Trump administration pressure on Tehran forces Iran to start selling discounted oil
15 August, 2018, 19:17
A rise in crude prices triggered by supply uncertainties could dampen demand for oil, the IEA warned.
U.S. West Texas Intermediate (WTI) crude futures were at $67.43 a barrel, down 20 cents, or 0.3 percent from their last settlement.
Brent crude futures were down $1.96 a barrel at $70.50 a barrel by 11:07 a.m. EDT.
Brent, meanwhile suffered its fifth week of declines in six, as investors anxious that global trade disputes, most notably between the US and China, could slow economic growth and hurt demand for energy.
The West Texas Intermediate (WTI) for September delivery decreased 43 US cents to settle at 67.20 dollars a barrel on the New York Mercantile Exchange, while Brent crude for October delivery decreased 20 cents to close at 72.61 dollars a barrel on the London ICE Futures Exchange.
Turkey's financial crisis has raised the risk of contagion throughout emerging economies, dragging down South Africa's rand, Argentina and Mexico's pesos as well as the Russian rouble.
Trade tensions with the USA have weakened currencies in emerging markets as investors pull cash out of countries like India and China and convert it to US dollars, which are still seen as a safe haven.
The report on oil shows gross inconsistency on oil report.
Singapore-based brokerage Phillip Futures said on Monday that "trade protectionism and escalating tensions between the world's largest economies (The United States and China) have cast a looming shadow on global oil demand growth in 2018".
"Crude oil processing increased sharply and reached a record level of nearly 18 million barrels per day last week", said Carsten Fritsch, senior commodities analyst at Commerzbank.
Oil prices slid Monday after inventories at a key United States crude delivery hub jumped last week, adding to demand concerns.
Global oil demand is also rising, but not as fast as supply.
Iran is the third-largest producer in the Organization of the Petroleum Exporting Countries behind Saudi Arabia and Iraq, pumping 3.65 million bpd in July, Reuters data show.
Chinese oil importers now appear to be shying away from buying USA crude oil as they fear Beijing may decide to add the commodity to its tariff list.
The futures markets were further weakened late in the session after data from industry group the American Petroleum Institute (API) showed that US crude stocks unexpectedly rose by 3.7 million barrels the week-ending August 10, compared with analysts' expectations for a drawdown of 2.5 million barrels.
Phillip Futures said that hedge funds had cut bullish bets on oil because of rising production levels from OPEC and the United States. Yet, bullish sentiment found some support from expectations that looming US sanctions against Iran could significantly hamper its crude exports. Iran's foreign minister said that the Organization of the Petroleum Exporting Countries (Opec) nation will not meet with USA at the United Nations General Assembly in NY in September, with sanctions on the Middle Eastern nation's oil industry set to be implemented on Nov 5.
Google's own Pixel series of devices has won plenty of fans thanks to the Android integration and superb camera. Previous rumours suggest that the Pixel 3 XL will follow the on-going trend and come with a notched display.
But the trade minister, Ruhsar Pekcan, said: "We implore President Trump to return to the negotiating table". After nearly 20 months in a Turkish jail, a court moved Brunson was moved to house arrest in July.
Gavaskar attributed his inability to attend the ceremony to a test match in England on August 18, where he is due to be present. It was announced by the outgoing Speaker that the election for the new National Assembly Speaker would be held on August 15.
A volunteer fire chief said that two weeks ago, Clark sent him a message saying, "The place is going to burn". The Carr fire was first reported on July 23, when a trailer tire blew on a road near Redding, California.
However, he should keep his place in the side for now as Murali Vijay has had a completely horrid time with the bat so far. The hosts had declared on 396-7, with Chris Woakes finishing on 137 not out, before Anderson reduced India to 17-2.
He said Turkey's response was not going to be based on "reciprocity", adding: "Those who commit a crime will pay a price". Last week, a Turkish delegation went to Washington and met American counterparts but there was no breakthrough.
Transport Minister Danilo Toninelli told Italian state television the disaster pointed to a lack of maintenance, and echoing Mr. Rescuers are continuing to look for survivors after a motorway bridge collapsed in the Italian city of Genoa on Tuesday.
Elon Musk has outlined his plan to take Tesla private and said he discussed financing the deal with backing from Saudi Arabia . He wrote that in the blog and the August 7 tweet that he was speaking for himself as a potential bidder for the company.
The staffer said she witnessed Manigault Newman being verbally abusive to junior level staffers several times . The Situation Room is the inner sanctum of the White House . "They were not offering a real job", she said.
Manigault-Newman also taped Trump sounding surprised on the phone after being informed of her firing at Kelly's behest. In her new book, Unhinged , she writes: "Taken as a whole, all of her style rebellions have served the same goal ".
According to Pakistan Meteorological Department, previously two solar eclipse and two lunar eclipse have been witnessed in 2018. Those who reside in areas where the eclipse will be visible, must be warned that they should not look at the Sun directly.
Epic has to share 30 percent of those purchases made on iOS devices with Apple due to the terms of the App Store. When Epic Games launched Fortnite on Android earlier this week, it did so in an unprecedented manner.
Paul Manafort trial Day 12
At the same time, the judge overseeing the trial rejected Manafort's motion to throw out the 18 charges against him. Manafort chose not to testify or call witness in his defense on the charges of tax evasion and bank fraud.
On Earth see the peak of the meteor shower of Perseids
Otherwise, clouds will start clearing for the night, and the Perseid Meteor Shower will be visible again overnight. The smallest particles, the size of a grain of sand, burn up in earth's atmosphere, forming a star rain.
Erdogan: Turkey can do without United States electronic goods
By contrast, Spanish, French and Italian banks have loaned Turkey $83.3 billion, $38.4 billion and $17 billion, respectively. Washington began to apply economic pressure on Ankara after the detention of American pastor Andrew Brunson in Turkey .
White House expected to address Trump’s tweets on Omarosa
On Monday, Trump alleged Manigault Newman was already bound by an agreement not to speak about her time at the White House. Trump's tweets that said, " Wacky Omarosa , who got fired 3 times on the Apprentice , now got fired for the last time".
Aretha Franklin’s nephew gives health update on Queen of Soul
Aretha sparked concern about her weight loss when she last performed in public at the Elton John AIDS Foundation gala in November. One of Aretha's close friends told TMZ that they were told a week ago to prepare for the worst as she "could go any time".
'Queen of Soul' Aretha Franklin gravely ill
Her brother and manager Cecil died from lung cancer in 1989, one year after her sister Carolyn passed away from breast cancer. Franklin won her first Grammy Award in her mid-20s, going on to win an additional 19 gongs throughout her career.
Whitmer wins Democratic nomination for MI governor
Whitmer was considered the favorite due to her political experience and broad support from organized labor and other key groups. Gretchen Driskell for Republican-held House seats in southeastern MI . "Who's ready to roll up her sleeves and get to work".