Crude oil benchmark Brent sees biggest one-day fall in two years

The big oil producers agreed to increase production last month but there are concerns about disruption in Iran Venzuela Libya Norway Canada and Brazil

Although deluged by news earlier this week of increased crude output from multiple sources and forecasts that the market will be in surplus rather than depletion mode, traders on Thursday weren't completely certain that the world will return to swimming in oil anytime soon - and as a result, USA crude prices once again dropped in reaction to the resumption of Libyan output, while Brent rose on concerns about spare capacity. It will be watching very closely the Trump-Putin meeting in Helsinki next week. German Defense Minister Ursula von der Leyen said she didn't understand Trump's comments. Lowest in the past several years was 18 million and even that was before most of the pipelines to the Gulf were built.

Many businesses are still trying to adjust to higher prices. Short-term rally should be selling opportunities because of this, especially near the $2.85 level as we not only have structural support and resistance, but we also have the 50 and the 200 day EMAs converging. Long term this bull market is far from over. Gasoline production increased last week, averaging 10.7 million barrels per day. We will see triple digits in oil in 2020, which has been our forecast and remains so.

Cave Diver Tells Elon Musk To "Stick His Submarine Where It Hurts"
Musk visited the cave system himself. "He can stick his submarine where it hurts ", Unsworth said in an interview with CNN . It's unclear why Musk saw fit to use such unhinged language in a dispute that had nothing to do with such subject matter.

Prices also found support from a US stocks report showing USA crude inventories fell by almost 13 million barrels last week, the most in almost two years, reducing overall crude stocks to their lowest since February 2015. Production growth in the United States, Brazil, Canada, and Russian Federation will make up most of total global supply growth in 2019. The United States is also experiencing strong liquid fuels consumption growth, as the economy continues to expand. "Net crude oil and petroleum product imports into the United States have continued historic declines in 2018, and EIA's outlook is that those declines will continue in 2019", she said. Although prices received a boost after OPEC members made a decision to reach an agreement to increase production in July by nearly 1 million barrels per day, the upside remains at risk. On Wednesday, the U.S. Energy Information Administration said that U.S. crude stockpiles fell by 12.6 million barrels during the week-ending July 6.

The market's expectation was 4.2 million barrels of decline in the US commercial crude oil inventories, excluding SPR, but the EIA announced that the commercial crude oil inventories declined by 12.6 million barrels in the week ending July 6.

Trump's United Kingdom visit ends in controversy ahead of Putin meeting
The declaration signed by the 29 North Atlantic Treaty Organisation leaders, he said, "confirms the goal of 2 percent by 2024". President Donald Trump called the European Union a "foe" of the United States in an interview that aired Sunday.

"The end of the outage in Libya and trade fears ultimately took the reins", Bart Melek, head of commodity strategy at Toronto Dominion Bank, said in a note Friday. The agency expects inventories to be relatively unchanged in 2018 and to increase by 0.6 MMBPD in 2019, Kallanish Energy reports.

EIA sees Brent oil prices averaging $71.80/b in 2018 and $68.74/b in 2019, and WTI averaging $65.95/b in 2018 and $62.04/b in 2019.

Fatigue not a concern for Dalic ahead of World Cup final
I knew what we could do on the basis of my faith in myself and players. 'There can be no better moment for a player or a coach than tomorrow.

Related News:



Most liked

5 awesome things to expect from the 2018 Goodwood Festival of Speed
James Brighton , senior lecturer at Cranfield, "and acts a reminder that humans like to be engaged and part of the action". The FoS Future Lab is open to the public throughout the Festival, which runs from July 12 - 15 2018, 7am - 7pm each day.

Kim wants North Korea to be 'normal'
Moon said he believed Trump and Kim would eventually make good on the promise made before the global community. Moon is visiting Singapore for the first time since the summit. -North Korea talks.

UN Chief Says 'Good Possibilities' for U.S.-N.Korea Talks
North Korean leader Kim Jong Un pledged at an unprecedented June 12 summit in Singapore with U.S. North Korea already is under some of the strictest sanctions ever imposed on a country.

Theresa May: Donald Trump told me to sue the EU
And in The Sun interview, Trump suggested that Johnson, a Conservative Party rival of May's, would make a great prime minister. Asked to rate U.S. -U.K. relations, Trump gave them the "highest level of special".

Channing Frye returning to the Cavaliers
Kevin Love sounds pretty thrilled to be reunited with Channing Frye . Frye missed the 2012-13 campaign because of an enlarged heart. Yahoo Sports first reported the move.

France favorites as Moscow basks in World Cup spotlight
I think the feeling after the Euros [in 2016] was the team was over, but the feeling is not that now", he added. We were 20 minutes from the finals, and during extra time 10. " Gareth Southgate is an unbelievable manager".

Meghan Markle's dad Thomas says daughter 'NOT HAPPY' in Royal Family
On July 14, Meghan Markle and Kate Middleton were all smiles as they arrived at Wimbledon in their first joint solo outing. Other stars spotted at the match included Vogue editor-in-chief, Anna Wintour , seated in Williams' box.

Kris Jenner Proudly Tells Story of Launch of Kylie's Makeup Empire
Kris also talks about her life - from childhood to her marriages to her kids. with all the bumps along the way. For f*** sake, if you start the 40-yard dash on the 39-yard line, you are NOT self-made'.

Trump suggested me to sue EU over Brexit, says Theresa May
Asked if now was the moment for Johnson to lead the country, Bannon, who was sacked by the White House in August 2017, said: "I believe moments come".

Pokemon Let’s Go Pikachu, Eevee trailer explores new-look Kanto
After all, Pokemon Red and Blue had six exclusive Pokemon species instead of three, and the Let's Go games are set in the same region.

Dele Alli, Lingard blamed for England's 2-1 loss to Croatia
As Croatia kept England's wing-backs occupied, the absence of a playmaker became more evident than it was in the World Cup so far. But the Croatians appeared to have wised up to this, and tried to avoid giving away free kicks near the penalty box.

Nintendo says more updates coming to Mario Kart 8 Deluxe
So whether you've been using bikes in Mario Kart 8 Deluxe or not, please try playing with the Nintendo Labo Toy-Con Motorbike. This was revealed by Nintendo Head of Software Development Shinya Takahashi during an official interview video.

Trump lists Russia, EU, China as 'foes' ahead of Putin summit
CBS anchorman Jeff Glor had asked the president who he thought was the nation's "biggest competitor" or "biggest foe". Trump repeated his previous assertion that the European Union has "really taken advantage of us on trade".

Dwayne Johnson performed Skyscraper leap in one take
In " Skyscraper " Johnson plays Will Sawyer, a former Federal Bureau of Investigation agent and amputee that has just been hired as the security guard in the world's tallest and safest skyscraper .

France 'in a bubble' to play the ideal final: Lloris
Plenty of similarities exist between Chelsea forward Giroud and France's main striker from two decades ago Stephane Guivarc'h. He was quick to point out his young side can match up against Croatian experience.