Sunday, 19 August, 2018

Fear of demand fall-off hits oil price

Oil rises as U.S. renew sanctions against Iran Oil rallies as Iran sanctions kick in
Laurie Berry | 09 August, 2018, 03:31

Amid widespread concern that the revived US sanctions against Iran, which shipped out nearly three million barrels per day of crude in July, would tighten global supply, Brent crude oil futures rose 86 cents to $74.61 per barrel at 1052GMT and US West Texas Intermediate (WTI) crude futures were up 59 cents at $69.60 a barrel. -China dispute percolated. As American sanctions isolate Iran, exports by OPEC's No. 3 producer have fallen and the Islamic Republic is relying more on its own tanker fleet to deliver oil to customers, according to ship-tracking data compiled by Bloomberg.

This was the company's first mini-term tender to buy United States oil, the executive, A.K. Sharma, said.

Less than a year after first oil from the U.S. was imported into India, state-owned Indian Oil Corp (IOC) has signed up to buy crude oil from the USA through a term-tender deal, a senior company official said.

Markets were still supported by the introduction of new USA sanctions against Iran on Tuesday, which initially target Iran's purchases of US dollars - in which oil is traded - metals trading, coal, industrial software and its auto sector.

Iran's oil industry is expected to be hit in the next round of economic penalties against the country, set to take effect in November.

The Trump administration on Tuesday imposed a first round of new sanctions on Iran.

Iran's oil exports have now fallen for three successive months as the country braces itself for the re-imposition of sanctions by the US.

China unveils additional retaliatory tariffs on $60bn of U.S. goods
Trump has ultimately threatened tariffs on over $500 billion in Chinese goods, covering virtually all USA imports from China. China recently threatened to slap retaliatory tariffs on an additional $60 billion in USA goods.

He noted that: "Anyone doing business with Iran will NOT be doing business with the United States". Financial markets settled down Wednesday following the previous day's big moves when an easing of concerns over an imminent US -led military strike on Syria sent stocks sharply higher and oil prices down. Saudi Arabia is also India's fourth largest trade partner after China, the USA and UAE, and bilateral trade during 2016-17 was valued at $25.079 billion, with India's exports amounting to $5.13 billion.

The FTSE's rally was also supported by a slight improvement across the USA markets as they enjoyed a brief respite from the trade tariff tit-for-tat which dominated the start of the week.

Brent calendar spreads have also been sliding since late April as traders anticipated greater availability of crude in the second half of the year.

Some analysts said that global crude supply losses could range from 600,000 to 1.5 million barrels per day due to the re-imposition of US sanctions on Iran. This represents around a third of global oil demand.

Much of the northern hemisphere has been gripped by extreme heat this summer, pushing up demand for industrial and residential cooling.

In addition to crude oil and liquified natural gas, other listed products include diesel, coal, chemicals, cars, steel products and medical equipment. "The key to future global demand growth, and therefore, the underlying commodity price, is China and so to the extent that you're seeing noise around that, you're going to get softness in the crude market".

Recommended

Georgia into the Hall of Fame after Women’s British Open glory Georgia into the Hall of Fame after Women’s British Open glory Lee slumped to a 10th place finish. "I'm glad I finally played well around here, just in time to leave, " he said. He turned in a dud, and a birdie on the 18th hole gave him another 73 to leave him 15 shots behind.

Watch Today's Super Smash Bros. Ultimate Direct Here! Watch Today's Super Smash Bros. Ultimate Direct Here! There are actually only two *brand* new pugilists, plus three extra "Echo" fighters - altered clones of existing characters. In a Super Smash Bros . first, the Stage Morph option will let players seamlessly transition between two different stages .

Dallas resident is county's first West Nile death of 2018 Dallas resident is county's first West Nile death of 2018 In a small number of cases, especially among those with pre-existing medical risk factors, West Nile can be life threatening. The health district said mosquito testing, which began in June is expected to continue through the late fall.

Astronomers find rogue planet dozen times more massive than Jupiter Astronomers find rogue planet dozen times more massive than Jupiter This is the first radio-telescope detection and first measurement of the magnetic field of such an object beyond our solar system. They're dubbing it "rogue" because it's mysteriously "drifting" through space without any kind of orbit around a parent star .

Tesla board says Musk started going-private talks last week Tesla board says Musk started going-private talks last week Investors must now weigh whether giving even more freedom to Musk, and the extra debt the deal may incur, is worth it. Trading in Tesla was halted for an hour and a half on Tuesday afternoon, by which time the stock had soared to $370.

Carrie Underwood Is Pregnant: See Her Cutest Moments With Son Isaiah Carrie Underwood Is Pregnant: See Her Cutest Moments With Son Isaiah The camera then panned out to show Carrie was sitting under balloon letters spelling out the word "Baby". This has just been a dream come true with album, with baby news and all that stuff.

Next Year's Oscars Will Feature "Popular" Movies And Will Be Much Shorter Next Year's Oscars Will Feature The dirty (not so) secret of the Academy Awards is that they've never really been a benchmark of excellence to begin with. The Academy of Motion Picture Arts and Sciences has announced that the 92nd Academy Awards will air on February 9, 2020.

NASA set to announce astronauts for SpaceX, Boeing missions NASA set to announce astronauts for SpaceX, Boeing missions NASA's response to GAO's warnings about a potential gap in having US astronauts aboard ISS is that it is "brainstorming" options. On the first operational mission to the International Space Station , Sunita Williams and Josh Cassada would fly for Boeing .

Ford officially unveils Ontario's buck-a-beer plan Ford officially unveils Ontario's buck-a-beer plan Brewers would not be required to charge less, but the source says the government hopes to get brewers on board with incentives for those who cut prices.

GOP congressman busted for insider trading GOP congressman busted for insider trading No allegations of misconduct have been leveled against him or Conaway, a former chairman of the House Ethics Committee. Collins' lawyers noted in a statement that the government has not said the congressman traded any shares of the stock.

Pentagon Restricts Use of GPS-Enabled Fitness Trackers Pentagon Restricts Use of GPS-Enabled Fitness Trackers The Department of Defense has banned the use of any smartphone and applications that use geolocation services in operational areas.

Bangladesh police fire tear gas to disperse students protesting against road deaths Bangladesh police fire tear gas to disperse students protesting against road deaths Authorities have pleaded with students to call off the protests that have almost paralyzed Dhaka and spread beyond the capital. The police detained three persons after dispersing the agitating students using tear gas shells .

Ruby Rose Lands Role As Lesbian Superhero Batwoman! Ruby Rose Lands Role As Lesbian Superhero Batwoman! The character has previously been in relationships with Renee Montoya and Maggie Sawyer (a connection The CW is surely aware of). Sarah Schechter of Berlanti Productions and Geoff Johns are also on board as executive producers.

Democrat O’Connor has lead in early OH returns Democrat O’Connor has lead in early OH  returns Should the polarizing Kobach win, some Republican operatives fear he could lose the governor's seat to Democrats this fall. Ohio Governor John Kasich , a Trump critic, endorsed Balderson and Vice President Mike Pence visited.

Elon Musk's '420' Tesla Tweet Sends Shares Rocketing Elon Musk's '420' Tesla Tweet Sends Shares Rocketing If Musk can't prove the allegedly secured funding at $420 per share, he may be accused of market manipulation or market fraud. Such a deal, if it went ahead, would take Tesla out of the glare of Wall Street but might limit its access to capital.