firm cheats PSU bank of Rs 155 crore
The lender said its provision coverage ratio (PCR) improved to 62.91 per cent in FY 2017-18 up from 50.11 per cent in FY 2016-17. Its return on assets became negative at (-) 0.03 per cent at the end of March quarter as against 0.15 per cent in the year-ago.

Here's how to make Alexa the default assistant on an Android phone
In this case, Alexa was used to control smart home devices, while Cortana answered queries about the calendar. Using Cortana on the Echo, Saunders was able to check her schedule and even send an email to a colleague.

YouTube Music Streaming Service Similar to Spotify Launches Soon
With Google focusing its resources on artificial intelligence, AI makes a big impact for Google users who will use YouTube Music . A new YouTube Music streaming service is set to launch on May 22 for users to stream music at both free and premium price points.

Iran diplomat visits China for talks on nuclear deal crisis
French Foreign Minister Jean-Yves Le Drian, speaking in Dublin, declared: "We are stakeholders" and will remain so. He emphasized on CNN that his job now was to advise Trump and that the president would make the policy decisions.