• Home
  • About Team
  • Advertise with us
  • Privacy Policy

  • Markets
  • Culture&Arts
  • Sci-tech
  • Sport
  • People
  • Medicine
  • U.S.

Crude oil futures decline on overseas leads

  • by Claude Bryan
  • in Markets
  • — Nov 3, 2018
Share:

In fact, there is talk that the USA is going to grant waivers to some buyers of Iran crude as many countries need oil to build up products ahead of winter and the United States is hard pressed to find alternative supply, as product demand was just off a record high for this time of year as total products supplied over the last four-week period averaged 20.6 million barrels per day, up by 5.4% from the same period last year.

"There are two downward pressures on global oil demand growth".

"This surge has driven the market into oversupply", Jefferies said.

On the other hand, media reports are suggesting that eight countries will be granted waivers for Iran oil imports, which implies the potential for upside oil supply in the market versus expectations, Alan Gelder of Wood Mackenzie separately told CNBC.

USA supply surged by 2.1 million barrels from August 2017, the largest recorded increase in data going back to 1920, according to EIA. The world's speculators- many of them energy experts- seem aggressively bearish on crude.

The Organization of the Petroleum Exporting Countries boosted oil production in October to 33.31 million bpd, up 390,000 bpd and the highest by OPEC since 2016.

Investors are concerned about the prospects for oil supply when new USA sanctions are implemented against Iran on Monday.

IS claims deadly blast targeting Afghanistan's election commission
The suicide bomber was shot by the security forces but that could not prevent him from detonating, said Mujahid. Kandaharians will cast their votes in 173 polling stations across the province.

Plus, it isn't clear how easily - or quickly Iran's crude-oil output can be replaced.

Both Russia and the largely-Arab bloc have worked together for two years in order to stem the 2014-2016 decline in prices and more recently, to force them higher.

Petoro AS, the company that manages the Norwegian government's massive stake in the country's oil and gas fields, warned that the industry's costs could be rising for the first time since crude's collapse in 2014. This is the first time that monthly USA production levels surpassed 11 million b/d. For example, should the world lose Iran's 2.7 million barrels per day, OPEC may not be able to fill the gap.

Monthly crude oil production reached a record high in several states.

"We double down on our Brent crude trade adding a further 137 lots at $72.80, as we hold a strong conviction towards higher prices given the asymmetric risk profile generated from Iranian sanctions in the coming months", says Bart Melek, head of commodity strategy at TD Securities.

Reports said the White House was drafting a trade agreement to be taken up with Beijing during US President Donald Trump and China President Xi Jinping's meeting on the sidelines of the G20 Summit at the end of this month.

Share:

IN CASE YOU MISSED IT

  • Hulk Hogan Kicks Off WWE Crown Jewel As Host (Pics, Video)
  • Pompeo And Mnuchin Reimpose Iran Sanctions Lifted Under 2015 Nuke Deal
  • Khashoggi's son shakes hands with Saudi royal blamed for father's death
  • YOU MAY ALSO LIKE...

    • US strikes Iranian-backed militia targets in Syria: Pentagon 2/26/2021
    • 3 dead in shooting at gun store in New Orleans 2/21/2021
    • Why Facebook Blocked Australian News Sites 2/20/2021
    • Trump breaks post-impeachment trial silence to lash out at Mitch McConnell 2/19/2021
    • China in Focus (Feb. 18): Trump Dismayed by Biden's China Policy 2/19/2021
    • COVID-19: What you need to know for February 16 2/18/2021
    • US Life Expectancy Drops By One Year 2/18/2021
    • Facebook Pages Of Splendour, Falls & More Festivals Have Now Been Wiped 2/18/2021
    • Conservative radio host Rush Limbaugh dies after battle with lung cancer 2/18/2021
    • Winter Storm Watch Issued for Schuylkill County 2/18/2021

RELATED NEWS

Hillary Clinton Roasts Interviewer For Confusing Black Democrats
"Well, I'd like to be president ", Clinton explained, to the audience's enjoyment. "We will have a lot of work", said Clinton . They have no idea what the United States stands for, what we're likely to do, what we think is important.
11/02/2018

Actor Alec Baldwin arrested in NY
An ABC spokeswoman had no comment about Baldwin's arrest , other than to say his talk show will air Sunday night as scheduled. Last year, the actor bought another apartment on the building's 12th floor, shelling out 1.3 million dollars.
11/02/2018

China bus crash caused by fight between passenger and driver
Police say a brawl between a passenger and a bus driver was the cause of a bus plunging off a bridge in southwestern China . He then seemed to steer heavily to the left when trying to regain control, sending the bus out of control.
11/02/2018

Nintendo second-quarter profit rises 30 percent, misses estimates
Traditionally, the final quarter of the calendar year accounts for a large portion of video game and video game hardware sales . In these six months, Nintendo sold 5.07 million Switch consoles, which is up 3.7% compared to the same period past year .
10/31/2018

Two Saudi sisters found dead, tied together in NY
According to the New York Post , NYPD Chief of Detectives Dermot Shea said on October 25, "They were not in the water that long". The lack of obvious trauma appeared to rule out a theory they may have jumped into the river from the George Washington Bridge.
10/31/2018

India’s Statue of Unity is unveiled and Arun Jaitley’s new problem
Farmers in the state of Gujarat were reportedly bemused that millions of dollars were spent on the flagship project. The proposed Chhatrapati Shivaji Memorial, expected to be wrapped up in 2021, will stand at 212 metres.
10/31/2018

Government Plans £400m Tax Raid on Tech Giants
Almost half of the reforms will only affect the most well-off 10 per cent as tax changes become "even more regressive". Mr Mackay told MSPs he would set out his intentions in the draft Scottish Budget on December 12.
10/31/2018

The Patriots are reportedly interested in trading for a wide receiver
He has started all eight games for the 3-5 Broncos this season, recording 36 receptions for 402 yards and three touchdowns. The Broncos shipped their longest-tenured player to the Houston Texans , just hours before the trade deadline.
10/31/2018

Harry and Meghan wrap in Rotorua
The Royal tour has been a mammoth 16-day trip to Australia , Fiji , Tonga and New Zealand involving 76 different engagements. Meghan Markle was left open-mouthed in shock when she bumped into a fan she had previously spoken to on Instagram .
10/31/2018

Pakistan overturns Christian woman’s blasphemy death sentence
Critics of the blasphemy law have said it is used to settle personal scores or to attack minority communities. A trial court sentenced Bibi to death on complaints that she had insulted Islam and the prophet Muhammad.
10/31/2018

IBM Acquires Red Hat for $34B
Those projects included developing Linux for the enterprise and more recently, on hybrid cloud infrastructure. Wall Street types are likely to worry about the premium and IBM's ability to grow even with Red Hat.
10/29/2018

What Angela Merkel’s Decision Not to Run Again as Party Leader Means
Crucially, they raise her chance of getting re-elected as party leader at the CDU's convention in December. Just two weeks earlier, Merkel's conservative CSU sister party suffered a similar drubbing in Bavaria.
10/29/2018

Justin Rose targets title defence after near-miss at WGC
Reed opened with a pair of quick birdies in a swirling wind that came out of the opposite direction of the first round. This was Finau's first tournament of the season and like a year ago , he went home with a second-place finish.
10/29/2018

Lion Air crash plane had problems on previous flight
A telegram from the National Search and Rescue Agency to the air force has requested assistance with the search. Lion Air said that the aircraft was a passenger plane en route to a domestic location.
10/29/2018

Pogba to consider changing penalty approach after Pickford save
Yes, we are good friends. 'Obviously in the Premier League every team has quality to hurt you, so we knew they would try to score. Mourinho said: "The thing I like is the desire to take it". "He can think what he wants, I'm sorry".
10/29/2018

    • Top picks

      • Novavax vaccine has reduced efficacy against virus variant2/01/2021
      • Remember the Tesla Roadster? Well, production just got pushed to 20222/01/2021
      • GM to aim for zero tailpipe emissions by 20351/30/2021
      • China's economy set to grow 8.1% in 20211/29/2021
    • Weekly News

      • Petrol, diesel prices touch all-time highs1/26/2021
      • Australia Greenlights Pfizer's COVID-19 Vaccine - Medical Regulator1/25/2021
      • USA to renew travel restrictions on EU, Britain, Brazil1/25/2021
      • Mega Millions numbers: Single ticket in MI wins huge $1 billon jackpot1/24/2021
    • Latest News

      • Dubai princess says fears for life as held 'hostage'2/17/2021
      • Trump impeachment trial: Biden warns democracy is fragile2/16/2021
      • UK records another 10,972 coronavirus cases as 15 million vaccinated2/16/2021
      • " "Exxon will create a " low carbon " business unit2/04/2021
    • Home
    • About Team
    • Advertise with us
    • Privacy Policy

    Saturday 27 February 2021

    © 2021 . ALL RIGHTS RESERVED.