Economy

US crude stocks up by 6 mln barrels

US crude stocks up by 6 mln barrels

Again, U.S. West Texas Intermediate (WTI) crude was down by 41 cents, also about half a percent, to 74.55 dollars a barrel, after rising almost 1 percent in the previous session.

The OPEC's report also put Iran's oil output based on direct communication at 3.755 million bpd, down 51,000 bpd compared to August. In fact, Saudi Arabia said they are not aware of any refiner that needed oil and was not able to obtain it.

Both benchmarks fell for the first time in five weeks, pressured by a big rise in US inventories and fading concerns about shrinking global supplies due to looming USA sanctions on Iran's oil exports. As trade tensions between the USA and China escalate, investors are shunning risk assets from equities to oil on fears over slowing growth. "If it were not for the trade dispute, the oil market probably would have kept its momentum on lingering supply risks".

Dozens killed after Gaza border protests
Israel said its troops had shot and killed a group of Gazans who broke through the fence with a bomb and attacked an army post. The Israeli army said approximately 14,000 "rioters and demonstrators" had gathered at various sites along the border.

The US "will take care" of countries which defy its directive to bring their oil imports from Iran to zero by 4 November, President Donald Trump has warned, days after India announced that two of its firms have placed orders to import crude from the Gulf nation. Brent crude reached a four-year high of $86.74.

But the effect on imports will be higher as the country imports more than it exports. At the same time, it added 200,000 barrels a day to its estimate for non-OPEC supply this year as the U.S., Canada, Kazakhstan and Brazil grow faster than expected.

Iran has been selling crude at just over one million barrels a day for the past few years, mostly to China, India, Japan and South Korea.

Galway braces for flooding as Storm Callum clashes with high tides
Storm Callum is expected to bring torrential rain and winds of up to 70 miles per hour to parts of the United Kingdom on Friday. The worst of the winds will impact on Friday morning rush hour, people will be travelling in Scotland for October holidays.

Brent crude LCOc1 futures were down $1.15, or 1.4 per cent, at $81.94 a barrel by 0624 GMT.

U.S. stocks markets skidded, on track for the biggest daily decline since April, and the sell-off intensified as the day wore on as rising U.S. Treasury yields and trade policy related worries sent investors fleeing for safety.

The International Energy Agency, the West's energy watchdog said in its monthly report that the market looked "adequately supplied for now" and trimmed its forecasts for world oil demand growth this year and next. As reported by S&P Global Platts, the analysts predict that while the US pressure on the regime of Maduro would not contain limitations on the USA imports of Venezuelan crude oil, it could contain new restrictions on the USA refined product exports and light oil exports to Venezuela.

Kanye West Says Apple Should Build 'iPlane 1' for the President
Returning to law enforcement issues and prison sentences, he called Hoover "a living statue" for black people. "Not legal guns. West also said the President is on a "hero's journey". "Oh, it is good energy", he replied.


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