Oil falls on trade tensions

Oil prices rise as looming Norway strike adds to disruptions

The price of U.S. crude oil is rallying after Wednesday's sharp fall prompted by news that Libya's National Oil Corporation is reopening four oil export terminals.

China's crude oil imports fell for a second month in a row in June to their lowest since December, as shrinking margins and volatile oil prices led some independent refiners to scale back purchases.

"Shale crude is not an alternative to Iranian crude", Sandy Fielden, director of research for commodities and energy at Morningstar, told Bloomberg.

If China follows through with its threat to slap tariffs on USA oil imports, it would put downward pressure on the WTI Crude benchmark and widen its discount to Brent Crude, which could be make US oil even more attractive to Indian buyers, according to Fielden. -China trade tensions raised demand concerns.

Man discovers wife, her mechanic lover dead following sex, reports say
Johnson is blaming the apartment complex for not having adequate Carbon dioxide alarm systems. Tuesday at a parking garage in Newark. "She's just a few feet away, she's laid out".


USA oil prices jumped on the news, but later retreated, though were still above the day's lows.

"The trade concerns have bitten today and the reason is that this is above and beyond what the market was expecting", said Michael McCarthy, chief markets strategist at CMC Markets in Sydney. "If the U.S. implements this additional tax on $200 billion of imported Chinese goods, it will be hard for China not to impose greater taxes on commodities imported from the U.S.", Olivier Jakob, head of energy consultancy Petromatrix, told the Wall Street Journal.

The first two events set the table for the steep sell-off, which was triggered after Tripoli-based Libya National Corp. said four export terminals were being reopened after eastern factions handed over the ports, ending a standoff that had shut down most of Libya's oil output.

"Breaking $72 on the chart is big", said John Kilduff, founding partner at energy hedge fund Again Capital, CNBC reported.

Trump snubs CNN, slams NBC during Theresa May presser
Trump: " See, that's such dishonest reporting ", he said, lambasting both NBC and CNN, which he frequently lumps together. Let me just add that I know Kristen Welker, she's as honest as the day is long, to call her dishonest is unfair.


EIA forecasts United States crude oil production to average 10.8 million barrels per day in 2018, up from 9.4 million barrels per day in 2017, and to average 11.8 million barrels per day in 2019, Xinhua reported.

EIA, in its report on Tuesday, estimated that U.S. crude oil production averaged 10.9 million barrels per day in June, up 0.1 million barrels per day from the May level.

Us Secretary of State Mike Pompeo said Tuesday that Washington would consider requests from some countries to be exempt from sanctions due to go into effect in November to prevent Iran from exporting Crude Oil.

US crude inventories fell last week by 6.8 million barrels, according to data from industry group the American Petroleum Institute.

Chelsea Set To Seal €65m Deal For Maurizio Sarri And Jorginho
It was on the cards long before last season's FA Cup triumph, which came less than 12 months after he won the Premier League . After leaving Chelsea , Terry signed on to play with Aston Villa in the Championship last season.


Supply to the US market has also been squeezed by the loss of some Canadian oil production. "Our markets remain open while we work directly with customers to resolve the issue", a CME spokesman said in an emailed statement.

Related news:

Hot News

isis-killer-beheading-video-story-top Serena Williams wins at Wimbledon, headed to finals
Jul 14, 2018 - 07:16
In the first set, the experienced Kerber broke twice while the only break point Ostapenko earned was when she was leading 3-2. The Australian's 24 singles majors remains a record, with Williams one behind. "It would be really special to win", she said.

isis-killer-beheading-video-story-top Hearing Scheduled For Cop Who Stood By In Racist Rant Video
Jul 14, 2018 - 07:10
Irizarry is heard asking the man to please get away from her, and begging the nearby officer, Connor, for help. The man resumes his abuse, saying: "You're not American, if you were American you wouldn't wear that".

isis-killer-beheading-video-story-top In the United States died the ugliest dog in the world
Jul 14, 2018 - 07:01
Brainard became Zsa Zsa's owner after seeing the English bulldog on PetFinder.com. She named the dog in honor of actress Zsa Zsa Gabor.

isis-killer-beheading-video-story-top Djokovic leads Nadal as Wimbledon semi-final halted for night
Jul 14, 2018 - 07:00
The ball was in Kevin Anderson's court when he defeated Roger Federer on Wednesday to book a semifinal spot in the 2018 Wimbledon. However, on the other side of the draw, a mouth-watering semi-final has been set up between Rafael Nadal and Novak Djokovic .

isis-killer-beheading-video-story-top IS claims election rally bombing in Pakistan
Jul 14, 2018 - 06:36
The bombing was the biggest attack in Pakistan in over a year and is the third incident of election-related violence this week. Balochistan province's home minister Agha Umar Bungalzai said the death toll in the town of Mastung "has risen to 128".

isis-killer-beheading-video-story-top Donald Trump 'threatens to pull United States out of NATO'
Jul 14, 2018 - 05:46
Trump said he did not think Russian Federation would have invaded Crimea if he had been in the White House at the time. Senator Chuck Schumer, the Democratic Senate minority leader, urged Trump to cancel the Putin talks.

isis-killer-beheading-video-story-top World’s longest fingernails finally cut after 66 years
Jul 14, 2018 - 05:43
He had made it to the the Guinness Book of World Records in 2016 for having the " Longest Fingernails on a Single Hand Ever ". A school yard incident prompted the challenge for Shridhar Chillal to grow his nails on his left hand when he was a teenager.

isis-killer-beheading-video-story-top Families Of Rescued Thai Boys Embrace British Divers Who Saved Them
Jul 14, 2018 - 05:40
The film company says they are now in talks with "senior officials in Thailand both on provincial and national levels". The rescue took more than two weeks.

isis-killer-beheading-video-story-top HTC plans blockchain phone release in Q3
Jul 14, 2018 - 05:01
Today it became known that the blockchain smartphone Exodus is nearly ready for release, and that it will be released very soon. The company announced on Tuesday that a game called CryptoKitties will come to HTC devices starting with the HTC U12 Plus .

isis-killer-beheading-video-story-top North Atlantic Treaty Organisation states to increase defence funding
Jul 14, 2018 - 04:34
So, in a stroke, he shifted attention away from his own ties to the Kremlin just days before he meets one-on-one with Putin. Of the alliance, he said it was "very unified, very strong, no problem". "But I'll very firmly ask the question".

isis-killer-beheading-video-story-top ‘Game of Thrones’ earns a leading 22 Emmy Award nominations
Jul 14, 2018 - 02:59
The 70th Emmy Awards will telecast live from the Microsoft Theater in Los Angeles , Sunday, September 17 (8 p.m. Emmy nominations were announced Thursday morning and highlight some of the best shows on TV.

isis-killer-beheading-video-story-top Woman Mistakenly Steals Car She Thought Was Her Rental - For Two Weeks
Jul 14, 2018 - 02:53
He had remembered the owner of the Infiniti, who also went to Enterprise to rent a auto , thinking his vehicle was in fact stolen. Police described the incident as a "happy ending to a complicated auto rental" and warned drivers over electronic key fobs.

isis-killer-beheading-video-story-top Chelsea star likes tweet celebrating Conte’s sacking, claims it was an ‘accident’
Jul 14, 2018 - 02:51
Conte still has one more year running on his current contract and wants Chelsea to pay all of his £9m clause in full. Sarri could be joined by former Chelsea striker Gianfranco Zola as part of the backroom staff.

isis-killer-beheading-video-story-top Last two Blockbusters in Alaska are closing, even after Russell Crowe memorabilia
Jul 14, 2018 - 02:31
While most states lost their Blockbuster locations years ago, Alaska had held onto the brand. At the peak of Blockbuster's popularity there were more than 9,000 locations dotting the US.

isis-killer-beheading-video-story-top Duchess of Sussex stuns in Dior dress at RAF Centenary
Jul 14, 2018 - 02:10
Meghan wore a long-sleeved, full-skirted black Dior dress with a bateau neckline, topped off with a Stephen Jones fascinator. The Duchess of Cambridge is thought to have given a special nod to her late mother-in-law on Monday (July 9).