Oil rallies to a 3-year high

By Henning Gloystein SINGAPORE Petroleumworld 04 25 2018

By Henning Gloystein SINGAPORE Petroleumworld 04 25 2018

According to the Weekly Petroleum Status Report, U.S. commercial crude oil inventories, excluding those in the Strategic Petroleum Reserve, of the week ending April 20 increased by 2.2 million barrels from the previous week.

New Delhi, Apr 26 Crude oil prices rose by 0.42 per cent to Rs 4,587 per barrel in futures trade today as speculators built up fresh positions taking positive cues from overseas markets. But within the next couple of months, prices are likely to drop below $60 per barrel as markets digest the fallout of the U.S. steel tariffs and the implications of further retaliation from countries most affected by the ongoing trade war-which many think was unnecessary, especially in the wake of a global economic upturn in the last few years-leading to a bearish trend reversal in global crude-oil markets.

USA crude oil inventories C-STK-T-EIA rose by 2.2 million barrels in the week to April 20, to 429.74 million barrels.

Trump will decide by May 12 whether to restore USA sanctions on Tehran, which would probably result in a reduction of Iranian oil exports. Within 30 minutes of opening, the Dow was down 186.52, the S&P declined 18.80 and NASDAQ was 51.11 lower. Trump will decide whether or not to reinstate sanctions against Iran on May 12. U.S. Defense Secretary Jim Mattis said Thursday that there's been no decision on the nuclear deal.

Erdogan says Turkey shares 'historical pain of Armenian citizens'
The former USA presidents, starting from 1981, including Barack Obama, also refused to call the historical events a "genocide". The US president, just as before, used an Armenian term translated as "a great tragedy". "It's a historic day for Armenia".

"What was also insane and ridiculous was the stock markets reaction to a 3 percent yield", Flynn wrote.

There is a price divergence in the market that could raise some concerns amongst traders.

Flynn said, though, that the growing global economy is driving global oil demand. "Not so long ago, many doubted that the Federal Reserve would announce three increases of 25 basis points in its key rates during the year".

Dutch bank ING said "the wide discount for WTI to Brent saw exports rising 582,000 bpd week-on-week to a record high of 2.33-million bpd".

IPL '18: MSD blazes CSK to top spot
Rayudu led the charge for Chennai , while Dhoni's blazing knock snatched the victory from the jaws of defeat. Tahir, the fellow compatriot, also bore the brunt of de Villiers's powers.

Caterpillar's per-share earnings for 2018 range from $10.25 to $11.25 per share. On an adjusted basis, the after-tax net loss was $72 million.

Crude prices had been retreating early Monday, but seemed to reverse on new supply concerns.

"All we're seeing is very strong pricing and the slight softening is primarily due to a stronger dollar", said Bjarne Schieldrop, SEB chief commodity analyst.

The Energy Information Administration (EIA) said the U.S. may drastically reduce its import of crude oil from Nigeria by 2022, going by its projection of becoming a net energy exporter in four years. According to the recent EIA data, USA oil production rose to 9.3 million barrels per day in 2017, a 5-percent increase year-on-year, and is expected to rise steadily going forward.

Sky Withdraws Recommendation of Fox Takeover After Comcast Offer
A woman walks past the NBC and Comcast logos on 30 Rockefeller Plaza in midtown Manhattan in NY , U.S., February 27, 2018. It is now up to media billionaire Rupert Murdoch to decide whether to increase Fox's bid to stave off Comcast's challenge.

Recommended News

We are pleased to provide this opportunity to share information, experiences and observations about what's in the news.
Some of the comments may be reprinted elsewhere in the site or in the newspaper.
Thank you for taking the time to offer your thoughts.