Oil prices seesaw as United States trade dispute with China rattles market
11 April, 2018, 12:39 | Author: Martin Tyler
Both have erased their losses from last week, when concerns over a possible trade war between the two largest economies contributed to declines of more than 4 percent.
Oil markets stabilised on Monday after slumping around 2 percent last Friday on concerns over an intensifying trade dispute between the United States and China, as well as increased US drilling activity.
But future USA involvement in the Middle East could interrupt crude supply chains and make it hard for producers to ship overseas, sparking a bid for oil on Tuesday.
In physical oil markets, OPEC's number two producer Iraq said on Monday that it is keeping prices for its crude supplies in May steady.
US West Texas Intermediate (WTI) crude futures for the May contract edged higher by 1.2 percent to $64.22 per barrel, while global benchmark Brent futures for June delivery climbed by 1.2 percent to $69.53 per barrel.
Brent crude futures LCOc1 fell to $70.80 per barrel at 0702 GMT, down 23 cents, or 0.3 percent, from their last close.
There are also concerns that the United States could renew sanctions against Iran, a major Middle East oil producer.
U.S. WTI crude futures were up 25 cents at $62.31 a barrel.
"Oil prices have been susceptible to the brewing trade tensions between China and the US ..."
Investors looked forward to data on USA crude inventories and Organisation of Petroleum Exporting Countries (OPEC) production levels.
Hungarians head to polls in parliamentary elections That was the highest turnout figure at that time since at least 1998. "From here I will go and take part in mobilizing voters". Orban is expected to continue his economic policies, with income tax cuts and incentives to boost growth, analysts have said.
Oil markets have been supported by healthy demand and supply cuts led by the Organization of the Petroleum Exporting Countries.
Official data from the Energy Information Administration will be released today, amid forecasts for an oil-stock gain of around 0.2 million barrels.
However, soaring United States crude production C-OUT-T-EIA, which has jumped by a quarter since mid-2016 to 10.46 million barrels per day (bpd), is threatening to undermine OPEC's efforts to tighten the market and prop up prices. Analysts polled by S&P Global Platts expect the agency to report a weekly rise of 100,000 barrels in crude stockpiles, along with declines of 2 million barrels in gasoline and 1.2 million barrels in distillate supplies.
"Oil prices remain rangebound with WTI oil right in the middle of the $60-$65 per barrel range that has largely held since January of this year", said William O'Loughlin, investment analyst at Australia's Rivkin Securities.
Car drives into crowd in Germany, several dead Earlier, the Interior Ministry said four people had died, but officials have since revised the total number of dead down to three. She added "everything conceivable is being done to investigate the crime and support the victims and their relatives".
Arizona, which unlike OR shares a border with Mexico, has long sought to address the adverse effects of illegal immigration. Bush ordered the deployment of some 6,000 members of the National Guard , and Barack Obama assigned 1,200 members in 2010.
Buy rating has been given by 0 analysts to the company stock whereas 0 given UNDERPERFORM rating to stock and 0 given HOLD rating. It turned negative, as 67 investors sold T shares while 714 reduced holdings. 134 funds amassed stakes and 676 increased stakes.
He cleared 154 kg in snatch before creating a new Commonwealth and CWG record by lifting 216 kg in the clean and jerk . Earlier in the day, weightlifter Punam Yadav won gold in the Women's 69kg weightlifting category.
The tech giant plans to hold a groundbreaking ceremony Monday at the 350-acre plant site along the Tennessee River in Bridgeport. Google also said its Jackson County data center will feature state-of-the-art energy efficiency.
He even delivered a skull-crushing final from the second rope but Balor delivered a Coup de Grace to make sure he didn't win. Well.it can be said that it was WWE's worst kept secret but then again, a WrestleMania moment, is a WrestleMania moment.
Thibaut Courtois has made a welcome return to the Chelsea side for a Premier League derby date with London rivals West Ham. "We did well in the first half apart from the goal which was really poor", Hart told Sky Sports .
"Police identified the man killed as Todd Brassner , 67, a resident of the building's 50th floor", CNN reported . Owners of older, residential high-rises are required to add the systems only when major renovations take place.
Choosing the metal workers union to take refuge, and not the Workers' Party headquarters, was also significant, said Santoro. He governed from 2003 to 2010, leaving office an worldwide celebrity and with approval ratings in the high 80s.
Nasim Najafi Aghdam , 39, shot three employees at YouTube headquarters in San Bruno, California before turning the gun on herself. It lists four YouTube channels for the woman - one in Farsi, one in Turkish, one in English and one devoted to hand art.
Ms Doody went missing in March this year and was later tracked to the Indian city of Patiala, where she lives with her boyfriend. Family and friends of the Harts told detectives the family traveled together and was rarely apart, the sheriff's office said.
Syria: Trump mulls pullout; IS attemps revival
A US withdrawal would create an Obama-style vacuum that would be filled by Iran, Hezbollah, Russia and the Assad regime. The further concern is the threat to other Trump administration goals, such as blunting Iran's influence in the region.
Man hospitalized after eating world's hottest chili pepper
Doctors say the case report should make other health care providers aware that RCVS can be brought on by eating chili peppers . Brain scans five weeks afterwards showed the man's arteries had returned to their normal width and the headaches had subsided.
Trade Tensions Weigh on Crude Prices
After the Easter break, oil prices started the week on a weaker note as geopolitical development exacerbated operational concerns. The API report also showed a build for gasoline for the week-ending March 30 of 1.123 million in gasoline stockpiles.