Oil edges down on lower demand outlook, U.S.-China trade dispute

12 Août, 2019, 20:56 | Auteur: Auguste Feret
  • Shaky-Oil-Demand-Is-The-Weakest-Since-2008-According-To-Energy-Guard-Dogs

Bleak global economic outlook will weigh on the oil demand growth outlook, eventually collaborating to the downside in the prices.

"Oil is facing severe global headwinds at the moment from the escalation of the trade war, weak macro data and a strong US dollar", said Jens Naervig Pedersen, a senior analyst at Danske Bank A/S in Copenhagen.

In a sign of lower production in the United States, the weekly USA oil rig count, an early indicator of future output, fell for a sixth straight week as producers cut spending on new drilling and completions.

Worldwide benchmark Brent crude futures were at US$58.25 a barrel by 0007 GMT, down 28 cents, or 0.5%, from their previous settlement.

West Texas Intermediate crude for September delivery fell 25 cents to $54.25 a barrel on the New York Mercantile Exchange as of 7:24 a.m. London time.

Both benchmarks fell last week, with Brent losing more than 5per cent and WTI falling about 2per cent.

"What we have noticed recently is a different perception of risk in different geographies", said Emily Ashford, executive director of energy research at Standard Chartered.

Harry and Meghan's friends 'fed up' with their 'dinner party PDA'
Lastly, guests must always sit where they have been asked, in order to achieve the flawless , balanced high society table. But this isn't the first time Duchess Meghan and Prince Harry have broke etiquette with their loving affection.

FRIENDS : le Central Perk arrive en LEGO
Les personnages sont eux aussi représentés par des petites figurines arborant leurs tenues et leurs coupes de cheveux. Les marques travaillent déjà sur la façon de célébrer cet anniversaire via des événements et des collaborations.

L'OM proche de signer Juan Miranda (FC Barcelone) — Mercato
L'affaire pourrait donc se régler rapidement, et dans des conditions économiques qui conviennent à l'Olympique de Marseille . Selon le quotidien catalan Sport , le club blaugrana serait enclin à prêter pour la saison son latéral gauche de 19 ans.

Although the third quarter is fundamentally the strongest season for oil demand because of driving in summer holidays, the trade dispute between the United States and China has weakened demand and reduced crude prices.

India's imports of crude oil have also stalled in recent months, a fall that tallies with weaker economic growth in the country. As per the information of Alfonso Esparza, a senior market analyst in Toronto.

Germany's Ifo economic institute said its quarterly survey of almost 1,200 experts in more than 110 countries showed that its measures for current conditions and economic expectations have both worsened in the third quarter.

Production fell in July by 0.2 mb/d, and it was backed up by additional cuts of 0.1 mb/d by the ten non-Opec countries included in the Opec+ agreement. The Organization of the Petroleum Exporting Countries and its partners including Russian Federation agreed to extend supply cuts till March 2020.

The Organization of the Petroleum Exporting Countries and its allies, known as OPEC+, have agreed to cut 1.2 million barrels per day (bpd) since January 1. -China trade war have caused global oil demand to grow at its slowest pace since the financial crisis of 2008, the International Energy Agency (IEA) said on Friday.

Saudi Arabia plans to keep crude exports below 7 million barrels a day next month as it allocates less oil than customers demand, unidentified officials from the kingdom said last week.

Conseillé:



Populaire

'Bachelor' couple marries in Rhode Island
Iaconetti, known to reality TV fans as Ashley I., married her " Bachelor in Paradise " co-star Jared Haibon on Sunday night. Syracuse University alumna Ashley Iaconetti has finally found love, four years after she appeared on " The Bachelor ".

L'explosion d'un moteur de Boeing 787 cause une belle frayeur en Italie
Il s'agit toutefois d'un nouveau coup dur pour le constructeur aéronautique américain et son équipementier britannique. Les habitants de Fiumicino et Isola Sacra, dans la banlieue romaine, ont eu une belle frayeur ce dimanche 11 août.

Global Vegan Diet Can Stop Climate Change, Says New Report
When land is degraded, it becomes less productive, restricting what can be grown and reducing the soil's ability to absorb carbon.

Air Canada bonifie son offre — Vente de Transat
Le communiqué rapporte également la conclusion d'une convention de blocage et de soutien avec Letko Brosseau. Letko, Brosseau et associés avait précédemment affirmé que l'offre initiale d'Air Canada était insuffisante.

Real Madrid : Marcelo confirme l'intérêt des clubs italiens
Quoi qu'il en soit, le marché anglais a fermé ses portes et Manchester United n'a pas trouvé de remplaçant à Pogba. Difficile donc d'imaginer les Red Devils se séparer de leur star tricolore.

US to deny immigrants who use public benefits citizenship
The rule targets migrants who rely on public assistance, such as food aid or public housing, for more than a year. Those already in the U.S. would not be able to obtain green cards or United States citizenship.

Brace yourself as asteroid larger than Giza Pyramid hurls towards Earth
These have greater chances of hitting Earth since they are small enough to be easily affected by gravitational forces in space. Are there any actual "doomsday" asteroids we should be anxious about on Asteroid Day 2015?

Fugitive's receding hair mocked on Facebook, spurring warning from police
Social medias users have been warned they could face prosecution for mocking the man's unusual do and receding hairline. The photo of Taylor has been liked more than 9,000 times, commented on 80,000 times and shared 13,000 times.

Bear breaks into house, leaves like the ‘Kool-Aid Man’
Interested in Animals? Add Animals as an interest to stay up to date on the latest Animals news, video, and analysis from ABC News.

Taliban say latest talks end on US's Afghanistan withdrawal
Ghani and his government have not been involved in the negotiations. We don't want a peace in which Afghans wouldn't have dignity.