Top Oil Traders Say Iran Sanctions Hit Harder Than ExpectedMore
13 October, 2018, 22:56
Oil prices slumped to two-week lows on Thursday as global stock markets fell, with investor sentiment made more bearish by a report showing USA crude inventories rising more than expected.
US crude futures settled up less than 1 percent at $74.96 per barrel, reflecting the declining importance of the Gulf of Mexico in output because of the growth of production from the nation's onshore shale fields.
The U.S. WTI (West Texas Intermediate) crude futures surged by 41 Cents or 0.5% and were at $74.70 a barrel.
In the U.S. Gulf of Mexico, producers have cut daily oil production by roughly 42% due to Hurricane Michael, the Bureau of Safety and Environmental Enforcement said.
That's down from at least 2.5 million bpd in April, before President Donald Trump in May withdrew the United States from a 2015 nuclear deal with Iran and reimposed sanctions. OPEC has been under the hit list from the USA for declining the increased outcome to answer rising oil prices.
India, a major buyer, has ordered Iranian oil for November, although New Delhi does not yet know whether it will receive such a waiver.
The cartel cut its estimate for global demand for its crude next year due to weakening economic growth and higher output from rivals, notably US shale drillers.
"We still estimate oil demand growing at 1.2 million to 1.5 million barrels per day for this year, and see the risk of a slowdown in 2019 if trade tension escalates", ANZ Research analysts said in a report.
OPEC's September output increased 132,000 barrels per day (bpd) to around 32.8 million bpd.
"So there is real commitment in the selling ... adding to the idea that we are seeing a turn in the market", he said.
Saudi Arabia and Libya increased output last month by 108,000 bpd and 103,000 bpd respectively, more than offsetting the 150,000-bpd decline from Iran to 3.447 million bpd, as reported by secondary sources.
Refinery crude runs fell by 352,000 barrels per day as utilisation rates dropped 1.6 percentage points, the EIA data showed. It may lower fuel demand in the USA southeastern markets by 1 million barrels a day, according to Mizuho Securities. USA light crude CLc1 was down 15 cents at $74.81. "In 2019, world oil demand growth is forecast at 1.36 mb/d, down by around 50 tb/d from last month's projections, mainly reflecting adjustments in the economic projections for Turkey, Brazil and Argentina", the report read.
Lendl flew back to the United States to have wrist surgery, which Zverev said was caused by playing too much golf. The fourth-seeded Zverev was also struggling with a cold, but he beat Nicoloz Basilashvili 7-5, 6-4.
The 31-year-old Serb saved a set point against Anderson in an intense opener, before taking control in the tiebreak. Yet he made an aggressive start against Nishikori to take a 4-1 lead in the opening set.
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Instead of the primary red and webbed design, most of the gloves are all black, with only the fingers having the webbed design. The argument could also be made that it adheres more closely to Spider-Man's appearance in Amazing Fantasy #15 back in 1962.
The polio-like illness is not new but there has been an increase in cases this year with at least eight reported in Texas . AFM is rare - fewer than 1 in a million people are affected in the US each year - and it mostly occurs in children.
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The team, set up in Amazon's Edinburgh engineering hub, created 500 models concentrated on detailed job functions and locations. It would favor candidates that used language found on male candidate's resumes like "executed" and "captured".
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