Oil prices rise after U.S. renews sanctions against Iran
Aug 10, 2018, 03:37
The oil prices had a slightly downtrend movement in the week ending August 3, posting a fourth loss in the past five weeks.
Meanwhile, U.S. crude production, which has climbed dramatically fuelled largely by increased output from shale formations, may now rise more slowly as prices drop, according to the U.S. Energy Information Administration's monthly report. USA gasoline stocks climbed 2.9 million barrels last week to 233.87 million barrels, while distillate stocks were up 1.23 million barrels at 125.42 million barrels.
On top of that, Iranian President Hassan Rouhani has threatened to disrupt regional oil production and exports if the Trump administration follows through with oil sanctions.
"Of course, such decisions being taken by the US side are absolutely unfriendly and can hardly be associated with the. constructive atmosphere achieved at the latest meeting of the two presidents", he was quoted by Russian news agency Tass as saying.
Observers have dismissed Trump's call for Saudi Arabia to abruptly increase oil production as political "noise".
Front-month Brent crude oil futures LCOc1 were down 38 cents on the day at $74.27 a barrel by 1227 GMT, while USA crude futures CLc1 were down 67 cents at $68.50 a barrel.
West Texas Intermediate crude for September delivery traded at $69.11 a barrel on the New York Mercantile Exchange, down six cents, at 7:55 a.m.in London.
Will the US-China War now take now escalate even further as Beijing refuses to cease business with Tehran? Vladimir Putin stated on Tuesday that he is deeply disappointed by the U.S. sanctions on Iran.
It also is not clear if the State Department could allow sanction waivers, which were used in the Obama era to wean the world off of Iranianoil and avoid supply shocks. Long-term contracts - which involve the sale of cargoes of a certain quality, volume and price over a set period from as little as 6 months to multiple years - for American oil are uncommon and most deals are done on a spot basis after a decades-long export ban was lifted in late 2015.
The August total is also likely to be just above the 9.65 million barrels imported over the first seven months, showing the scale of acceleration in India's imports of U.S. crude.
Syncrude Canada's nameplate capacity stands for roughly 10 percent of the Canadian crude oil supply.
Markets remained supported by the introduction on Tuesday of new United States sanctions against Iran, which initially target Iran's purchases of dollars - in which oil is traded - as well as metals trading, coal, industrial software and its automotive sector. OPEC and Russian Federation reported an increase in their output by 300,000 and 150,000 barrels per day in July, respectively.
Flows from Iran to China and India - its two key customers - remained high, but exports to South Korea, Europe fell steadily as these buyers start to elsewhere.
In 2012, the last time Dallas County saw a major outbreak of West Nile virus, 398 residents contracted the virus and 21 died. Throughout the summer months, public health traps and tests mosquito pools across Oxford County on a weekly basis.
Authorities are investigating the death of a baby who was found floating in the water near the Brooklyn Bridge on Sunday. The East River running between Manhattan and Brooklyn is a heavily trafficked tidal estuary subject to strong currents.
Elon Musk has had a bumpy relationship with investors as of late, and has taken Twitter to lash out at short sellers repeatedly. Musk said he has no intention of combining the electric vehicle maker and the private space company under one umbrella.
Canadian exports to Saudi Arabia totaled about $1.12 billion in 2017, or 0.2 percent of the total value of Canadian exports. Raif Badawi was arrested in 2012 for running a blog that promoted free speech and women's rights in Saudi Arabia.
President Kiir also said the remaining outstanding issues will be finalized with his rivals as soon as he arrives in Khartoum. Thousands of people have died in the 2013 civil war after troops loyal to the rebel Machar clashed with government troops.
The White House is advocating for Congress to invest an additional $8 billion in space security systems over the next five years. It leaves no doubt that the Pentagon is on board with the Space Force plan despite earlier reservations.
I own about 20% of the company now, and I don't envision that being substantially different after any deal is completed. Musk's proposed premium over Tesla's existing share price might not be enough to persuade shareholders to sell.
Blake then gets edited to make it look like he is going into a deep, dark spiral about Becca's feelings for him. But regardless, cut to Yrigoyen, the man who received Kufrin's first impression rose in the premiere.
Vincent and the Grenadines and the United Kingdom revealed the accounts were connected to Manafort and his associates. He pleaded guilty to charges in February and is cooperating for the possibility of a reduced sentence.
Nicodemus said that the group were " behaving erratically with flashlights " and that Weiss was shining a light into his own face. An actor from the '90s flick " The Mighty Ducks " was arrested for public intoxication over the weekend, according to Fox News .