Friday, 19 July, 2019

Oil rises to seven-week high

Oil jumps on report of falling US stockpiles, Iran tension Oil Dips: Looks To Reignite Rally on OPEC, Storm Barry and Iran Tensions
Jean Garcia | 13 July, 2019, 06:58

Oil prices climbed higher earlier in the session amid concerns that Tropical Storm Barry could derail crude production in the Gulf of Mexico.

Gulf of Mexico operators have shut 602,715 barrels a day of oil production ahead of the storm, the Bureau of Safety and Environmental Enforcement said in a notice.

Meanwhile, Iran's alleged attempt to block a British-owned tanker heightened tensions in West Asia in the wake of attacks on tankers and the downing of a USA drone by Iran in June.

U.S. crude oil inventories decreased during the week ending July 5, the U.S. Energy Information Administration said in a report on Wednesday. A fourth weekly draw in American stockpiles and signs that the Federal Reserve is prepared to cut interest rates also supported prices.

USA output is rising again after a brief drop from record levels, according to the EIA.

U.S. West Texas Intermediate crude futures were up 25 cents at $60.68 a barrel, having touched their highest since May 23 at $60.94.

Lampard pleased with Chelsea despite draw in first game in charge
"It was a tough game for us", he said . "It's very hard work, high intensity, pressing a lot without the ball". It is going to be Henrique Hilário who himself was a Chelsea player a few years ago.

Oil's latest spike came after the Organization of Petroleum Exporting Countries, which pumps 40% of the world's oil, estimated in its July report released on Thursday that it will be producing about 560,000 barrels per day more than needed by next year, no thanks to the continued surge in US shale oil output. The contract closed at the highest level since May 22 on Wednesday. "The overall situation points to further rising oil prices in the short term", a report by Commerzbank AG said.

Brent crude futures were up $1.82 at $65.98, but below a session high of $66.00. The global benchmark crude traded at a US$6.58 premium to WTI for the same month.

"The break above US$60 is likely to attract some additional short-term momentum, but if the storm passes in the Gulf of Mexico we could see that fade away as the focus returns to demand worries", said Ole Sloth Hansen, head of commodity strategy at Saxo Bank A/S in Copenhagen. Royal Dutch Shell Plc and BP have also evacuated workers. A day after Iran warned Britain would face "consequences" over the seizure of an Iranian oil tanker, three Iranian vessels tried to block passage of a British ship run by BP through the Strait of Hormuz, the British government said.

The Energy Info Administration reported Wednesday that US indecent stockpiles fell by 9.5 million barrels closing week to the bottom in almost three months.

At current OPEC output levels of 30 million bpd, the IEA predicted that global oil stocks could rise by 136 million barrels by the end of the first quarter of 2020.

Recommended

New Orleans Braces as Storm Barry Nears New Orleans Braces as Storm Barry Nears It was expected to make landfall along the Louisiana coast - near Morgan City - on Friday night or early Saturday. New Orleans' network of drainage pumps, underground pipes and canals were overwhelmed earlier this week by rain.

Trump Confirms Immigration Raids Set For The Weekend Trump Confirms Immigration Raids Set For The Weekend Pelosi said at her weekly press conference . "These families are hardworking members of our communities and our country". Plans for the raids in June drew widespread scorn among immigration rights advocates and mayors in the impacted cities.

Get your Instagram ready: Starbucks launches Tie-Dye Frappuchino Get your Instagram ready: Starbucks launches Tie-Dye Frappuchino While Starbucks aimed for a "tropical fruit flavor", one baristas described it as tasting more like "banana Laffy Taffy." The Tie-Dye Frappuccino is a citrusy orange flavour drink topped with creamy vanilla whipped cream - it's tie-dye for.

Manchester United won’t miss Romelu Lukaku with the options they have Manchester United won’t miss Romelu Lukaku with the options they have Sky Sports News reporter Solhekol has now confirmed that Manchester United are still working on a potential deal for the England worldwide .

China imports from U.S. plunge in June amid tariff war China imports from U.S. plunge in June amid tariff war China's trade with the United States plunged last month as a tariff war battered exporters on both sides of the Pacific Ocean. That left China with a trade surplus of $50.98bn last month, compared with a $41.66bn surplus in May.

Ford, Volkswagen to deepen alliance on self-driving, electric vehicles Ford, Volkswagen to deepen alliance on self-driving, electric vehicles VW, meanwhile, has been working on MEB since 2016 and expects to build 15 million cars using the platform in the next decade. The Ford-VW alliance vaults Argo into one of the highest-valued autonomous vehicle development companies in the world.

Samsung Galaxy Watch Active 2 official render surfaces Samsung Galaxy Watch Active 2 official render surfaces Samsung might have chosen which day to launch its Galaxy Note 10 , according to a new report. But what it didn't confirm was whether the device will have a headphone jack or not.

Listen to Ed Sheeran collaborate with Amazon's Alexa Listen to Ed Sheeran collaborate with Amazon's Alexa The song comes from Sheeran's new album No.6 Collaborations Project, which he released in the early hours of this morning. The Sun reported the pair Wednesday before Christmas in front of about 40 friends and family in Suffolk, England.

Wimbledon: Simona Halep makes maiden final, Serena Williams fighting to join her Wimbledon: Simona Halep makes maiden final, Serena Williams fighting to join her Williams, 37, made the comments following her semifinal victory against Barbora Strycova Thursday at the All-England Club. The younger American, who prefers grass, brought her A-game against the veteran to force a tight and tense three-setter.

Executive Order on Advancing American Kidney Health Executive Order on Advancing American Kidney Health Amit Tevar, a transplant surgeon at the University of Pittsburgh Medical Center, who praised the administration's initiatives. The changes won't happen overnight - some of the initiatives will require new government regulations.

Liverpool kids shine in pre-season opener, leaving Klopp happy Liverpool kids shine in pre-season opener, leaving Klopp happy Asked if the season ahead could be a breakthrough year for Brewster at senior level, Klopp added: "One hundred per cent, but it depends on him as well".

SAfrica World Cup winner James Small dies SAfrica World Cup winner James Small dies He scored 20 tries, the last of which at the time broke South Africa's Test record previously set by Danie Gerber. Small, the so-called bad boy of rugby, made his Test debut for the Springboks in 1992 against New Zealand.

US Coast guardsmen jump onto homemade submarine filled with cocaine US Coast guardsmen jump onto homemade submarine filled with cocaine Members of the guard then jump on the submarine-like boat, eventually forcing the top open to reveal the smugglers inside. Boarders have one to two minutes to assess whether they are on a drug-laced vessel about to sink, Brickey said.

Hayabusa2 Spacecraft Successfully Lands on Ryugu Asteroid Hayabusa2 Spacecraft Successfully Lands on Ryugu Asteroid The samples will re-enter the atmosphere and parachute down to the ground, somewhere in the Australian outback. The complex multi-year mission also involved sending rovers and robots down to the surface.

Antoine Griezmann FINALLY completes £108m move to Barcelona Antoine Griezmann FINALLY completes £108m move to Barcelona Griezmann's signing is expected to end speculation of Neymar making a sensational return to Barcelona this summer. Griezmann departs Atletico , having scored 133 goals in 257 appearances during his five-year spell at the club.