Economy

Global Oil Production Raises As Saudi Arabia Pumps More

Global Oil Production Raises As Saudi Arabia Pumps More

Crude oil prices declined on Wednesday, due to concerns about excess supply in the market after data showed an unexpected jump in US crude stockpiles.

An oil tanker unloads crude oil at a crude oil terminal in Zhoushan, Zhejiang province, China July 4, 2018.

Low stocks were still providing a floor as overall USA crude inventories are below the 5-year average of around 420 million barrels.

Analysts said the outlook beyond the short-term was turning bearish. Additionally, he said, USA monthly figures for production fell in May, suggesting output may be curbed later in the year. Brent crude futures were at $73.15 a barrel, down 30c from their last close.

"Tariffs look set to kick in as soon as September, meaning that any barrels arriving on Chinese shores will be hit with a 25% tariff - taking USA crude from an approximately $4/Bbl discount vs. global benchmarks, to a premium of approximately $13.50/Bbl", he added.

Conor McGregor returning to the UFC in October for lightweight title bout
Nurmagomedov took McGregor's lightweight title in April, after the Irishman was stripped of it due to inactivity. UFC 229 takes place at the T-Mobile Arena in Las Vegas and will be for Nurmagomedov's lightweight belt.

Futures reversed course after falling early in the session on concerns about oversupply.

Oil prices fell about 2 percent on Wednesday as a surprise increase in US crude stockpiles fed concerns about global oversupply, while investors anxious that trade tensions could hit energy demand.

The Organization of the Petroleum Exporting Countries and partners including Russian Federation had cut output to rebalance supply and demand.

Oil markets have been halting further declines recently after the energy commodity fell too far, too fast on pumped-up production from OPEC, and supply constraints both within the United States overseas have seen oil markets quick to buy, implying that bullish oil traders, while sidelined on rising production, are remaining close at hand.

"Unipec saying they won't buy US crude and China saying they won't comply with Iran sanctions are bearish", Jakob from Petromatrix said.

YouTube Music Set to Get Improvements Every Two Weeks
Google's Android Clock app has a new feature that can make your wakeup a little more bearable: Spotify-powered music alarms. Once the alarm goes off, the users has the option to continue listening to music on Spotify .

U.S. President Donald Trump's decision to pull out of an worldwide nuclear deal and reimpose sanctions on Iran has angered Tehran.

"A clear definition around the macros is what the market is looking for and until we get that, it is likely to be volatile in the range", said Jonathan Barratt, chief investment officer at Ayers Alliance in Sydney.

Oil prices are also being pressured by concern that global trade tensions could crimp economic growth.

Trump has turned up pressure on China for trade concessions by proposing a higher 25 percent tariff on $200 billion of Chinese imports. China has said it will retaliate.

But a complete halt to Iranian supplies looks unlikely with Bloomberg reporting on Friday that China, Iran's biggest customer, has rejected a USA request to cut imports from the OPEC member. Senior Iranian officials have warned the country would not easily yield to a renewed US campaign to strangle Iran's vital oil exports.

Trump aims tweet at LeBron James, questions his intelligence
That's something that I can't relate to, because I know that sport was the first time I ever was around someone white. The interview with Lemon only made direct mention of Trump at the end of the hour-long interview.


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