Economy

Sanctions on Iran and Venezuela May Empower US Rivals

Sanctions on Iran and Venezuela May Empower US Rivals

Among current difficulties are new U.S. sanctions imposed on Iran after country presided by Donald Trump was released from nuclear agreement signed in 2015; The low production of Venezuela that International Energy Agency (IEA) has warned in its monthly report that is of "main challenges" for price of crude oil; The escalation of tension in Arab region and new clashes with North Korea.

As a result of its surging production, US crude is increasingly appearing on global markets as exports. The European Union, which opposed the American move, pledged this week to salvage the accord and oil shipments from the Persian Gulf state.

"The market is less tight than hitherto assumed", said Eugen Weinberg, head of commodities research at Commerzbank AG in Frankfurt. OPEC updated their forecast and are looking for stronger demand and stable supply.

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That's partly thanks to a one-time gain of nearly 7.6 billion yuan from its investments in arenas like video and news. PC-based games, meanwhile, took in sales of 14.1 billion RMB ($2.2 billion) to remain flat over the past 12 months.

Retail gasoline prices are up 6 percent since the start of the month and, while a switch to a more expensive summer blend is contributing to the rise, the decision by U.S. President Donald Trump to walk away from the Iranian nuclear agreement was a supporting factor.

"OPEC and Russian Federation have been implementing their policies efficiently", Pouyanne added in reference to the Organization of the Petroleum Exporting Countries' efforts to clamp down on supply.

At 11:04 am Singapore time (0304 GMT), July ICE Brent crude futures were up 27 cents/b (0.34%) from Thursday's settle at $79.57/b, while the June NYMEX light sweet crude contract rose 13 cents/b (0.18%) to $71.60/b.

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Seeing that she's also obsessed with superheroes, she could actually bond with Spider-Man who himself looks up to the Avengers . Marvel might be happy to know that there could be a an adaptation of her coming to a movie theater in the near future.

The report pointed to healthy demand for USA crude, Commerzbank analyst Carsten Fritsch said. Total volume traded was 28% above the 100-day average.

Global oil stocks in the Organization for Economic Cooperation and Development countries hit their lowest level in three years in March, the International Energy Agency said Wednesday.

Futures for September delivery on the Shanghai International Energy Exchange gained 1.9% to 481.9 yuan a barrel, rising for a third day.

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Fifa's plans for a new multi-billion competition have a code name of "Project Trophy". The Frenchman also said that a European league was "inevitable", the Times reports.

ANALYST TAKE: Connor Campbell, financial analyst at Spreadex, said USA stocks have struggled to claw back Tuesday's trade war-inspired losses "with little on the horizon in the rest of the week, beyond an unforeseen update on the state of play between the US and China, to spark a recovery". Distillate production stood at 5.0 million barrels daily last week, unchanged on the week. Government data is due later Wednesday. Investors are keeping a close watch on how much crude will end up being removed from the global market, and whether other major producers will ramp up output to fill any gaps.


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