Oil up; traders cite industry report of crude build at Cushing
Oil up; traders cite industry report of crude build at Cushing
Oil Ticks Up to End a Volatile Week
06 August, 2018, 02:17
On Friday, the U.S. Department of Labor reported total non-farm payrolls increased 157,000 in July, lower than the net average gain of 203,000 over the last 12 months.
Brent crude futures were at $73.15 per barrel, down 30 cents from their last close.
Saudi Arabia, Russia, Kuwait and the United Arab Emirates (UAE) have increased production to help compensate for an anticipated shortfall in Iranian crude supplies when planned U.S. sanctions take effect later this year.
USA stockpiles have been in the spotlight because they rose unexpectedly last week, stoking fears that the market is becoming oversupplied.
It was gathered that the Arabic nation's production increased by 230,000 barrels daily in July to 10.65 million barrels per day.
The West Texas Intermediate (WTI) for September delivery lost 1.10 US dollars to settle at 67.66 dollars a barrel on the New York Mercantile Exchange, while Brent crude for October delivery erased 1.82 dollars to close at 72.39 dollars a barrel on the London ICE Futures Exchange.
Oil prices were on the downward trajectory on Tuesday even though Chief Executive Officer, BP, Bob Dudley, said he saw a series of supply-side issues that would be supportive in the short-term, according UPN.
"Oil is holding up reasonably well ..."
Arsenal midfielder Alex Iwobi signs new long-term contract
Iwobi recently revealed that he had been about to leave the club thrice, but new manager Unai Emery seems to believe in him too. His willingness to ask for the ball and make progressive runs and passes has boded well with the system they are playing in.
Suspected West Nile fever case in Kerala’s Kozhikode
Symptoms can include muscle aches, headache and fever. "Get rid of even small amounts of standing water around your home". There have been 33 fatal cases of West Nile in Pennsylvania since the DEP first started monitoring the virus in 2000.
Trump thanks North Korea for returning remains of USA war dead
But many experts say those are neither irrevocable nor serious steps that could show the country is honest about denuclearisation. Trump asserted last week that his administration's plan to dismantle North Korea's nuclear weapons is "going very well".
Russian oil output rose by 150,000 barrels per day (bpd) in July from a month earlier, to 11.21 million bpd, energy ministry data showed on Thursday. "A lot of this is the risk premium priced in for Iran and when do we start seeing an impact on supply there", ING commodities strategist Warren Patterson said.
Overall US crude oil inventories actually rose by 3.8-million barrels last week to 408.74-million barrels, the EIA data showed.
"South Korean refiners are turning to US crude because of Iran sanctions".
Worries about the possible loss of Iranian supply are being somewhat offset by concerns that global trade tensions could slow economic growth and crimp energy demand.
The price jump earlier this summer had come about in large part because of President Donald Trump 's decision to pull the USA out of an global agreement to curb Iran's nuclear program.
China said it would hit back if the United States takes further steps hindering trade, as the Trump administration considers slapping a 25 percent tariff on $200 billion worth of Chinese goods.
Price differentials for the medium-sour Mars grade to Dubai quotes on arrival in North Asia have fallen to 50 cents to $1 a barrel, down from indications of $1-$1.50 at the start of July, partly as China avoided USA crude due to potential import tariffs. Senior Iranian officials have warned the country would not easily yield to a renewed US campaign to strangle Iran's vital oil exports.
Despite many company executives complaining that they can not find workers to fill open positions, wage growth remains sluggish. Strong demand from consumers and businesses sharply reduced the stockpiles of goods held on many store shelves and warehouses.
And I got an opportunity to see them and learn about them and they got an opportunity to learn about me and we became friends. The focus now switches to how the four-time MVP will respond , if he responds at all, to the President's petty insult.
The minutes explained that Brexit is still one of the most important considerations for the bank's rate-setting committee. The central bank hiked interest rates by 25 basis points to 6.5 per cent, in the second such hike in three months.
Depending on when the Chinese government approves the "toned down" Google, the app could launch anytime in the next 6-9 months. Brin has stepped back from day-to-day operations and the internet giant is now run by Chief Executive Officer Sundar Pichai .
But he insists there was no issue and Sarri remains confident Willian will be at Stamford Bridge when the transfer window closes. Luiz was signed for £10m from Vasco Da Gama 12 months ago and spent last season on loan at Spanish side Girona.
Neighbouring wildfires have had similar effects to the Carr fire , evacuating people from the locality and destroying properties. The fire is progressing into the town of Lewiston, Cal Fire spokesman Gabe Lauderdale said in a press video Wednesday morning.
Perez was hunted down and killed by Venezuelan forces. "We showed that they are vulnerable", the group said in a tweet. Maduro has steadily moved to concentrate power as the nation reels from a crippling economic crisis.
Amazon , Microsoft and Alphabet are in a tight race to become the second USA company to reach the $1 trillion milestone. Much of Apple's success is due to the iPhone, which remains the company's most popular product by a significant margin.
Davutoğlu said the USA decision is a risky move and "incompatible with the most simple diplomatic courtesy and mutual respect". Turkish Foreign Minister Mevlut Cavusoglu said he and Pompeo agreed to move forward with diplomatic negotiations.
A first round of tariffs came into effect on 6 July, when the U.S. imposed 25% taxes on $34bn of Chinese imports . Tsinghua University economist Yuan Gangming said the measures China had taken were reasonable.
Motorola Moto Z3 Unveils
The Moto Z3 , as said is an updated version of the Z3 Play, henceforth accompanies a superior equipment and camera setup. The Moto Z3 packs Qualcomm Snapdragon 835 chipset coupling up with a 4GB of RAM and 64GB of internal storage .
Portugal and Spain brace for record-breaking temperatures
If temperatures continue to climb this weekend, the record for the highest temperature ever recorded in Europe will be broken. Ladbrokes also cut odds on August highs beating Britain's 38.5C (101.3F) record, set on August 10, 2003, at Brogdale, Kent.
Switzerland: Twenty dead in WW2 plane crash
Daniel Knech of the Swiss safety investigation service SESE said the crew did not have time to send out a distress signal. Police said the aircraft crashed into the mountain's western flank about 2,540 meters (8,330 feet) above sea level.
Is Zidane Really Going To Replace Mourinho At Old Trafford?
Brown continued: "This season, especially after the World Cup that he's had, he's going to start expressing himself a lot more". A number of potential swap deals between Manchester United and Bayern Munich are being reported today by the football press.
Ohio's back-to-school tax holiday starts Friday
She adds taxes can be avoided on layaway items, as long as transactions take place this weekend. Ohio's sales tax holiday will begin Friday August 3rd and will last through Sunday, the 5th.
Dispute over 3D-printed guns raises legal issues
Trump had tweeted earlier that he was looking into the issue, adding, "Already spoke to NRA, doesn't seem to make much sense! ". Gun access advocacy group Defense Distributed was due to put downloadable gun blueprints online on Wednesday.
Apple is the first $1 trillion company in history
Stock buybacks reduce the number of shares a company has on the open market, driving up the price of the remaining shares. The chart below shows the value over time of a $1,000 investment in Apple made at its December 12, 1980 closing price.