Oil near US$74 amid Trump tweets, forecast drop in U.S. stockpile

Oil near US$74 amid Trump tweets, forecast drop in U.S. stockpile

"Increased Saudi crude availability that is being enhanced by reduced OSPs (official selling prices) into Europe and other regions is providing a strong counter against curtailed Libyan export activities", Ritterbusch wrote.

"The OPEC monopoly must remember that gas prices are up and they are doing little to help..."

US crude futures slipped on Thursday after data showed an unexpected 1.3 million-barrel build in crude inventories.

US crude futures were down 58 cents at $73.56 per barrel by 12:00 p.m. EDT (1600 GMT), still in sight of Tuesday's 3-1/2-year high above $75.

The recent strength in oil prices has in part been spurred by a USA announcement that it plans to reintroduce sanctions against Iran, OPEC's third-largest producer, from November, targeting oil exports.

NAB said its oil price forecasts "point to Brent spending the next few months largely in the mid-to-high $70s (per barrel) range, although meaningful OPEC-Russia output increases could push prices lower later in the year and higher U.S. shale production should impose an upside limit on WTI".

Trump has lashed out at OPEC producers to reduce prices, making a claim - later backtracked by the White House - in a tweet on Saturday that Saudi Arabia had agreed to increase oil output by up to 2 million barrels. This must be a two way street.

Читайте также: EPA administrator Scott Pruitt resigns amid scandal

That may reduce the pressure on Saudi Arabia to keep oil prices high, said John Kilduff, partner at energy hedge fund Again Capital LLC in NY.

The U.S. bank warned that supply threats were "threatening a sharp further rise in prices and global economic growth".

Iran's Oil Minister Bijan Zanganeh talks to journalists at the beginning of an OPEC meeting in Vienna, Austria, June 22, 2018.

Oil Industry experts believe Opec's biggest member can raise output by about 1 million bpd to 11 million bpd and even that would be a tall order in the short term.

USA production remained steady at 10.9 million bpd for a third week in a row. "Because the oil market is already in tight supply due to the numerous outages, this would drive worldwide prices (Brent) further up", Commerzbank said in a note.

USA tariffs on $34 billion in Chinese imports took effect as a deadline passed on Friday and Beijing has vowed to respond in kind.

The oil minister also said that Iran, which is Opec's third-largest producer, has not changed its oil production and exports amid growing USA pressure.

При любом использовании материалов сайта и дочерних проектов, гиперссылка на обязательна.
«» 2007 - 2019 Copyright.
Автоматизированное извлечение информации сайта запрещено.

Код для вставки в блог

Related news:

Hot News

isis-killer-beheading-video-story-top Trump and USA delegation to bring up election meddling with Putin
Июл 08, 2018 - 01:18
Trump hasn't ruled out recognizing Russia's seizure of Crimea and suggested the USA has too many troops in Germany. But Hutchinson, and the US ambassador to Russia Jon Huntsman , gave upbeat assessments of the upcoming meetings.

isis-killer-beheading-video-story-top Ex-UCLA Star, NBA Player Tyler Honeycutt Killed After Shootout With LAPD
Июл 08, 2018 - 00:44
In 2013 he left the United States to play for Israeli team Ironi Nes Ziona, followed by BC Khimki in 2014. Authorities received a phone call from the man's mother, who said her son was acting erratically.

isis-killer-beheading-video-story-top Federer, Serena in Wimbledon masterclass as Wozniacki crashes
Июл 08, 2018 - 00:23
Milos Raonic slammed 34 aces as the 2016 Wimbledon finalist won 7-6 (4), 7-6 (4), 7-6 (4) against Australia's John Millman . Canadian Raonic won the match 7-6 (7-4), 7-6 (7-4), 7-6 (7-4) and he will play qualifier Dennis Novak next.

isis-killer-beheading-video-story-top U.S. Imposes Tariff On Chinese Imports; Beijing Fires Back
Июл 08, 2018 - 00:20
"There are no winners in a trade war ", said William Zarit, chairman of the American Chamber of Commerce in China . Washington has "ignited the biggest trade war in economic history ", said a Commerce Ministry statement .

isis-killer-beheading-video-story-top Britain, Russia Clash Over New Nerve-Agent Poisoning Case
Июл 08, 2018 - 00:08
Police said, "We are not in a position to say whether the nerve agent was from the same batch that the Skripals were exposed to". The latest victims of the poison were named by their friend Sam Hobson, 29, as Charlie Rowley and Dawn Sturgess .

isis-killer-beheading-video-story-top United States 'firing at itself' with trade measures: China
Июл 06, 2018 - 18:54
Li further added that he and workers at his factory are "not so worried" because they have a price advantage over competitors. But then wages rise, making exports more expensive, and the country gets stuck in what's known as the "middle income trap".

isis-killer-beheading-video-story-top Kimi Raikkonen previews the Silverstone Grand Prix
Июл 06, 2018 - 18:52
Mercedes endured its worst result since 2016 when Hamilton's teammate Valtteri Bottas also failed to finish in the Austrian GP. Chief strategist James Vowles acknowledged the blunder, telling Hamilton that it was his mistake.

isis-killer-beheading-video-story-top Who will Donald Trump pick to serve on the U.S
Июл 06, 2018 - 18:47
He likes to work in a converted barn office overlooking Lake Huron, with a wood stove and no Internet, when he writes opinions. Barrett , 46, was confirmed by the Senate to a lifetime appointment on the 7th Circuit Court of Appeals this past October.

isis-killer-beheading-video-story-top Protesters sing and chant outside of President Trump rally in Great Falls
Июл 06, 2018 - 18:41
The Tester campaign also planned a statewide radio ad campaign to run through the weekend touting his bills that Trump has signed. The visit comes less than two weeks after his eldest son, Donald Trump Jr ., campaigned for Rosendale in the city of Billings.

isis-killer-beheading-video-story-top Jordan Henderson 'forever' in Jordan Pickford's debt
Июл 05, 2018 - 02:11
The Daily Mirror hailed: "Justice as Lions win do-or-Dier shootout" following the 4-3 win on spot-kicks in Moscow. We've ticked one of the boxes so far.

isis-killer-beheading-video-story-top Samsung Galaxy S10 may feature a 6.44-inch display
Июл 05, 2018 - 02:01
The stock Android fans will choose the OnePlus 3T over Samsung's Galaxy A7, but the latter runs on Samsung's heavy TouchWiz UI. The Galaxy Note 8 retailed for $929 when it was launched; it's highly unlikely that Note 9 will be cheaper.

isis-killer-beheading-video-story-top Celebrate America at these fun 4th of July events
Июл 05, 2018 - 01:46
Make sure your pets are wearing identification tags so if they do become lost, they can be returned promptly. People wishing to set off fireworks on New Year's Eve can set off fireworks from 10 a.m. - 1 a.m.

isis-killer-beheading-video-story-top Matuidi: Ronaldo To Juventus Would Be "Just Great"
Июл 05, 2018 - 01:26
Juventus have been a dominant force in Italy for some time now. " Real Madrid has made no offer of any kind to PSG or the player". Some reports are suggesting the Spanish giants have already accepted a €100 million (A$158 million) offer from Juve for Ronaldo.

isis-killer-beheading-video-story-top Finch takes ownership for not breaking into Test arena
Июл 04, 2018 - 09:34
Four overs later, his 15th four took Australia's score to 200, and Finch then moved beyond 150 with a swipe to deep midwicket. It's coming on the bat quite nicely. "The wicket's very good as we know the ball travels here", he said following the knock.

isis-killer-beheading-video-story-top Trump spoke with three Supreme Court candidates
Июл 04, 2018 - 08:51
And if the votes result in a tie, Vice President Pence will hold the tie-breaking vote-and his anti-abortion stance is well-known. Cory Booker saying there should be no nominee until after Robert Mueller ends his Russian Federation probe.