Oil rebounds from seven-month low as Saudis seek to stem slide

A U.S. dollar banknote featuring American founding father Benjamin Franklin and a China's yuan banknote featuring late Chinese chairman Mao Zedong are seen among U.S. and Chinese flags in this illustration

Elsewhere, data indicating a larger-than-expected drop in United States crude stocks offered some support to oil prices after several weeks of large draws on inventories.

The last time Brent crude futures fell below the $58 per barrel mark was in January.

The U.S. has put a series of tariffs on Chinese trade goods and China has responded by letting its currency drop, increasing uncertainty for businesses and exporters around the world.

This week, the EIA reduced its forecast US demand for crude and liquid fuels.

The 2019 budget, which was signed by President Muhammadu Buhari in May, was based on oil production of 2.3 million bpd (including condensates) with an oil benchmark price of $60 per barrel.

U.S. crude oil inventories had declined for seven consecutive weeks prior to last week's build but were still about 2% above the five-year average for this time of year, the U.S. Energy Information Administration (EIA) said.

A USA recession would decrease global demand. The buyer of the options would profit from a tighter supply and demand outlook for WTI at the end of the year, helping to push oil prices higher.

Get the Samsung Galaxy Note 10 wallpapers here
Moreover, they are in for a better and a bigger tomorrow and are looking forward to a long-lasting and an ever closer union. Like its rival Apple, Samsung removed the standard headphone jack, but included USB-C headphones in the box.

P&O Cruises cancels Dubai and Gulf voyages amid Iran tensions
"The Persian Gulf security relates to the countries of the region which have common interests, and not to the U.S. On August 6, Israel confirmed its readiness to join the coalition, added TASS.

Amid trade spat, South Korean President questions Japan's intentions
Moreover, these are meant to be multi-year agreements, and last year just happened to be when it was up for re-negotiation. Given the curbs in place, Japan's approval to export the three materials could take up to 90 days, slowing shipments.

"Saudi Arabia is committed to do whatever it takes to keep the market balanced next year", the official said.

Bounce capped by bearish US EIA Crude Stocks data, US-China trade worries.

Meanwhile, Saudi Arabia Energy Minister Khalid Al-Falih and U.S. Energy Secretary Rick Perry on Tuesday said both sides expressed concern over threats targeting freedom of maritime traffic in the Arabian Gulf as they met in Washington.

OPEC and its allies including Russian Federation, agreed in July to increase they provide cuts until March 2020 to spice up oil costs.

CNBC reported that Saudi Arabia plans to maintain its crude oil exports below 7 million barrels per day in August and September to bring the market back to balance and help absorb global oil inventories, a Saudi oil official said on August 7.

Friday's crude trading behaviour set a new standard for unpredictability in a sector renowned for being loopy to begin with: news from the International Energy Agency that oil demand growth was the lowest since the 2008 financial crisis caused prices not to plunge further, but to actually rise by over $1.

"We shouldn't underestimate the potential impact of a full-blown trade war between the world's two biggest economies", said Bart Melek, head of global commodity strategy at TD Securities. This week, we're going to see if expectations of OPEC production cuts will be enough to provide support.

Related news:

Hot News

isis-killer-beheading-video-story-top Sergio AGUERO misses penalty, retakes it, scores for Manchester City
Aug 11, 2019 - 00:45
Luckily for him, the London Stadium has been a happy hunting ground for City, who have won their four visits 5-0, 4-0 4-1 and 4-0. This will be the Irons' second season under Manuel Pellegrini , who will be looking to build on last seasons 10th place finish.

isis-killer-beheading-video-story-top British would be 'big losers' from no-deal Brexit, Juncker says
Aug 11, 2019 - 00:44
He claimed it would be an "anti-democratic abuse of power" if the drastic departure was forced through amid an election campaign.

isis-killer-beheading-video-story-top India's Kashmir move challenged in top court as curfew eased again
Aug 11, 2019 - 00:42
Pakistan rejected India's statement calling the deteriorating situation in occupied valley its "internal affair". Pakistan says it is considering a proposal to approach the International Court of Justice over India's action.

isis-killer-beheading-video-story-top Disgraced financier Epstein found dead in cell
Aug 11, 2019 - 00:31
Civil rights lawyer Lisa Bloom, who represents several alleged victims, called for Epstein's estate to be held for his accusers. Last month, he was placed on a suicide watch after he was found in the fetal position in his jail cell with marks on his neck.

isis-killer-beheading-video-story-top Apple announces developer iPhones with root access for security research
Aug 11, 2019 - 00:27
Apple will also give bug bounty participants " developer devices ", which are devices that let hackers dive deeper into iOS. Apple used the annual Black Hat security conference in Las Vegas on Thursday to make some changes to its bug bounty scheme.

isis-killer-beheading-video-story-top Turkey, US agree north Syria 'joint operation centre'
Aug 10, 2019 - 01:09
Turkey wants to clear the area of Syrian Kurds, whom it considers terrorists connected to a rebellious Kurdish movement in Turkey. United Nations spokesman Stephane Dujarric said Thursday the world body was aware of the discussions between the US and Turkey .

isis-killer-beheading-video-story-top Despite the trade dispute, China's exports rose 3.3% during July
Aug 10, 2019 - 01:01
While China has stepped in to stabilize the yuan in recent sessions, markets remain on edge in case of further weakness. But the figure for the first seven months of this year was up by around 4 percent, indicating a continuing imbalance.

isis-killer-beheading-video-story-top Huawei Has To Keep Waiting As White House Delays In Granting Licenses
Aug 10, 2019 - 00:46
US and Chinese trade representatives met on July 30 in Shanghai for two days of talks, described by both sides as "constructive". The White Housw is holding off on granting licenses that would allow USA firms to trade with Huawei , according to Bloomberg .

isis-killer-beheading-video-story-top Luiz moves across London from Chelsea to Arsenal
Aug 10, 2019 - 00:28
Belgium worldwide Lukaku , who has acknowledged a desire to play in Italy, scored 12 Premier League goals in 2018-19. He will score goals and do well at Inter Milan but unprofessionalism is contagious".

isis-killer-beheading-video-story-top India moving from occupation to annexation, says Pakistan
Aug 09, 2019 - 00:59
India and Pakistan fight their first war over control of Muslim-majority Kashmir , a kingdom ruled by Hindu Maharaja Hari Singh. Under the accession terms, India's jurisdiction was only to extend to Kashmir's external affairs, defence and communications.

isis-killer-beheading-video-story-top A 5G phone from OnePlus is coming to Sprint
Aug 09, 2019 - 00:54
This new OnePlus device will be Sprint's third 5G-capable smartphone, joining the likes of the Samsung Galaxy S10 5G and LG V50. But the carrier isn't stopping there, as it's just announced that it will launch a OnePlus 5G smartphone on its network.

isis-killer-beheading-video-story-top Dozens released after massive MS immigration raids
Aug 09, 2019 - 00:44
Barack Obama avoided them, limiting his workplace immigration efforts to low-profile audits that were done outside of public view. Three poultry plants raided were owned by Peco Foods, in Canton and a fourth by Koch Foods, Morton.

isis-killer-beheading-video-story-top Oil prices rebound amid expectations on potential supply cut
Aug 09, 2019 - 00:42
But demand for safe-haven assets such as government debt underscored lingering anxiety over recession risks. Brent crude futures settled down $2.71, or 4.6%, at $56.23 a barrel, the lowest close since early January.

isis-killer-beheading-video-story-top Morning showers could become severe storms Wednesday afternoon
Aug 09, 2019 - 00:41
Our weather pattern changes dramatically on Friday as dry air sends dew points plummeting (from about 70 to about 50). The Kansas and Missouri rivers in Wyandotte County are now below flood stage and below action stage.

isis-killer-beheading-video-story-top US ambassador in Moscow resigns: media report
Aug 09, 2019 - 00:35
He was also a Republican presidential candidate in 2012, eventually losing the nomination to his Mitt Romney, who is now a U.S. Ambassador to Russia Jon Huntsman is returning home to Utah where he is reportedly mulling another run for governor.