m3n4.net
m3n4.net June 21, 2018


Oil Mixed on Possible OPEC Production Increase, Higher Crude Stockpiles

26 May 2018, 06:52 | Vera Richards

Latin America Energy, Oil and Gas, News and Information

More pain in future? Analysts claim crude oil to touch $100/barrel by 2019

U.S. West Texas Intermediate crude ended Wednesday's session down 36 cents, at $71.84 a barrel.

US crude stockpiles climbed unexpectedly last week, while gasoline stocks increased and distillate inventories fell, the Energy Information Administration said on Wednesday.

OPEC Secretary General Mohammad Barkindo said Friday that talks about easing production cuts were prompted by a sharply critical tweet by Trump on April 20.

He also reiterated that obligations under the 1.8 million b/d OPEC/non-OPEC output cut agreement may be lowered if the participants come to the conclusion at the June meeting the market has rebalanced.

The two oil-rich countries are the key movers behind a pact between OPEC and other producers that has limited production since 2017, but which experts fear may soon lead to a spike in prices.

FDA approves first non-opioid medicine to help detox
The specialty pharma was not granted approval to treat opioid use disorder, but instead to treat symptoms of withdrawal. Although it is not an addiction medicine, it can be part of a longer-term treatment plan, according to the FDA.

He also said the main concern over the recent price rally to more than $80 a barrel should be the impact on onsumer nations such as India and China.

The price of Brent crude oil, the global benchmark outside the U.S., has now failed twice in recent days to break convincingly above the $80 per barrel level, suggesting that the market is now toppish and ready for at least a modest move lower. At the auction the previous day, the price decreased by $1,01 (1,27%) and has made on closing of $78,79 per barrel.

The notoriously fractious cartel has been uncharacteristically collaborative of late, as OPEC and Russian Federation had agreed to curb their collective output by about 1.8 million barrels per day until the end of 2018.

The benchmarks are diverging as rising inventories in the USA weigh on American futures while risks to supply from Iran to Venezuela buoy Brent.

"Geopolitical risks. kept investors on their toes".

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.

Earlier this month oil prices skyrocketed, surpassing US$80 a barrel for the first time since 2014, after the United States withdrew from the Iran nuclear deal.

Yet, while OPEC is mulling an increase the reality is it will be needed to replace the loss of Venezuelan crude oil and the loss of Iranian crude due to US sanctions.

"We still have the unquantifiable impact of USA sanctions against Iran".

Oil prices extended losses Wednesday morning, after weekly data showed a sharp rise in US crude stockpiles.

"People are having a hard time taking them seriously about it for now, but definitely it's registering more with the market today", he said, adding, "Unnamed OPEC sources are only going to carry the day so far".

Here's where Prince George and Princess Charlotte went during the royal wedding
And even though the big day is all about the bride and groom, these tiny guests are making a fashion statement of their own. According to the Palace , the pageboys donned a miniature version of the Blues and Royals frockcoat.



Other News

Trending Now

Family of six launches bombing attacks on Christians in Indonesia
In recent years, the country has faced a new threat as the rise of IS in the Middle East invigorated local militant networks. The two daughters were aged 12 and nine while the other two, thought to be the man's sons, were 18 and 16, police said .

Venezuela's President wins a 2nd term in office in disputed poll
Both of Maduro's opponents accused electoral authorities of being blind to blatant violations before the vote and on election day. Venezuelan President Nicolas Maduro was re-elected to a second six-year term. "Thank you for giving me 68% of those votes".

Vettel denies Ferrari sandbagging in Spain
Bottas was fastest with a lap of 1:18.148 seconds at the Circuit de Barcelona-Catalunya, almost a second quicker than Hamilton. Carlos Sainz also cleared Alonso in the dying minutes of the session as Renault looks to recover from a hard Friday.

Sanchez explains factors behind signing of new Spurs mega deal
Tottenham Hotspur centre-back Davinson Sanchez has signed a new contract, the club have announced. The 21-year-old full-back has penned a new deal which will run until at least 2021.

White House official derides McCain over Haspel opposition: 'He's dying anyway'
And neither she, her direct boss, Chief of Staff, General John Kelly nor President Donald Trump have issued any apology. Sadler reportedly known as Meghan McCain on Thursday to apologize for the remark, in keeping with The Hill .

Iran condemns USA announcement on sanctions
USA secretary of state Mike Pompeo in Washington on Monday. "These will be the strongest sanctions in history when complete. She said Pompeo had failed to show how dropping the 2015 nuclear deal would make the Middle East safer.

Trump Lawyer Cohen's Business Partner Flips - to Cooperate With Investigation
Daniels has said Cohen paid her $130,000 to keep quiet about a sexual encounter she had with Trump, which Trump has denied. It suggests that Cohen broke a US law requiring people to register as lobbyists for foreign governments.

Oil gains after report shows larger than expected U.S. stock draws
The CEO of French oil giant Total said Thursday he "wouldn't be surprised to see US$100 per barrel" in the coming months. It stood at $79.39 as of 8:20 pm Nigerian time.

Solo: A Star Wars Story - four more posters land
There are some interesting roles for women , who have characters with fascinating histories and motivations of their own. Woody Harrelson also completely owns his screen time in the new role of Solo's outlaw mentor Tobias Beckett.

R. Kelly team has no comment on woman's lawsuit
A representative for the singer said in April that he "categorically denies all claims and allegations" in the lawsuit. On other occasions, Kelly instructed her to perform sexually while he filmed her on his iPad, she claims.