World Media

Oil prices drop on worries about oversupply

Oil prices drop on worries about oversupply

Another oil trading stock, the U.S. West Texas Intermediate (WTI) futures saw an escalation of its oil prices by 0.6%, to $68.64 per barrel. US light crude was up 23 cents at $68.49 a barrel.

The market usually discounts large inventory drawdowns when they are concentrated in the West Coast, said John Kilduff, a partner at Again Capital Management in NY, because limited connectivity from the West Coast to the rest means it is "just not as critical to the overall inventory situation". The market is continuing volatile swings that were seen last week, he said.

A Reuters survey on Monday estimated on average that total USA crude stocks fell by 3.2 million barrels last week, after rising in the previous week.

Stockpiles at the hub were expected to fall for the 10th consecutive week, traders said.

Facebook shares slump as user growth slows
The company may have halted more ad purchases than expected as it applied a broad definition of what's considered "political". The company said profit was up 31 percent in the second quarter at $5.1 billion as revenues rose 42 percent to $13.2 billion.

Oil prices steadied on Tuesday as rising tension between the United States and Iran highlighted risks to supply while escalating trade disputes raised the prospect of slower economic growth and perhaps weaker energy demand.

Finance ministers and central bank governors from the world's 20 biggest economies ended a meeting in Buenos Aires over the weekend calling for more dialogue to prevent trade and geopolitical tensions from hurting growth.

The increased dependence on Iranian oil could make it increasingly hard for Indian importers to switch to other supply sources as the U.S. measure demands and deepen New Delhi's dilemma of choosing between the United States and Iran, unless it gets a USA waiver.

"That sets the conditions for President Trump's understanding of how one achieves non-proliferation in the world and that's the mission state we're undertaking in each of those two countries".

Google's record-breaking fine isn't hurting the company very much
The stellar quarter sent Alphabet shares up 3.2 percent in after-hours trading - to a new 52-week high, at $1,244. Advertising revenue for the quarter rose almost 25 percent to $28.1 billion in the second quarter.

Despite the bellicose rhetoric, there is limited appetite in Washington for a conflict with Iran, not least because of the difficulties the USA military faced in Iraq after its 2003 invasion but also because of the impact on the global economy if conflict raised oil prices.

An evolving trade conflict between the U.S. and China has caused oil to retreat from the highs of June and spurred price volatility, which had risen last week to the highest level since February.

The US rig count fell by the most since March, while President Donald Trump launched a new broadside against Iran and warned of "consequences" if counterpart Hassan Rouhani again threatened America.

Earlier this week, Iranian President Hassan Rouhani warned his United States counterpart not to escalate tensions with Iran, saying a confrontation with the Islamic Republic would be the "mother of all wars".

Demi Lovato Hospitalised After Possible Heroin Overdose
The Grammy-nominated artist has been open about her battles with addiction, mental illness and eating disorders for years. She last performed July 22 at the California Mid-State Fair in Paso Robles, California.

Israel's Energy Minister Yuval Steinitz said the fiery rhetoric of Soleimani was only "empty talk" because Iran was aware of "the strength and might of the US military".


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