April 23, 2019

Crude Oil Slips On Mixed Sentiment

11 April 2019, 08:39 | Hattie Nash

Oil hovers near 5-month highs as global markets tighten

Oil climbs to 5-month high amid OPEC cuts, US sanctions, Libya fighting

Prices were also boosted by US sanctions on oil exporters Iran and Venezuela, as well as supply cuts by the Organization of the Petroleum Exporting Countries (OPEC) and allies including Russian Federation, a group known as OPEC+.

Global benchmark Brent futures settled at $71.73 a barrel, gaining $1.12, or 1.59 percent, after hitting a five-month high of $71.78 a barrel. They were still eight cents, or 0.1%, above their last close. U.S. West Texas Intermediate (WTI) crude oil futures climbed 24 cents to $64.22 a barrel.

Oil futures climbed more than 1 percent on Wednesday after USA data showing a deep decline in gasoline stocks overrode a rise in crude inventories to 17-month highs, and as an OPEC report showed further tightening of Venezuela's crude supply.

Oil climbs to 5-month high amid OPEC cuts, US sanctions, Libya fighting
UK Crude hits five-month high above $71 on Libyan supply threat

As a result, Brent and WTI crude oil futures have risen by around 40 percent and 30 percent respectively since the start of the year.

Goldman Sachs said an oil supply deficit had opened up early this year.

Russia, the largest non-OPEC supplier said on Tuesday that it prefers to increase supply when the current production cuts end in June.

Patriots sign tight end Austin Seferian-Jenkins to a one-year deal
The Patriots have yet to make the move official, though Seferian-Jenkins confirmed he was signing with the team on Instagram. The New England Patriots bolstered their tight end depth chart Wednesday by signing free-agent Austin Seferian-Jenkins.

ANZ bank said on Wednesday that it expects Brent oil prices to push "towards $79 per barrel".

Eastern forces yesterday were advancing on the Libyan capital Tripoli in the latest of a cycle of warfare since Muammar Gaddafi's fall in 2011, with a warplane attacking the city's only functioning airport.

The monthly output cut totals about half a percent of global crude demand.

More confirmed measles cases in Auckland
The highly contagious disease primarily affects children, but measles can strike adults - and with serious complications. Toi Te Ora Public Health said four cases of the highly infectious viral illness have occurred over the last three weeks.

And while fears of a global recession ebbed following strong United States jobs figures and improved Chinese manufacturing data late last week, Bank of America Merrill Lynch said there was still a "significant slowing in growth globally" in 2019.

"With the new Permian pipelines (from July), we can see a boost of 500,000 to 600,000 bpd in USA exports, " said energy consultancy, FGE in a note.

Azerbaijan has submitted the data on the daily oil production in the country for March 2019 to the joint technical commission of the OPEC monitoring committee, Trend reports referring to the country's Energy Ministry on April 10.

YouTube TV add channels, but raises prices
Beginning today, April 10, all new YouTube TV customers will have to pay $50/month for the service. Effectively immediately for new customers, YouTube TV subscriptions will cost $50 per month.

Restrictions at the busiest USA energy port for days after a massive petrochemical fire and spill near Houston led to a backlog of vessels in late March.

Other News

Trending Now

Trump discussed Iran, human rights with Saudi crown prince: White House
In fact it added: "Acts of wisdom and generosity arise from high morals and humanity and are not an admission of guilt or error". Khashoggi's son said only the family and their attorney were authorised to "claim to be a source of information".

Australia approves deliveries by drone of coffee, chocolate bars and medicines
Alphabet , the parent company of Google , has launched its first commercial drone delivery service through its Wing subsidiary. The aviation authority says Wing must use this quieter drone for its commercial service.

This Is How the Huge Bottom of the Falcon Heavy Looks Like
In fact, the two side boosters that will fly tomorrow are already earmarked for Falcon Heavy's next flight, now slated for June. It's a repeat effort from a February 2018 test mission of the Falcon Heavy that saw two boosters land almost simultaneously.

Virgil van Dijk eyeing historic double
Sterling admitted that he voted for Tottenham striker Harry Kane as we edge towards the end of the season. I did what I thought and I thought he deserves it ", the Liverpool defender said.

Chris Mullin expected to step down as St. John's head coach
John's in the First Four last month. "We wish him and his family nothing but the best as he begins this new chapter of his life". In addition, assistant coach Matt Abdelmassih, the Red Storm's recruiting specialist, left to join Nebraska's coaching staff.

Man wins over $110K, breaks single-day record on ‘Jeopardy!’
Aside from his game show exploits, Holzhauer is also a competitive bridge player and a professional sports gambler. Tuesday, breaking the record for single-day cash winnings.

Celtics, Magic Both Win...Kind Of
It paid off in a great way, man, just to come in here in this building and beat a great Celtics team and to make it. He attempted to return to the game but only survived one more possession before heading to the locker room.

Everton Back To Their Best After Win against Arsenal
Aubameyang, Lacazette, Ramsey and Ozil must start together on Thursday, and if they do, Arsenal will win. Napoli have reached the quarter finals of the UEFA Cup/Europa League for the third time in their history.

Hong Kong pro-democracy 'Occupy' activists defiant after guilty verdicts
Meanwhile, former colonial governor Chris Patten, now Lord Patten of Barnes, said the decision was "appallingly divisive". No sentences were immediately given by the judge.

Study shows dogs can accurately sniff out cancer in blood
The study was presented at the annual meeting of the American Society for Biochemistry and Molecular Biology in Orlando. The researchers plan to use canine scent detection to develop a non-invasive way of screening for cancer.