Oil Prices dip on fall in China demand

Oil Prices dip on fall in China demand

"Nevertheless, growing prospects for an increase in production from the "OPEC Plus" and rising oil output from the US will cap price gains".

The crude oil prices closed lower on Friday with futures falling 0.3 per cent in NY as traders weighed conflicting supply signals from Saudi Arabia, Russia and Venezuela, said a report. On the New York Mercantile Exchange, West Texas Intermediate (WTI) futures were trading down 0.4 percent at $65.69 a barrel, according to Wall Street Journal.

According to the results of the previous week, which ended on June 1, the number of oil rigs in the US increased by two, or by 0,2 percent - to 861 units.

"It's all about the JP Morgan report", said Bob Yawger, director of energy futures at Mizuho in NY. The bank did not immediately respond to a request for the report.

A day before US President Donald Trump pulled the United States out of the Iran nuclear deal, a senior official of the Trump Administration phoned Saudi Arabia to ask it to help keep oil prices stable should the US decision on Iran disrupt oil supply, Reuters reported. May shipments were 39.05 million tonnes, or 9.2 million barrels per day (bpd), according to the General Administration of Customs. That compared with 9.6 million bpd in April.

J.P. Morgan also thinks supply-and-demand fundamentals are poised to weaken due partly to voluminous USA output, but it believes prices could still see a high side of $78.75 next year for Brent if OPEC and Russian Federation extend their output limits into 2019 and geopolitical risks continue as expected.

Now investors are waiting for the publication of the data of the oil and gas service company Baker Hughes, a GE Company (BHGE) on the number of oil and gas drilling rigs in the U.S.

Smith-Pelly to skip White House visit if Caps win Cup
Devante Smith-Pelly tied Game 5 of the Stanley Cup Finals on Thursday night with a pretty goal while he was falling to the ice. Smith-Pelly stopped a pass/shot with his skate and kicked it out to himself for a shot attempt. "I don't know, I don't know.

Gold was little changed at US$1,302.70 per ounce, while silver declined 0.4 percent to US$16.74 per ounce and copper rose 0.8 percent to US$3.30 per pound, its highest price this year.

USA investment bank Jefferies said the crude market is tight and spare capacity could dwindle to 2 percent of demand in the second half of 2018, its lowest level since at least 1984.

More generally, Brent has been pushed up by the voluntary production cuts put in place previous year, led by the Organization of the Petroleum Exporting Countries (OPEC) and Russian Federation. It will be followed by a meeting of the OPEC countries on June 22 and a meeting of all 24 OPEC member countries on June 23, at which quotas for production reduction can be revised.

Iran said on Friday a United States request for Saudi Arabia to pump more oil so that it could cover a drop in Iranian exports was "crazy and astonishing" and said Opec would not heed the appeal, setting the stage for a tough Opec meeting this month.

OPEC-member Iraq said on Wednesday a production increase was not on the table.

"I think it is going to be very choppy", he said.

This story has not been edited by Firstpost staff and is generated by auto-feed.

Related:

  • Media Workout Notes & Quotes: Crawford and Horn Prepare for Las Vegas Showdown

    Media Workout Notes & Quotes: Crawford and Horn Prepare for Las Vegas Showdown

    Numerous fighters from Saturday's card worked out for the media Wednesday at the MGM Grand. Horn, the nicest man in Australian sport grinned back and replied: "Yeah, I'm ready".
    Dan Martin takes stage 5 at the Criterium du Dauphine

    Dan Martin takes stage 5 at the Criterium du Dauphine

    The fifth stage on Friday, the second of four consecutive summit finishes, ends at Valmorel after 130 kilometres. Adam Yates, who'd made much of the early running in the stage, came home in third, 15 seconds behind Martin.
    Prince William to join motorbike fans at the Isle of Man TT

    Prince William to join motorbike fans at the Isle of Man TT

    THE Duke of Cambridge couldn't stop grinning as he crouched over the handlebars of a 208mph motorbike at the Isle of Man TT. We talked about his bikes and the fact that he has put it on the back-burner a little bit because of his children now'.
  • Watch Microsoft’s E3 2018 Press Conference Live

    Watch Microsoft’s E3 2018 Press Conference Live

    For more E3 2018 action, check out details for watching all of the E3 2018 press conferences on our dedicated hub . Stay tuned to IGN for more from Bethesda's E3 2018 press conference as soon as it airs and as soon as it's over.
    Trump split with G7 allies because Kim ‘must not see weakness’

    Trump split with G7 allies because Kim ‘must not see weakness’

    In response, Trump tweeted on his way to Singapore that he instructed USA representatives not to endorse the communique. And as the 45th President celebrates his first year in office , we take at his funniest pics from the past 365 days.

    Rafael Nadal beats Dominic Thiem for 11th French Open title

    Regardless of who wins this year's Roland Garros, tennis players are in for a treat in both the men's and women's competitions. Nadal came in looking slightly more vulnerable than he did a year ago , in which he lost only 35 games in claiming the title.
  • Tel Aviv celebrates 20th Gay Pride

    Tel Aviv celebrates 20th Gay Pride

    In 2017, the Tel Aviv Pride Parade was briefly held up when pro-Palestinian protesters blocked the route. The safety of the parade participants provided several hundred police officers and volunteers.
    Quebec ticket takes Friday night’s $60M Lotto Max jackpot

    Quebec ticket takes Friday night’s $60M Lotto Max jackpot

    Another lucky lotto victor in the Thunder Bay area is $500,000 richer following last week's Maxmillions draw. Players must match all seven numbers, in any one set, to win the jackpot or the Maxmillions prizes.
    Netflix Is Turning 'Stranger Things' Into A Book Series

    Netflix Is Turning 'Stranger Things' Into A Book Series

    Several books related to the series will be published next year, according to Deadline , with two arriving this fall and another two arriving next year.
  • LeBron James praises Kevin Durant while throwing shade at the Trail Blazers

    LeBron James praises Kevin Durant while throwing shade at the Trail Blazers

    Although history favors the Warriors after winning Game 3, Durant knows that the team still has more work to do in the next game. Houston, the only team to play the Warriors tough since Durant got to Golden State, could be a much different team next season.
    Radicalised Stockholm truck attacker jailed for life

    Radicalised Stockholm truck attacker jailed for life

    More than 100 people testified during the almost-three-month trial in a high-security chamber, including survivors and relatives. Akilov's defence attorney Johan Eriksson said his client was "disappointed that he was sentenced to life".

    Nadal storms to 11th French Open title

    Up a break at 2-1 in the third set, Nadal stopped serving after a fault because he couldn't straighten his left middle finger. The top-seeded Nadal won the match 6-4, 6-3, 6-2 at Roland Garros in Paris against Thiem , a 24-year-old who is ranked No. 7.

Comments

Latest news

Donald Trump says National Basketball Association champion won't be invited to White House
If you focus on who is saying the right things, you shouldn't get lost in the noise that's going on right now. So I want to give him full credit when his team beats the Cleveland Cavaliers for another league championship.

Chris Woakes out of Scotland ODI
The hosts were mauled by nine wickets and the 29-year old's inclusion for the second Test didn't flop by any means. Woakes is the second player to be withdrawn from the Scotland match after Ben Stokes picked up a hamstring strain.

Iraqi ballot box storage site catches fire in Baghdad
Fewer than 45 percent of voters cast a ballot, a record low, and allegations of fraud began nearly immediately after the vote. Around 60 percent of Baghdad's two million eligible voters had cast their ballots in the May election in Al-Russafa district.

Petrol, diesel prices see biggest dip in 10 days
The ten days of continuous dip in fuel prices comes as a minor relief since rates were hiked constantly for a period of 16 days. Diesel, on the other hand, is selling at Rs. 73.02 in Mumbai , 15 paise less from day before.

Rafael Nadal claims 11th French Open title
But the unrelenting Nadal continued to fire winners from behind the baseline and again broke early, consolidating for a 3-1 lead. Thiem , meanwhile, says he knows what he must do to get the better of Nadal . "I could not hold the racquet for a few minutes".

China's trade surplus with US grew, while global gap shrank
For January-May, the surplus stood at $104.85 billion, compared with about $92.9 billion in the same period previous year . During the talks, China promised to expand imports of American farm produce and energy to cut the surplus.

Global FDI flows fell sharply in 2017: UNCTAD
The GVC slowdown shows a clear correlation with the FDI trend and confirms the impact of the FDI trend on global trade patterns. Global foreign direct investment (FDI) flows fell by 23 percent in 2017, down to $1.43 trillion from $1.87 trillion in 2016.

Ebola death toll rises to 27
On the front lines of the outbreak, health officials use a tool called contact tracing to break the chain of transmission of the Ebola virus.

NASA finds ancient organic material, mysterious methane on Mars
Kate told Live Science that it is a big deal to find organic compounds in rocks aged 3.5 billion years. All these factors point to believe that Mars could harbour life on its surface .

Reported Killed in Missile Attack in Saudi Arabia
The Saudi-led coalition, which includes the UAE, intervened in the Yemen war in 2015 at the request of Mr Hadi's government.

Trump floats possibility of pardoning Muhammad Ali
Trump said he has a list of 3,000 names of people who have been "treated unfairly" that he's considering executive clemency for. The family attorney for Ali said the family appreciates the sentiment of the pardon but that it is "unnecessary".

Iraqi refugee arrested in rape, killing of 14-year-old German girl
The teenager was Jewish but police said there was no evidence her religion was a factor in the crime. A Jewish 14-year-old girl in Germany who had been missing since May was found dead.

DRC warlord Bemba 18-year jail sentence overturned
Judge Christine Van den Wyngaert, Presiding Judge in this appeal, read a summary of the Judgment during a public hearing. The 55 year old who fled DRC after losing a presidential poll was arrested in Belgium in 2008.

Vince Vaughn Arrested for DUI
He was arrested and charged with DWI and resisting, while the passenger he was with was charged with public intoxication. Vince Vaughn was arrested in the early hours of Sunday morning, Manhattan Beach law enforcement have confirmed.

Air strikes kill at least 44 in Syria’s Idlib
The toll is likely to increase due to a number of victims still under the rubble, Observatory head Rami Abdel Rahman said. It said the airstrike was carried out by Russian warplanes and is so far the deadliest in Idlib province this year.

Other news