Crude Oil Price: US-China Trade Fears Capping Crude Oil For Now

11 Février, 2019, 21:36 | Auteur: Auguste Feret
  • Demand Worries Pressure Crude Oil Natural Gas while Strong Dollar Caps Gold

U.S. West Texas Intermediate (WTI) crude fell 65 cents, or 1.2 percent, to $52.07 a barrel.

Energy firms in the United States last week increased the number of oil rigs operating for the second time in three weeks, pointing to a further rise in US crude production, a weekly report by Baker Hughes said on Friday. The markets continue to be underpinned by the OPEC-led production cuts and USA sanctions against Venezuelan exports.

Due to tighter supply of medium and heavy sour crude oil, Middle Eastern benchmarks for sour crude grades have been trading higher than Brent Crude prices since the beginning of February in a rarely seen development in global oil prices.

The third key reason for Middle Eastern sour crude to trade higher than Brent is the uncertainty over whether the USA will extend waivers (if any) to Iran's oil buyers when the current exemptions expire in early May.

According to Baker Hughes, U.S. energy firms last week increased the number of oil rigs operating for the second time in three weeks. The report released on Friday showed producers added seven oil rigs in the week to February 8, bringing the total count to 854.

Taylor Swift Supports Joe Alwyn After BAFTAs 2019 | Joe Alwyn, Taylor Swift
The 27-year-old actor did, however, chat with ET about whether he'd ever work with his famous girlfriend. He stars in The Favourite , which won seven BAFTAs , including Outstanding British Film of the Year.

WEATHER WATCH: Quiet, calm Monday; Winter storm on the way for Tuesday
With temperatures already in the teens or single digits, meteorologists predict low temperature records could be broken on Sunday. Cities along the Washington-Oregon border near Portland are within the zones that may get more than three feet of snow in total.

As Kagame Steps Down, Egypt Takes Helm at African Union
A statue of Ethiopia's Emperor Haileselassie has been unveiled at the headquarters of the African Union on Sunday. This, he said, was proof of the impact of collective determination and ability.

Concerns are also being raised about the sustainability of the OPEC-led supply cuts which include Russian Federation. According to Reuters, the head of Russian oil giant Rosneft, Igor Sechin, has written to Russian President Vladimir Putin, saying Moscow's deal with OPEC to withhold output is a strategic threat and plays into the hands of the United States.

Oil prices fell on Monday as an uptick in US drilling and concerns about demand due to the slow progress in U.S.

U.S. President Donald Trump said on Thursday he did not plan to meet with Chinese President Xi Jinping before the March 1 deadline, dampening hopes of a quick trade pact. Trade talks between the two economic powerhouses are set to begin this week, but the two parties are said to be far from reaching a deal.

First, OPEC is now on a mission to cut supply again in a bid to rebalance the market and lift prices, and many OPEC producers do pump and cut from medium to heavy grades.

Conseillé:



Populaire

Man United ready to pay £50m to sign 18-year-old
Solskjaer is now preparing for the future as the Express suggest United are expected to be extremely active in the transfer market as they look to become genuine title challengers again and Sessegnon has emerged as a target.

Investigation exposes hundreds of convicted predators within the Southern Baptist church
Several past presidents and prominent Southern Baptist Convention were among those that victims criticized for concealing or mishandling abuse complaints within their churches or seminaries.

Paul Scholes appointed manager of Oldham
The former Premier League club are languishing in mid-table in League Two, the fourth tier of the English game. This will be the first senior managerial role of Scholes' career with a club he supported as a child.

Tsonga gagne un premier tournoi depuis 2017
Une très belle semaine malgré tout pour lui, des victoires contre Berdych et Shapovalov , il occupera lundi le meilleur classement de sa carrière à la 36ème place.

BAFTA victor Rachel Weisz talks lesbian kiss with Olivia Colman
The Favourite won best British film on the night, while Rachel Weisz was named best supporting actress for the movie . Weisz and Stone are also in the running for Oscars in a proud year for the British film industry.

La Porsche du chef incendiée par des casseurs à Paris — Christian Etchebest
Une voiture des militaires de l'opération Sentinelle a été incendiée au Champ-de-Mars. L'acte XIII des gilets jaunes a eu lieu ce week-end de partout en France.

Winter Weather Advisory: Messy travel as snow-ice-rain resurges
Driving conditions could be hard for your Monday morning commute as areas north of Baltimore could see several inches of snow. SNOWFALL: This will likely be another impactful storm with the potential for several more inches of accumulation.

Polar Bears Invade Russian Town: State of Emergency Declared
Polar bears are classified as an endangered species in Russian Federation and shooting them is prohibited by law. However, the authorities decided not to shoot the predators, even most aggressive ones.

Affaire Ligue du LOL : Libération met à pied deux journalistes
Cette mise à pied a été décidée dans le cadre de l'enquête interne qui a été lancée à Libération . Vincent Glad s'est également expliqué sur Twitter.

Priyanka Gandhi makes political debut in Uttar Pradesh
Mondau's roadshow will take a 30 km route through some of the most congested areas of the city; the three leaders will garland statues of Mahatma Gandhi and BR Ambedkar along the way.