Oil falls on lower demand outlook, US-China trade dispute
13 Août, 2019, 11:26 | Auteur: Auguste Feret
On Friday, West Texas Intermediate Crude oil futures for September ended up $1.96, or about 3.7%, at $54.50 a barrel.
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. While it seems hard to imagine that prices could reach such a low point, there's definitely a case to be made that the fundamentals of oil demand aren't strong enough to support the ever-increasing supply being produced.
While OPEC cuts might have initially pushed prices up while recent oil tanker attacks sent oil surging even more, this has largely been counteracted by America's growing domestic output.
US-China trade spat; global growth concerns weigh heavily. "China trade negotiations", Stephen Innes, managing partner at VM Markets Pte Ltd, said in a note.
However, Kuwait's Oil Minister Khaled al-Fadhel said fears of a global economic downturn, which have pressured oil prices, were "exaggerated", and global crude demand should pick up in the second half, helping to gradually reduce oil inventories.
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.
Analysts said more reductions were needed to support prices as forecasters and government agencies issue gloomy predictions for the global economy and oil demand growth.
"It's going to take the market far longer to come back into balance, which has forced OPEC and non-OPEC producers to continue with their production cuts", said Andy Lipow, president at Lipow Oil Associates in Houston.
Crude prices held their gains after oil-field services firm Baker Hughes said the number of U.S. oil rigs fell again for another week - down by six to 764.
Goldman Sachs Group Inc said on Sunday it no longer expects a trade deal between the world's two largest economies before the 2020 US presidential election.
"The swift reaction from Saudi Arabia will likely stabilize oil prices, but the oil price probably won't move much above $60 per barrel until there is evidence of progress in U.S". A softer greenback makes dollar-denominated crude cheaper for foreign buyers. It was a signal some investors are "trying to pick the bottom", said Robert Yawger, an analyst at Mizuho in NY. "The spec (ulator) community appears to want to trade these lows".
Bolsonaro, known for his ties to agribusiness, doesn't intend to designate any further conservation areas in the forest. Germany would be the first country in the European Union to completely ban plastic bags when this move goes through.
Police investigating the death say it is not yet clear if it is connected with an earlier knife attack and pursuit in the city. NSW Police described the situation as very unsafe and hailed the fearless actions of those who had trapped the attacker.
Sauberts' career statistics - five catches for 48 yards in 30 games - suggests Quinn won't miss his services too much. Even though he was an alternate last season, Austin Hooper has legitimate Pro Bowl talent.
Sarah Silverman referred to this cancel culture of shaming celebrities for every past act of impropriety as "righteousness porn". The images came from a sketch she had done for The Sarah Silverman Show back in 2007, but she says she no longer stands by them.
Air Canada needs the support of two-thirds of Transat shareholders during a meeting to be held on August 23 in Montreal. Transat shares were up $4.91 at $16.70 in early trading on the Toronto Stock Exchange on Monday.
The yield on the 10-year US Treasury, often seen as a barometer of expectations for future economic growth, slumped sharply. It further noted that the difference between a two-year and 10-year yield slimmed down to only about six basis points.
Iraqi forces have recently launched operations in the country's north to weed out remnants of Islamic State group . Koppenhafer was supporting Operation Inherent Resolve, the official name for the US -led operation fighting ISIS.
Rodriguez and several of his colleagues were getting dinner after the game when the thief struck, an ESPN official said Monday. A thief stole a camera, a laptop, miscellaneous jewelry and a bag, with the missing loot estimated at roughly $500,000.
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Goldman: Trade war raises recession concerns
Similarly, policy uncertainty is likely to compel companies to lower their capital expenditure, the economists added. All of that raised global recession fears as the escalating US-China tariff war took a toll on trade and investment.
Hong Kong airport struggles to reopen after protests
It was unclear how many flights were impacted, according to Doris Lai, a spokesperson for the Hong Kong Airport Authority. The protests have morphed into a broader bid to reverse a slide of democratic freedoms in the southern Chinese city.
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