Oil pulls back from multi-year highs on China economy fears
May 18, 2018, 14:17
US West Texas Intermediate (WTI) crude futures were up 29 cents at $71.78 a barrel.
A stronger dollar.DXY makes oil more expensive for importing nations such as those in Asia, which are facing a trillion dollar bill for their imports this year as demand in the continent reaches a record high.
Brent crude settled up 2 cents at $US79.30 a barrel on London's ICE Futures exchange.
Oil's rise to $80/bbl is stoking concerns that the price rally will erode demand, but OPEC's giants so far aren't anxious.
On May 8 President Donald Trump announced his decision to withdraw the United States from the Iran nuclear deal, also pledging to reinstate the anti-Iranian sanctions that were lifted as a result of the agreement.
Members of the Organization of Petroleum Exporting Countries, including Saudi Arabia, Kuwait and the United Arab Emirates, said they have enough capacity to fill in any supply gap if renewed sanctions curtail Iran's exports.
Russian companies also traded with Iran when USA sanctions were in place before the deal.
A worker walks at the Zubair oilfield in Basra, Iraq May 9, 2018.
The worldwide glut has been eradicated and "Opec still hasn't said anything about ending the deal early, which is only good for markets", said Ashley Petersen, lead oil analyst at Stratas Advisors in NY. The 50 percent rise in oil prices in the a year ago is encouraging major companies such as ExxonMobil (XOM.N), Royal Dutch Shell (RDSa.L), Chevron (CVX.N), BP (BP.L) and Total (TOTF.PA) to increase output.
"Clearly the recent rise in oil prices is going to pose a problem for some central banks due to the temporary impact it will have on the inflation data, especially when you consider that in the past year, Brent crude prices are up more than 50 percent", Craig Erlam, senior market analyst at Oanda trading group, told AFP.
The two ministers, in a joint statement, blamed volatility in prices on worldwide political tensions.
Analysts say the glut that had weighed on prices for the past three years has finally been eliminated, thanks to strong demand in key markets like China and output cuts by OPEC and its non-cartel partners including Russian Federation.
"The recent jump in oil prices will take its toll", said the IEA, which advises most major economies on energy policy.
Since then it has fallen sharply, sliding below 30 dollars at the start of 2016, thanks to the combination of a supply glut partly thanks to U.S. shale oil production, and weakness in some economies lowering demand.
The IEA noted that Iranian oil exports now total about 2.4 million barrels a day.
It trimmed its 2018 world demand growth projection by 40,000 barrels per day to 1.4 million bpd, projecting total consumption at 99.2 million bpd.
Due to the heavy increase in price, NBC Universal is reportedly not re-signing its deal to carry WWE's Smackdown . At the time, the company is said to have paid $30 million for rights to the franchise.
South Korea's presidential Blue House said it would seek to bridge the gap between Washington and Pyongyang. Last week, Trump had said he and Kim would try to make the summit a "very special moment for world peace".
Options for the EU to protect European companies from negative consequences of the US decision were also needed, Tusk said. The EU and U.S. are friends and partners, therefore USA tariffs can not be justified on the basis of national security'.
Mexico's Economy Secretary, Ildefonso Guajardo, echoed those sentiments, saying that there will not be a deal by Thursday. In any case, he said he was ready to keep negotiating: "We'll keep working until they shut off the lights".
However, Scottish Brexit Minister Michael Russell said it was unclear to him exactly what views the other parties would have. He said: "It's patently obvious that Nicola Sturgeon wants a political crisis to provide cover for her independence drive".
In Monroe County, Pennsylvania, a 31-year-old man was killed when a tree fell on his vehicle , the county coroner's office said. Amtrak and most local commuter railroads in the NY metropolitan area said their services were back to normal on Wednesday.
The Saudi air defenses intercepted the rocket and its shrapnel landed in residential areas without leading to any injuries. He said that the coalition forces had begun the reconstruction of areas liberated from the Houthi militias.
The terrorists attempted to force their way inside a guard post at Wardwan in Soibug area of the central Kashmir district. Officialsources said that a joint team of 55 RR, SOG and CRPF at village Chinar bagh, Mohalla Takya in Barpora Pulwama.
Turkish president Recep Tayyip Erdogan tweeted that Israeli PM Benjamin Netanyahu " has the blood of Palestinians on his hands ". Some funerals were held in the Israeli-blockaded Gaza Strip yesterday, while others took place today.
Patrick Leahy, D-Vt., said the world was watching the confirmation vote, which he called a "referendum on torture". We need someone like Haspel who doesn't play the game because she understands just how awful the price can be.
Over the past week, thunderstorms and dust storms have wreaked havoc across northern and eastern parts of the country. Punjab, Haryana, Chandigarh, Delhi, Uttar Pradesh and Karnataka may such weather till Friday, an IMD bulletin said.
It fall, as 51 investors sold HD shares while 662 reduced holdings. 164 funds opened positions while 501 raised stakes. Home Depot had 31 analyst reports since November 28, 2017 according to SRatingsIntel. (NYSE:HD) for 4,212 shs.
Ex-CIA employee in leak probe 'deeply saddened'
In court documents, Schulte's attorney argued that numerous other people had access to the server and passwords for accessing it. US federal prosecutor Matthew Laroche detailed the investigation during a January 8, 2018 hearing in a NY federal courtroom.
Trump admits to reimbursing lawyer who paid off porn star
After the payment to Daniels was first revealed by the Wall Street Journal, Cohen acknowledged making the payment himself. Cohen did not deny it but said that he had not been reimbursed by either the president's company or campaign.
HTC Has A Blockchain-powered Phone In The Works
It will be launched later this year at a price of $999 (although those paying with Sirin's own cryptocurrency get a 10% discount). It's quite likely that the future phones will be readied with blockchain and generic cryptocurrency compatibility in mind.