Trump gets oil traders' attention over call with Saudi king

King Salman

With the U.S., Canada and Mexico finally reaching a new trade deal, the market sentiment improved on Monday to boost the demand for commodities and help crude oil preserve its bullish momentum.

More fundamentally, oil markets have been pushed up by looming USA sanctions against Iran's oil industry, which, at its most recent peak this year, supplied nearly 3% of the world's almost 100-million barrels of daily consumption. The market was expecting a production increase decision from OPEC as the current export levels of Iran were about 35 percent below as compared with its oil export in April.

Oil extended gains after the longest quarterly rally in a decade as a slowdown in American drilling added to supply risks while the USA and Saudi Arabia discussed market stability.

Brent for December settlement increased 51 cents at $83.24 on the ICE Futures Europe exchange.

Trump Says Kavanaugh’s Testimony Showed Past ‘Difficulty’ With Drinking
Kavanaugh slapped me and told me to be quiet and forced me to perform oral sex on him. They'd drink beer and they'd go insane and, you know, they were in high school.


Projections must take into account a host of factors - from world economic growth, refinery operations and changing fuel use patterns on the demand side, to investment patterns, rates of mature oilfield decline, weather, politics, war and OPEC on the supply side. "We want them to stop raising prices. Otherwise, the price differentials between the two major oil benchmarks will not narrow down".

Traders are hunting for the price threshold that forces one of those developments.

The US President Donald Trump reviewed on Saturday in a phone call with Saudi King Salman bin Abdulaziz Al Saud the oil supply for stability of the market, Saudi Press Agency reported.

The Organization of the Petroleum Exporting Countries (OPEC), of which Iran is a member and the third biggest producer, has faced difficulty in replacing export losses from Iran. Trump has gone after OPEC multiple times this year, including while speaking at the United Nations on Tuesday.

UEFA Champions League Report: Hoffenheim v Manchester City 02 October 2018
For almost 90 minutes, Manchester City dominated possession and buzzed TSG Hoffenheim's net with chances that didn't much rile the hosts.


The recent rise in oil prices confirms closely to the traditional boom-bust pattern. As a result, more USA crude oil would be shipped to Asian market. The market is rarely balanced or in equilibrium except by accident and not usually for very long.

Towards the end of the year, "LIFO", know as Last In First Out, an accounting practice among companies to draw down inventories to avoid taxes on barrels of oil remaining at the end of the year, "can cause some selling in the markets", he said.

By that point, prices will already be close to peaking, extra OPEC and non-OPEC supplies will come too late, with consumption already slowing, and add to the subsequent slump.

Trump mocks Kavanaugh accuser Christine Blasey Ford
A vocal minority of the crowd on Tuesday backed McDaniel, a conservative state senator, and booed Hyde-Smith when Mr. Thad Cochran (R), who resigned in April amid health concerns.


Related news:

Hot News

isis-killer-beheading-video-story-top Mourinho told Man Utd players: Play for the crest
Oct 03, 2018 - 15:57
Manchester United defender Valencia , 33, seemingly took to social media to "like" a post suggesting manager Jose Mourinho should be sacked.

Hollywood heists: Four arrested for burglarizing Rihanna’s home, others
Oct 03, 2018 - 15:27
The NBA's Nick Young lost around $500,000 in jewellery and $384,000 in other items during a burglary at his home in Tarzana, LA. In addition to the stars already targeted, the crime syndicate had plans to target LeBron James , Viola Davis, and Matt Damon.

isis-killer-beheading-video-story-top Tory Councillor Says She Probably Won't Bother With Theresa May's Speech
Oct 03, 2018 - 14:43
May has repeatedly claimed there would be no hard border between the United Kingdom and Ireland after Brexit. Molly Giles says she probably won't bother queueing to watch Theresa May deliver her conference speech.

isis-killer-beheading-video-story-top Spider-Man : New Generation - a new trailer blown up and always colorful
Oct 03, 2018 - 14:14
As you have already noticed, in Spider-Man: New Generation there is no question of a single super-hero, but several. On hearing the news, Art Director of Insomniac , Jacinda Chew , offered a new patch changing the sign.

isis-killer-beheading-video-story-top 'This woman had no clue': Donald Trump mocks Brett Kavanaugh accusers
Oct 03, 2018 - 14:00
But Trump also seemed to distance himself from his own nominee, even as he told the crowd he needed their support to get him through.

isis-killer-beheading-video-story-top Cristiano Ronaldo rape allegation to be investigated by Las Vegas police
Oct 03, 2018 - 13:58
The report claims that she had pledged never to speak of the accusation again, before Ronaldo allegedly paid her $375,000. He went from Manchester United to Real Madrid in 2009 for a then-record sum of 94 million euros, or about $130 million.

isis-killer-beheading-video-story-top China orders actress Fan Bingbing to pay massive tax fine
Oct 03, 2018 - 12:45
As a first-time offender, she will not face criminal prosecution if she pays the fine by an undisclosed deadline. I apologise sincerely to everyone".

isis-killer-beheading-video-story-top Trump says it’s ‘a very scary time for young men in America’
Oct 03, 2018 - 11:12
A lawyer for Mr Judge, who has denied any wrongdoing, declined to say when the interview finished or what he was asked. Smyth, two people who Ford said were at the gathering of teenagers where Kavanaugh allegedly assaulted her.

isis-killer-beheading-video-story-top Nationwide Cellphone Test Set for 2:18 p.m. Wednesday
Oct 03, 2018 - 09:49
This marks the fourth time FEMA has conducted a national EAS test and is the first time for a national WEA test. During the Cold War, it was pretty common to see and hear tests of the Emergency Broadcasting System.

isis-killer-beheading-video-story-top Anup Jalota calls off his relationship with Jasleen Matharu
Oct 03, 2018 - 09:42
Somi discusses with Jasleen how Surbhi is unnecessarily trying to poke her nose in others' matters to gain limelight. Romil and Surbhi are safe for this week as they've just entered the house and Neha as she is captain of the house.

isis-killer-beheading-video-story-top Manchester United boss Jose Mourinho unable to speak about club's situation
Oct 03, 2018 - 08:57
Valencia appeared to avoid those problems and could have easily be celebrating a memorable win at Old Trafford. Let us know in the comments. "It's a free country, he can say what he wants".

isis-killer-beheading-video-story-top Here's What The US Gets Out Of Trump's NAFTA Renegotiations
Oct 03, 2018 - 08:52
The main goal of the agreement for the United States is to have more auto and truck parts made in North America. To me, it's the most important word in trade". "The practical consequences are limited, if any ".

isis-killer-beheading-video-story-top Pochettino says Lloris will start for Tottenham, but fans wanted Gazzaniga
Oct 03, 2018 - 05:44
If Mauricio Pochettino's side are to make it to the last 16, a victory over Spanish champions Barcelona would be a major boost. In football and life, situations can change very quickly and I never wanted to be a victim.

isis-killer-beheading-video-story-top Brewers' National League Division Series game times announced
Oct 03, 2018 - 05:34
With the Red Sox, Lester allowed three runs in Game 7 of the American League Championship Series in a loss to the Rays in 2008. It's a criss-cross kind of trip and it's one that the Rockies hoped they weren't going to have to make.

isis-killer-beheading-video-story-top Paul Scholes on ’embarrassing’ Jose Mourinho: Manchester United legend’s tirade in full
Oct 03, 2018 - 05:28
I hope he now gets a run of games in the team". "It will be good for the team if we can beat Newcastle". Asked to comment on Scholes criticism, Mourinho replied, "I don't need to know what he said".