Chinese Unipec suspends USA oil imports amid growing trade row
Chinese Unipec suspends USA oil imports amid growing trade row
Oil rallies as Iran sanctions kick in
10 August, 2018, 14:44
"There is room for [prices in] the crude market to soften a bit more", says John Woods of JJ Woods Associates, adding that inventories could rise further as refineries head toward maintenance season after the summer driving season. It shipped out nearly 3 million barrels per day of crude in September, equivalent to about 3% of global demand. China has proposed to impose retaliatory tariffs on $60 billion worth of USA goods, including Liquefied Natural Gas (LNG), fueling speculation that it could also impose tariffs on oil.
On the 4 hour chart, crude oil is crossing above a solid resistance level of $69.45.
The U.S. has restored sanctions against Iran as as President Donald Trump reaffirmed plans to impose more penalties on the country's oil sales in November.
"Another factor to consider is that trade tensions might escalate and lead to slower economic growth, and in turn lower oil demand", the IEA said, referring to a trade dispute between the United States and China. On one hand, fears of an all-out trade war provides resistance for the price to move higher.
The August total is also likely to be just above the 9.65 million barrels imported over the first seven months, showing the scale of acceleration in India's imports of US crude.
N.Y. Rep. Chris Collins arrested on insider trading charges While Collins bought the stocks before a crash, Culberson bought at a peak price in January 2017, the Houston Chronicle reported . Indeed, Collins lost $17 million when the company's stock pice dipped down to five cents, according to reports from last June .
The market appeared to move past the renewal of US sanctions against Iran, the world's fifth largest oil producer, which underpinned crude futures in the previous session.
But U.S. bank JPMorgan said a warmer-than-usual fourth quarter could stem from a potential El Niño weather pattern that "can cause droughts, flooding and other natural disasters across the globe, including heatwaves in the U.S. that affect commodities". Iran is the third-largest producer in oil cartel Opec. "The reports that Saudi Arabia's production actually dropped in July continue to provide support for the market".
"I think the market will need to see the evidence gathering on the loss of Iranian barrels following the re-imposition of USA sanctions before it moves up, and I expect it should become very apparent by the end of this month", Tchilinguirian said.
Oil prices rose on Tuesday with re-introduced US sanctions against major crude exporter Iran expected to tighten global supply.
Meanwhile, EIA reported surprising build of 2.9 million barrels of gasoline while the market's expectation was 1.1 million barrels of draw. Nationwide inventories in the United States probably fell 3 million barrels last week, according to a Bloomberg survey of analysts before government data due on Wednesday.
Saudi Arabia is producing around 10.4 million bpd and could in theory raise output to above 12 million bpd.
Saudi Arabia has invested about $6 billion in Canadian businesses since 2006, data compiled by Bloomberg show. The dispute looks set to damage what is a modest bilateral trade relationship worth almost $4 billion a year.
For more than a decade Seagal, who according to his own website is 66, has been a regular visitor to Russian Federation . Seagal's grandmother was born in Vladivostok, Russia, and the two men share a passion for martial arts.
But she said she was under the impression that Mr Manafort had been directing his deputies' actions and "knew what was going on". Similar to prior witnesses, Laporta testified that Gates and Manafort were in lockstep but that Manafort was in charge.
The European Union has sought to salvage the nuclear deal and provide legal cover for its companies to continue operating in Iran. In a statement on Monday just hours before the sanctions went back into force, Trump said: "The Iranian regime faces a choice".
Interior Minister Reverol said six "terrorists and hired killers" had been arrested, several vehicles seized and hotels raided. Maduro, though, blamed neighboring Colombia: "I have no doubt that the name Juan Manuel Santos is behind this attack".
In a series of tweets , the Saudi foreign ministry said it was expelling the USA ambassador and recalling its own envoy in Canada. Al-Saadah was among the first women to run for office in Saudi Arabia in 2015 as part of a campaign for women's political rights.
England have yet to decide whether Chris Woakes, a fellow pace-bowling all-rounder, or off-spinner Moeen Ali will replace Stokes. Play was scheduled to start at 11:00 BST, but steady rain kept the covers on the pitch and prevented the toss at 10:30.
Police say the body of a baby boy was found in the water near the Brooklyn Bridge in Manhattan Sunday afternoon. Miller says another tourist, who was a doctor, went into the river and began performing CPR on the child.
He has already snubbed interest from Everton as he is reluctant to move north again, after a failed stint with Manchester United. Wilfried Zaha is set to stay at Crystal Palace this summer, despite interest of the big teams in the Premier League .
Barely a third of it is under control, according to the California Department of Forestry and Fire Protection . That fire, which is now 43% contained, has destroyed more than 1,000 homes and burned over 160,000 acres.
A regional party leader becoming indispensable in the national political sphere was something remarkable, said Senthilnathan. In 2004 Lok Sabha polls, DMK floated a rainbow alliance with Congress and won all the 40 seats in Tamil Nadu and Puducherry.
Both shows were wildly successful between the late '70s and mid-'80s - but they were just a small slice of her long career. Rae is survived by her sister , her son, and several grandchildren and great-grandchildren.
Gates Says He Stole From Firm to Pay for Affair
The loan was actually income disguised to lower Manafort's taxes, he said, and then forgiven to help Manafort get a loan. Gates and Manafort were not targets of the Federal Bureau of Investigation at the time of the interview.
SpaceX Dragon cargo spaceship comes back to earth from ISS
Boeing's first Starliner crew will include former NASA astronaut Chris Ferguson , who commanded the last shuttle flight in 2011. Williams has spent 322 days aboard the International Space Station since becoming an astronaut in 1998.
Trump touts effectiveness of tariffs in string of tweets
An all-out trade war could overshadow Trump's otherwise solid economic record of low unemployment and stimulus-fueled growth. China has already retaliated against some of these measures. "We are using them to negotiate fair trade deals", Trump said.
Trump appears to change story on meeting with Russian lawyer
They can also cause War!' So today's breathless headlines are, as the Powerline blog's Paul Mirengoff called them , "fake news". It is, however, against the law for United States campaigns to receive donations or items of value from foreigners.
Bayern beat Man United in final pre-season test
Mourinho started off by claiming that our CEO knows what we want and that the club still has a few days to see how things pan out. Asked why he needed to strengthen, the manager added: "The other clubs that compete...
Everton on brink of signing Yerry Mina from Barcelona
It is said Mina will sign a five-year deal with the Merseyside giants with negotations between both parties sorted swiftly. Everton has now completed their third major signing of the season having already captured Richarlison and Lucas Digne.