ibusinesslines.com
ibusinesslines.com August 16, 2018


Oil rises as US renew sanctions against Iran

08 August 2018, 08:59 | Kelvin Horton

A man pumps gas into his car at a gas station in Caracas Venezuela

A man pumps gas into his car at a gas station in Caracas

Markets also anticipated an announcement from Washington later on Monday on renewed United States sanctions against major oil exporter Iran.

Brent crude futures rose 45 cents to $73.66 a barrel, a 0.6% gain.

The U.S. plans to re-introduce sanctions on Iranian oil on November 4, which could dent the OPEC member's output.

India has booked a total of 9.94 million barrels of crude, about 319,000 barrels per day (bpd), to arrive from the United States this month, according to vessel-tracking and port data compiled by Thomson Reuters Oil Research and Forecasts.

Where these trade tensions threaten the volume of China's import of USA crude oil.

An even bigger surprise can come from Washington later today regarding the Iranian sanctions.

Iran is the third-largest producer among the members of the Organization of the Petroleum Exporting Countries (OPEC).


"Many countries, including Europeans, disagree with the USA sanctions and are willing to work with Iran", said the official, who asked not to be named. -China trade war weighed as well. China's foreign ministry on Wednesday stated that Beijing will continue its business with Iran as does not violate any UNSC resolution. U.S. West Texas Intermediate (WTI) crude futures were up 29 cents at $69.30 a barrel, down from am earlier high of $69.83.

Observers have dismissed Trump's call for Saudi Arabia to abruptly increase oil production as political "noise".

An unexpected 200,000 barrel per day (bpd) drop in oil output in July for Saudi Arabia caused crude futures to rise on Monday - and was accompanied by a wave of renewed fears that prices will spiral upward due to geopolitical tensions.

On the demand side, China's July crude oil imports recovered slightly in July after falling for the previous two months, but were still among the lowest this year due to a drop-off in demand from the country's smaller independent, or "teapot", refineries. It shipped out nearly 3 million barrels per day (bpd) of crude in September, equivalent to around 3 percent of global demand. Nationwide crude inventories as well as supplies stored in the key hub of Cushing, Oklahoma, slipped last week, the American Petroleum Institute was said to report.

In America, customs will begin collecting duties on 279 product lines of Chinese goods as of 23 August, the US Trade Representative's Office said Tuesday. China has proposed to impose retaliatory tariffs on $60 billion worth of USA goods, including Liquefied Natural Gas (LNG), fueling speculation that it could also impose tariffs on oil.

"With global demand remaining healthy and the global heatwave increasing oil demand, I think prices will remain well-supported in the near term", Hussein Sayed, chief market strategist at FXTM, said.



Other News

Trending Now

These Are the Names of the SpaceX and Boeing Astronauts
Chris Ferguson and Marine Corps test pilot Nicole Mann , who will conduct the first Starliner flight test sometime in mid-2019. Consequently, NASA can not specify when the test flights will take place or the systems will be ready for operational flights.

Cleaning crews discover dead fetus in plane at LGA
NY reported the plane, flight number 1942, departed Charlotte, NC on Monday night and arrived at LaGuardia late Monday night. It was the Airbus A321's only flight of the day. "Please contact law enforcement for additional information".

Five South Africans caught up in deadly Indonesia natural disaster are safe: Dirco
It said it was not aware of any Irish casualties, but said there could be other Irish people who have not yet made contact. Tourists and Gili residents alike were seeking to leave the islands, according to Indonesia's search and rescue agency.

Ruby Rose Is The CW's Batwoman
I'm also an emotional wreck. because this is a childhood dream, ' wrote the Orange Is The New Black star on her Instagram . Ruby Rose (left) will play Batwoman Kate Kane for The CW's Arrowverse shows, including her own series that's in the works.

Elon Musk says he's considering taking Tesla private
CEO Elon Musk said on Twitter Tuesday that he's thinking about taking Tesla private, sparking a rally in the company's shares. They were initially driven higher after the Financial Times reported Saudi Arabia has quietly built a big stake in Tesla .

Arsenal's Stan Kroenke Makes Offer To Take Full Ownership Of Club
The Arsenal Supporters' Trust has voiced several concerns over the potential takeover in a strongly-worded statement of their own. The Russian business mogul has confirmed that he has chose to sell his shares in Arsenal to majority shareholder Stan Kroenke .

Star witness Rick Gates testifies against former boss Paul Manafort
Manafort, facing charges of bank and tax fraud related to his work in Ukraine, has pleaded not guilty to the charges. Gates told jurors that he siphoned off the money without Manafort's knowledge by filing false expense reports .