Oil Prices Ease As Supply Outlook Improves: Kemp

Oil edges higher amid tension over death of Saudi journalist

USA benchmark West Texas Intermediate crude ended Thursday's trading session down $1.10, or 1.6%, to $68.65 a barrel, rebounding from a one-month low at $68.47/Bbl earlier in the session, Kallanish Energy reports.

Oil prices dipped on Thursday but pared losses as investors turned their attention to the impending loss of Iran's crude exports after the United States re-imposes sanctions in early November.

"U.S. crude oil production exceeded that of Saudi Arabia for the first time in more than two decades", the U.S. Energy Information Administration reported in September.

So far, a total of 22 million barrels of Iranian crude oil loaded on supertankers owned by the National Iranian Tanker Co (NITC) are expected to arrive at Dalian in October and November, the data showed.

He said US Special Representative for Iran Brian Hook held talks with officials of various relevant ministries here on the issue. USA crude was down 64 cents at $69.11. The latest news in this due came on Tuesday, when National Iranian Oil Company (NIOC)'s Managing Director Ali Kardor announced that offering crude oil at Iran Energy Exchange (IRENEX) will be commenced on October 28 to thwart USA sanctions.

But those who are against the idea, say once we have not still resolved the problems and weaknesses in the stock trades, how can we set up a new proper ground for offering oil in this market?

President Donald Trump on Wednesday gave Saudi Arabia the benefit of the doubt in the journalist's disappearance, suggesting the White House may not take additional action against Saudi Arabia.

More news: Meghan Markle Likens Her Pregnancy Symptoms to 'Jet Lag'

On its part, India, the world's third-biggest oil importer, is facing record high retail prices after worldwide crude price soared and rupee depreciated against the USA dollar.

The oil weapon does not work, which is why Saudi Arabia is unlikely to employ it in the dispute over the disappearance of Washington Post journalist Jamal Khashoggi.

U.S. government officials have previously warned that India could face secondary sanctions if it goes ahead with its decision to purchase S-400 systems from Russian Federation. At the same time, according to the EIA, the United States consumes more than 20 million barrels every day.

On Oct 9 the International Monetary Fund cut its global economic growth forecasts for 2018 and 2019, partly due to the toll trade policy tensions and the imposition of import tariffs were taking on commerce.

In global markets, stocks in Asia fell on Friday as global sentiment soured on issues ranging from trade worries, Italy's 2019 budget and higher USA interest rates.

While Trump has repeatedly demanded that OPEC take action to lower oil prices, he referred to Saudi Arabia as its ally and reiterated to reporters on Wednesday that Crown Prince Mohammed bin Salman's government agreed to buy $110 billion in US weaponry a year ago.

Related News:

  • Should you buy an iPhone XR or used iPhone X?

    Should you buy an iPhone XR or used iPhone X?

    So, if you are really into the camera, then the last year's iPhone X still a better option over the iPhone XR . Of course, the most popular way for folks to pre-order the device is through Apple's own website .
    Red Sox 4, Astros 1

    Red Sox 4, Astros 1

    The Astros had no trouble in the division series, sweeping the Cleveland Indians to set up a meeting with the 108-win Red Sox. Suddenly, those bullpen guys that I feared were going send our 2018 season to its disastrous doom started getting outs.
    Eden Hazard says he could potentially see out his career with Chelsea

    Eden Hazard says he could potentially see out his career with Chelsea

    He can be the best player in the world, he's a genius. "And he's not only a great footballer but I think he's a wonderful ad". Eden Hazard has insisted that he will only leave Chelsea FC if the Premier League club sanction his move.
  • Saudi King, Crown Prince Phone Jamal Khashoggi's Son, Condole His Death

    Saudi King, Crown Prince Phone Jamal Khashoggi's Son, Condole His Death

    He also urged Turkey to turn over purported audio recordings of Khashoggi's killing inside the Saudi consulate in Istanbul. Khashoggi died after an altercation inside the Saudi consulate in Istanbul on October 2.
    Saudi Arabia Confirms Khashoggi Dead, Claims Killed in Fight

    Saudi Arabia Confirms Khashoggi Dead, Claims Killed in Fight

    President Donald Trump says he could consider sanctions against Saudi Arabia over missing Saudi journalist Jamal Khashoggi . Turkish officials have claimed that a group of 15 Saudi men flew to Istanbul at the time of Khashoggi's disappearance.
    Austin Barnes Will Take Over For Yasmani Grandal In NLCS Game 4

    Austin Barnes Will Take Over For Yasmani Grandal In NLCS Game 4

    The two teams are neck and neck, with Los Angeles possessing a mere one-game advantage over Milwaukee as the teams enter Game 6. We've kept him, we feel like, prepared and going pretty good here, " manager Craig Counsell told MLB.com's Adam McCalvy .
  • Emery believes Arsenal still have plenty to improve on

    Emery believes Arsenal still have plenty to improve on

    I'm thinking about Monday's match first, ' Emery said at his pre-match press conference. Leicester are a very good team and play with a clear identity under Claude Puel.
    Manny Machado, Los Angeles Dodgers, fined for Jesus Aguilar, Milwaukee Brewers incident

    Manny Machado, Los Angeles Dodgers, fined for Jesus Aguilar, Milwaukee Brewers incident

    Repeated over and over and over again, you're just a dirty player. "I know speaking for Manny, he's preparing to help us win". Aguilar, who wasn't hurt on the play, said he and Machado "turned the page" afterward.
    The View From Pluto: Cavs Sign Native Son to Long Term Deal

    The View From Pluto: Cavs Sign Native Son to Long Term Deal

    Nance Jr says the Cleveland Cavaliers are buoyed in the wake of James' decision to up sticks and join the Lakers though. Cavs All-Star Kevin Love hasn't received many technical fouls over the course of his career.
  • Beto O'Rourke says he still supports impeaching Trump

    Beto O'Rourke says he still supports impeaching Trump

    "I can tell you very clearly that the only person who presented facts and figures was Ted Cruz ", the pro-life activist argued. The senator later said he'd like to make Thursday's event a debate , but O'Rourke didn't agree.
    Tatum, Celtics cruise past Sixers in opener

    Tatum, Celtics cruise past Sixers in opener

    With so many new faces, head coach Brett Brown believes it will take his squad up until Christmas to get a rhythm. Regardless of the reason for Tuesday's struggles, the Sixers need to connect from long-range sooner than later.
    Brexit transition could be extended, British PM says

    Brexit transition could be extended, British PM says

    The UK would continue to pay contributions to the bloc while having no say post-Brexit, deputy leader Nigel Dodds warned. Varadkar added that working out all the details of the deal on the EU-UK relationship could take more than two years.

Most liked

Vettel acknowledges ‘mutual respect’ in Hamilton rivalry
Bottas, who was second fastest in the morning but did not set a time in the afternoon session, said: "It was a pretty boring day".

Big hint Meghan Markle is further along in pregnancy
The students at Macarthur Girls School were left absolutely gobsmacked when the royal couple joined the assembly. Meghan Markle and Prince Harry recently revealed that they are expecting their first child next spring.

Russian Federation to deploy missiles which can evade defence systems 'within months'
Russian Federation has claimed that USA missile defences violate the pact. Unlike many other news organizations, we have not put up a paywall.

NY Man Threatened To Kill Two Senators Who Helped Confirm Kavanaugh
He did not criticize Feinstein during the debate over her handling of Kavanaugh's confirmation process. DeRisi was arrested in Smithtown, N.Y. on Friday morning, according to a press release from the U.S.

James off to losing start, Basketball News & Top Stories
It will debut Saturday at 7:30 PM PST/10:30 PM EST on ESPN , during the Lakers' home opener against the Houston Rockets . The Lakers jumped out to a 25-15 lead but found themselves trailing by three points at the end of the first quarter.

#Gadgets: HUAWEI Mate 20 Series’ new Matrix Camera System
There's an octa-core Kirin 980 CPU - an industry first 7nm chip - and 6GB of RAM inside, with storage options reaching 128GB. The Mate 20 Pro, meanwhile, has a 40-megapixel wide angle, 20-megapixel super wide angle, and 8-megapixel telephoto lenses.

Trump lashes out at Warren over DNA test, calls her phony!
Debbie "White Dove" Porreco, a Pocahontas descendant, told Fox News that she and other Native Americans felt "betrayed". Warren in 1984 contributed five recipes to a Native American cookbook called " Pow Wow Chow ", according to Politifact.

Liverpool boost as Salah and Van Dijk join training
Keita, meanwhile, is expected to be sidelined for around two weeks with the hamstring issue he picked up when playing for Guinea. Huddersfield boss David Wagner celebrates his 47th birthday on Friday but Reds boss Klopp will not be giving him a gift.

Australia considers recognising Jerusalem as Israel's capital
The Israelis occupied the Eastern part of the city during the 1967 war. He reiterated support for a two-state solution. Wentworth is home to a large Jewish community.

David Price pitches Red Sox back into another World Series
I think it kind of just all boils down to having a game plan and obviously executing", Bradley told reporters after the game. But what most people wanted to talk about Thursday morning was a controversy in the first inning Wednesday night.

How could Donald Trump punish China while shielding the Saudis?
Khashoggi has not been seen since he entered the Saudi consult in Istanbul more than two weeks ago and is feared dead. Turkish officials have said they believe he was killed there although this has not been confirmed by Saudi Arabia .

Putin probably involved in assassinations but not in US
Trump didn't deny that Putin could be behind such things, but took a "mind our own business" approach. Seventy-nine percent of Republicans and 72 percent of independents say they plan to vote. "Everybody.

MLB Investigating Astros Employee For Videotaping Red Sox's Dugout
Clevinger allowed one run and three hits in five innings, but took the loss as the Indians were pounded 11-3. "A lot of stuff". Jackie Bradley Jr blew open Game 3 of the ALCS on Tuesday with a grand slam off Houston Astros reliever Roberto Osuna .

Jordan, Syria hail reopening of border crossing
But its forces were driven out by rebels who took hold of the area and the Quneitra crossing was closed in 2014. Separately, Israel reopened the Quneitra crossing on its occupied Golan Heights front with Syria on Monday.

Oil prices rise towards $85 on surprise drawdown in U.S. crude stockpiles
Gasoline stocks dropped by 3.4 million barrels, compared with analyst expectations in a Reuters poll for a 1.1 million-barrel decline.