Oil dips in nervous trading as U.S.-China trade war looms

Outage in Alberta's oilsands is pushing U.S. crude to a four-year high

On Wednesday he tweeted that OPEC is "doing little to help", adding that, "if anything, they are driving prices higher". If anything, they are driving prices higher as the US defends many of their members for very little $'s. "This must be a two way street, REDUCE PRICING NOW!" The bank said that US efforts to block Iran from exporting oil would make it hard for OPEC to meet supply demands, forcing prices to rise.

Although Saudi Arabia and Russian Federation have said they would raise output to make up for disruptions, FGE said "there simply is not enough capacity to make up for Iran's crude losses, plus Venezuela and Libya", and warned of the possibility of oil prices rising to $100 per barrel.

OPEC and its allies agreed earlier this month to a modest increase in output to dampen the oil price rally, which hit a 3-1/2 year high.

But while some have interpreted the Saudi move as a traditional Saudi card to always scramble to soothe American frustration and oblige to USA demands, other reports have suggested that Riyadh's move is the result of deep political calculations: step in to stabilize oil prices and compel the United States to adopt tougher measures on Iran. On Wednesday, he accused the Organization of the Petroleum Exporting Countries of driving up fuel prices.

In recent days, Trump has tweeted several times about global oil markets, complaining that prices are now too high, and insisting that major producers within OPEC increase production in order to bring those prices down.

Brent, the worldwide benchmark, shed 0.5% to $77.77 a barrel. Global benchmark Brent LCOc1 was down 39 cents at $77 a barrel. "Their companies - their companies will be subject to the same sanctions that everybody else's are if they engage in those sectors of the economy that are sanctionable, where there were sanctions imposed prior to 2015", the unnamed U.S. State Department Official told the media on June 26.

"With those continued drawdowns at Cushing, we were approaching a situation where you could soon start to consider us nearing a shortage", Kilduff said.

More news: Cavaliers hoping to keep Kevin Love regardless of LeBron James decision

US crude stockpiles rose 1.3-million barrels last week, according to data from the US Energy Information Administration (EIA), against analysts' expectations of a 3.5-million-barrel decline.

Responding to Trump's demands, Ardebili argued that the U.S.is to blame for imposing sanctions on OPEC members.

The inventory report also showed an increase in imports, which "provided some relief.and showed that even with the Syncrude situation, all is not lost", Kilduff said.

Despite these measures, Goldman Sachs said in a July 4 note to clients that "the market will remain in deficit" in the second half of the year.

Yesterday, the deputy commander of the Sarollah Revolutionary Guards in Tehran warned that any attempt to undermine Iran's oil exports will lead to the closing of the Strait of Hormuz-a narrow waterway vital to oil distribution in the Persian Gulf region.

Traders said supply disruptions could be short-lived as Opec and allied producers ramp up output.

Refineries purchase oil on the futures market for production, and what they pay influences what gasoline distributors pay and what retail gas stations charge consumers.

Related News:

  • Neymar leads Brazil into quarter-finals

    Neymar leads Brazil into quarter-finals

    Brazil coach Tite also played a big role in the victory over Mexico , deciding to replace Philippe Coutinho with Firmino. This was similar to the performances against Costa Rica and Serbia last week when they did just about enough to win.
    It's different at club level - Suarez plays down Ronaldo rivalry

    It's different at club level - Suarez plays down Ronaldo rivalry

    Clearly, the momentum will be with the South American team and they will be a force to reckon with in the upcoming tie. Uruguay's defence might be a bigger problem for Ronaldo and Portugal when the teams meet in Sochi.
    Trump skewers Heitkamp as too liberal for NDakota voters

    Trump skewers Heitkamp as too liberal for NDakota voters

    President Trump is set to continue his five state tour ahead of November general elections, with his sights set on North Dakota. The president also dismissed the investigation into his campaign's ties with Russian Federation as a "hoax".
  • South Korean basketball teams travel to Pyongyang for friendlies

    South Korean basketball teams travel to Pyongyang for friendlies

    In August 2017, Trump promised "fire and fury like the world has never seen" if North Korea continued to threaten the USA. He said North Korea's weapons program could largely be ended in a year.

    Notorious French gangster escapes from prison in a helicopter

    The helicopter, the pilot of which was later released, was found burnt out north of Paris , as was a getaway auto . The escape from the prison in Réau happened quickly - the Ministry of Justice says it "lasted only a few minutes".
    Januzaj scores the only goal as Belgium beat England by 1-0

    Januzaj scores the only goal as Belgium beat England by 1-0

    Gareth Southgate has spent two decades thinking about missing the decisive penalty against Germany in the semi-final of Euro 96. The game was gradually gaining momentum as the Three Lions produced a fight back into the contest.
  • Why LeBron James Chose Los Angeles Lakers Over All Other Teams

    Why LeBron James Chose Los Angeles Lakers Over All Other Teams

    Considering that the Lakers have struggled to add stars in free agency recently, this is great news for the team moving forward. This was all because of the pressure James put on the organization with his short-term contracts and his demands to win now.
    Kick Save, and A Beauty, Sends Russia Into World Cup Quarterfinals

    Kick Save, and A Beauty, Sends Russia Into World Cup Quarterfinals

    Akinfeev used his trailing left foot to kick the ball high away from the goal on Spain's last attempt by Aspas . Aleksandr Yerokhin (for Kuzyaev 97) - 5 - Provided fresh legs for Stanislav Cherchesov's men during extra time.
    Bali flights resume as Denpasar Airport reopens after Mt Agung volcano eruptions

    Bali flights resume as Denpasar Airport reopens after Mt Agung volcano eruptions

    The authorities have also reduced its alert status from higher to lower level in the month of February 2018. Ngurah Rai global airport says all flights are suspended until at least 7pm local time (9pm AEST).
  • President Trump defends ICE and policy of fighting illegal immigration

    President Trump defends ICE and policy of fighting illegal immigration

    His defense of the agency comes as the turmoil continues over the president's "zero tolerance" immigration policy. Kamala Harris, California Democrat , has said that the USA should consider "starting from scratch".
    Trump slaps down Democrats' 'abolish ICE' push: 'It will never happen'

    Trump slaps down Democrats' 'abolish ICE' push: 'It will never happen'

    The Trump administration's crackdown on immigration has prompted some Democrats and activists on the left to call for ICE to be abolished.
    Sweden beat Mexico to top Group F

    Sweden beat Mexico to top Group F

    For Granqvist it was his second goal from the spot in the tournament, after he also scored on a penalty kick against South Korea . The World Cup continued with activity yesterday and a few surprises came from Group F. "I think that won't change".

Most liked

Someone is trying to climb the Statue of Liberty
National Park Service officers arrested at least seven, charging them with staging an "unlawful protest" on the national landmark. The woman scaled only to the base of the statue and was seen laying on the statue and at times waving a t-shirt with a message.

Trump and U.S. delegation to bring up election meddling with Putin
Moscow signaled on Tuesday that it would welcome a chance to open the summit with a one-on-one meeting between the leaders, pending agreement with the White House.

LeBron James, Lonzo Ball Will Win Lakers Championships, LaVar Ball Says
According to analyst Shannon Sharp of Undisputed on FS1, the signing the four-year contract shows how much James trusts Johnson. After the game, James was asked about the team , which he was already rumored to consider in free agency.

Trump won't lower flags to honour Capital Gazette victims: mayor
He said the day after the shooting that journalists should not fear being violently attacked while doing their job. Buckley told the outlet on Monday. "I'm glad President Obama followed my lead and lowered the flags half-staff".

Lakers Rumors: Julius Randle signs with New Orleans Pelicans
The move comes on the heels of an agreement between the Lakers and LeBron James as well as point guard Rajon Rondo . DeMarcus Cousins has been mentioned as a possibility for the Lakers, who might be interested in bringing him in.

Stars adorn the engagement ceremony of Akash Ambani and Shloka Mehta
Priyanka Chopra walked in utmost comfort as she was joined by her now not so alleged boyfriend Nick Jonas. Parineeti Chopra and Aditya Roy Kapur accompanied by Siddharth Malhotra graced the evening together.

President Trump attacks Democrats over increasing calls to abolish ICE
Philadelphia City Council member Helen Gym recorded and tweeted out video of the scenes. Efforts to further escalate the fight beyond the electoral realm are already in motion.

Third-parties may read your Google Mail emails if you allow it
The report said at one point, Return Path workers read about 8000 unredacted emails to train their company's scanning software. Google indicated that the practice was not against its policies.

Samsung phones reportedly sending photos to contacts without permission
According to the The Verge , Samsung is asking users to call the company's helpline if they are facing the problem. Speaking to Gizmodo , Samsung said it was aware of the issue and its technical teams were looking into it.

Mavericks trade for rights to Luka Doncic at NBA Draft
The players in NY who were headed to the Green Room were individually introduced on stage before the draft officially started. With so many draft picks, Hawks general manager Travis Schlenk said last week he was entertaining numerous trade offers.

Coach says Germany need to "master destiny" in match against South Korea
Speaking immediately after Germany's shock World Cup exit, manager Low said: 'The disappointment of being eliminated is just huge. The Brazilians had to soak up spells of intense pressure from Serbia but finish unbeaten in the group stage.

USA believes North Korea planning to trick West, hide nukes
MP Mark Pritchard, a member of All-Party Parliamentary Group on North Korea, said: 'The Americans will not be taken for fools. North Korea has great potential for the future! Kim made his third trip to China this year just a week after he met U.S.

LeBron James agrees US$154 million deal with Lakers
If the Lakers make an offer, league sources expect it to be a shorter-term max contract for either one or two seasons. James informed the Cavs on Friday that he was not exercising his $35.6 million option and becoming a free agent.

'That's Life' Says Andres Iniesta After Spain Farewell Ends In Defeat
With 131 appearances, Iniesta was Spain's fourth-most-capped player, behind Iker Casillas, Sergio Ramos and Xavi Hernandez.

Costa Rica ties Switzerland 2-2, heads for World Cup exits
The match was originally scheduled to be played on FOX Sports 1. "It's a joke that I made and the journalist talked about it badly".