Oil prices drop as 'trifecta of trouble' may cause glut

09 Novembre, 2018, 13:55 | Auteur: Auguste Feret
  • Secretary Jeremy Hunt

Oil markets on Friday remained weak as rising supply and concerns of an economic slowdown pressured prices, with United States crude now down by 20 per cent since early October. That put WTI down 20.6% from its October 3 high, officially meeting the definition of a bear market.

Iran is likely to ride out the storm from USA oil sanctions, suffering recession but no economic meltdown, thanks to rising crude prices and deepening divisions between the United States and other major powers, officials and analysts say.

United States Oil Fund (USO), which tracks West Texas Intermediate futures, had fallen 0.7%, while the Energy Select Sector SPDR ETF (XLE) had slipped 0.9%. This most recent downward spiral has taken five weeks.

But a short-term pop to $80 per barrel crude could be coming, say oil experts. "We believe Brent prices are oversold as fundamentals still point to a market deficit in 4Q18", Hinds writes.

Analysts continue to believe that oil's slide is a case of bad timing.

China's October crude imports surged 32 percent from a year earlier to 40.80 million tonnes, or 9.61 million barrels per day (bpd), data from the General Administration of Customs showed on Thursday, climbing from 9.05 million bpd in September.

Iranian officials have said the waivers provide proof that the United States can not achieve its goal of cutting off all of Iran's oil exports.

Un aliment pour bébé a été rappelé — Sablé-sur-Sarthe
Après la découverte de bactéries pouvant causer des infections, des lots de préparation infantile font l'objet d'un rappel. Le rappel fait suite à une contamination par la bactérie Cronobacter sakazakii .

Families, Rejoice! Netflix Announces 6 New Animated TV Shows & Movies
The series will feature a female hero, half human and half divine, and will be set in a mythical Mesoamerican-inspired world. Silvia Olivas ( Elena of Avalor ) is co-writer and co-executive producer, and Jeff Ranjo ( Moana ) is head of story.

Luis Enrique appelle Jordi Alba !
Le joueur, actuellement en grande forme avec son club, n'avait pas été appelé lors de deux derniers rassemblements. En revanche Marcos Alonso, Albiol, Bartra, Koke et Paco Alcácer ne font pas partie de la liste.

Once the waivers expire after 180 days, new waivers are expected to be issued, with a source in China saying his country would likely receive another six months of exemptions, though at a lower rate of around 220,000 bpd.

Russian Federation and Germany have slammed the United States' move to reinstate sanctions against Iran's vital oil exports, shipping and banking, saying Moscow and Berlin would continue trade with Tehran. The group led by Saudi Arabia will gather in Abu Dhabi this weekend as they face a fresh surge of U.S. shale oil threatening to unleash a new surplus in 2019. Since May, when Trump took Washington out of the nuclear deal, prices of bread, cooking oil and other staples have soared and the value of the rial currency has plunged.

The exemption for Chabahar is linked to the port's importance for both India and Afghanistan, and likewise the importance of India and Afghanistan to USA foreign policy aims. Perhaps that will come from Libya and Nigeria, which are heading into elections that could lead to sustained periods of instability, further disrupting oil supplies.

Oil's set for its longest stretch of declines on record after entering a bear market, with investors awaiting a weekend meeting of OPEC and its allies to discuss output strategy.

The record United States production has been a moderating factor of oil prices, although oil got a bump on Thursday after record Chinese crude imports eased concerns that a slowdown in the world's No.2 economy could stoke an emerging fuel glut.

That means a short-term rally, if it materializes, could be last-call for oil bulls.

Conseillé:

  • Mets fire hitting coach Roessler, bullpen coach Bones | AP sports

    Mets fire hitting coach Roessler, bullpen coach Bones | AP sports

    Former Philadelphia Phillies general manager Ruben Amaro Jr., who had been first-base coach, will become a front office adviser. Over parts of three minor league seasons with the New York Mets , Tim Tebow has hit just.244 with 14 homers and a.686 OPS.
    Evgeni Malkin ejected for controversial hit on TJ Oshie

    Evgeni Malkin ejected for controversial hit on TJ Oshie

    Early in the third period of the tilt, the forwards collided as Malkin carried the puck into the Capitals' zone on the power play. NOTES: F Zach Aston-Reese made his season debut and LW Garrett Wilson made his Penguins debut after being called up Tuesday.

    Who is Ian David Long, the suspected Thousand Oaks bar shooter?

    Officers speculated Long, who had served in Afghanistan for seven months, was suffering from post-traumatic stress disorder. Earlier this year, police were called to his home after neighbors reported what officers described as a disturbance.
  • China says PM Imran Khans visit successful

    China says PM Imran Khans visit successful

    According to the Ministry's spokesperson Hua Chunying, a number of achievements were made during the visit. A team of Pakistani officials was expected to arrive here on November 9 to finalise the details.
    Ariana Grande named Billboard's 2018 Woman of the Year

    Ariana Grande named Billboard's 2018 Woman of the Year

    This September, her ex-boyfriend Mac Miller , died of an accidental overdose caused by mixing drugs and alcohol. She recovered like a champ, though, laughing off the moment while continuing to sing, like it was no big deal.
    Plusieurs personnes poignardées à Melbourne — Australie

    Plusieurs personnes poignardées à Melbourne — Australie

    Les secours ont déclaré avoir traité trois personnes sur les lieux, dont une "dans un état critique" qui est décédée par la suite. Les circonstances exactes de l'incident restent à déterminer. "Le quartier a été bouclé", ont ajouté les enquêteurs.
  • Hong Kong arts centre 'cancels appearance by Chinese dissident author'

    Hong Kong arts centre 'cancels appearance by Chinese dissident author'

    Ma said it was Tai Kwun, not the festival, that had pulled his events. "Without them, life has no meaning", Ma wrote on Twitter. Hong Kong's immigration department has stated it does not comment on individual cases.
    Emmanuel Macron promet des aides pour le carburant

    Emmanuel Macron promet des aides pour le carburant

    Elle est limitée aux salariés et fonctionnaires dont le salaire net est inférieur ou égal à deux fois le Smic. Elle est normalement imposable mais elle "sera défiscalisée " a annoncé hier Emmanuel Macron .

    One dead after man sets car set alight, stabs pedestrians in Melbourne

    Police say it is yet to be determined if the incident is terror-related. "It's so chaotic", witness Sarah told Tom Elliott. The incident began with police getting reports of a auto that had burst into flames on the Bourke Street in Melbourne .
  • Fabrice Luchini est Un homme pressé, d'après le livre de Christian Streiff

    Fabrice Luchini est Un homme pressé, d'après le livre de Christian Streiff

    Dans cette adaptation cinématographique, il est incarné par Fabrice Luchini . Après le succès de "Black Panther", Hollywood se met au 100% asiatique.
    Earth’s Protective Ozone Layer Is Reportedly Healing, Says UN Report

    Earth’s Protective Ozone Layer Is Reportedly Healing, Says UN Report

    Earth's protective ozone layer protects us from ultraviolet rays which cause skin cancer , crop damage and other problems. The emission of pollution containing chemicals such as chlorine and bromine has caused the ozone layer to deplete.
    Journalist breaks down while explaining the crackdown on Uighur Muslims in China

    Journalist breaks down while explaining the crackdown on Uighur Muslims in China

    In 2015, more than 200 Chinese human rights lawyers and activists were detained or questioned in a sweep known as the "709" crackdown.


Populaire

Ryanair licencie six employés pour une "fausse photo"
Ryanair a affirmé que sa réputation avait été ternie après la publication de cette photo. Les faits ont commencé quand des tempêtes ont bloqué le trafic aérien.

England wing Tommy Makinson crowned 2018 Golden Boot victor
England wing Tommy Makinson has beaten out Kiwis captain Dallin Watene-Zelezniak to be crowned the 2018 Golden Boot victor .

Dimitri Payet n'est pas sélectionné — Équipe de France
Le gardien du MHSC n'est pas dans le groupe appelé à jouer aux Pays-Bas et face à l'Uruguay. Elle accueillera dans la foulée l'Uruguay au Stade de France, le 20 novembre en amical.

No Brexit deal likely to be agreed this week
The Pound had been rallying this past week, gaining almost 3% on hopes of a breakthrough deal with a compromise for the Irish border.

Kevin Harvick’s race-winning auto fails inspection; had illegal spoiler during inspection
Also Wednesday, NASCAR penalized the teams of Ryan Blaney and Erik Jones , who already have been eliminated from the playoffs. The whopping penalty negated the automatic berth Harvick earned into NASCAR's version of a final four.

Innocent People Killed in Mass Shooting
The highway patrolman cleared the perimeter and pulled Helus out, and waited as a SWAT team and scores more officers arrived. Bar patron Cole Knapp, 19, told Reuters he saw the gunman walk in and stop at the counter as if to pay a cover charge.

Bombardier to cut 5000 jobs after disappointing earnings
In the third quarter, the commercial aircraft business recorded a loss of US$9 million before interest, taxes and special items. And in June 2016, the Quebec government closed a US$1-billion investment in Bombardier's then-wholly owned CSeries program.

Pierre-Emerick Aubameyang On Bench - Arsenal Team vs Sporting Lisbon Confirmed
You can also stream the match via B/R Live and Univision NOW . "But we want tomorrow to give a big match with our personality".

Victoria Beckham wasn't invited to be part of Spice Girls reunion
But she did raise the point that she was never actually asked, ' Mel C admitted. We think first things first, get out there and sing the hits.

Europa League: Sarri criticizes Chelsea players after 1-0 win over BATE
Maurizio Sarri has had Chelsea playing some exciting football this season, with his new attacking style of play. It hasn't really gone to plan so far, with the midfielder having started no games in the Premier League.