Oil remains steady as emerging-market fears escalate amid Turkey crisis

15 August, 2018, 19:17 | Author: Kathy Ellis
  • So what would the loss of Iranian oil exports look like

Traders are also monitoring reports of multiple unsold crude oil cargoes around the Atlantic Basin, with producers including Russian Federation and Nigeria cutting prices for certain grades.

At the Multi Commodity Exchange, crude oil for delivery in August month moved up by Rs 24, or 0.51 per cent, to Rs 4,698 per barrel in business turnover of 1,474 lots. While the question of Iranian supply remains in the background, crude oil traders have been ignoring supply-related concerns in recent history.

On Friday, the International Energy Agency (IEA) warned the energy market outlook could become "far less calm" as US -imposed oil sanctions against Iran take effect.

Worldwide benchmark Brent crude traded at around $72.80 on Friday morning, little changed from the previous session, while U.S. West Texas Intermediate (WTI) stood at $67.43, down around 0.3 percent.

Oil drops as economic turbulence in Turkey and the strengthening greenback heightens concerns about global oil demand.

Trade tensions with the USA have weakened currencies in emerging markets as investors pull cash out of countries like India and China and convert it to US dollars, which are still seen as a safe haven.

It also said that trade friction between the USA and China was unlikely to have much impact on global oil demand growth, unless the rifts spread beyond those two nations.

China, India and Turkey are already on board to continue Iranian oil imports, and Japan has said it is considering continuing shipments.

USA media criticizes Trump's tariffs decision on Turkey
Turkey's currency fell Friday after its economy was rattled by the United States' move to slap the country with more tariffs . Washington "must give up the misguided notion that our relationship can be asymmetrical", he said in the opinion piece.

"Crude oil processing increased sharply and reached a record level of nearly 18 million barrels per day last week", said Carsten Fritsch, senior commodities analyst at Commerzbank.

Investors are concerned about the world economy as trade disputes between escalate between the United States and its major trading partners.

But soon, the Iranian imports in India will see a significant decline as some of the refiners are anxious about the adverse effects on the access to the USA financial systems if the dealing with Iran in terms of crude is continued.

"The direct impact on global demand for oil is negligible", Fritsch said.

Despite the cautious mood in oil markets, bullish sentiment found some support from expectations that United States sanctions against Tehran would restrict Iranian crude exports, tightening global supply.

Despite these worries, prices got a boost from the introduction of USA sanctions against Iran, which from November 4, will include oil exports.

The Organization of the Petroleum Exporting Countries forecast lower demand for its crude next year as rivals pump more and said top oil exporter Saudi Arabia, eager to avoid a return of oversupply, had cut production.

Recommended:

  • 4 things Arsenal must do to defeat Manchester City

    4 things Arsenal must do to defeat Manchester City

    We need to do the process my way. "The first game away against Arsenal , nobody can deny that it's complicated". James Milner's cutback was turned into the net by Sadio Mane, who added a third eight minutes after the break.
    Premier League records no motivation for Pep Guardiola

    Premier League records no motivation for Pep Guardiola

    We are to think only to win the match". "Confidence in our work, confidence in himself", Emery said. And then when we have the space, to be aggressive going forward.
    MI  voters weigh in on governor’s primaries

    MI voters weigh in on governor’s primaries

    Gretchen Whitmer, the former Democratic leader of the MI state Senate, won the Democratic nomination for governor Tuesday night. There was also a key election for a House seat in OH , in which president Donald Trump claimed victory.
  • Omarosa calls Trump a bigot in upcoming book

    Omarosa calls Trump a bigot in upcoming book

    Being out for no one and nothing but yourself is a requirement for working in the Trump White House. She later told NPR , however, that she had heard the president say that word.
    Legendary singer Aretha Franklin said to be ‘gravely ill’

    Legendary singer Aretha Franklin said to be ‘gravely ill’

    In 2010 she underwent surgery for a tumor, but later disputed reports that she had been diagnosed with pancreatic cancer . Franklin said in August of that year that she had undergone a "miraculous" recovery, but continued to drop out of shows.
    Chelsea Give Bakayoko The Blues With Milan Loan

    Chelsea Give Bakayoko The Blues With Milan Loan

    Let's hope he does better for them than he did for us! "In the first part I expect some problems on the results". And Bakayoko is set to be farmed out on loan to AC Milan later today, according to the Mirror.
  • Live footage of the flagship smartphone Google Pixel 3 XL

    Live footage of the flagship smartphone Google Pixel 3 XL

    In the CPU test, the handset scored 54,672 points, while in the GPU test, where the Pixel 3 XL prototype achieve 1,06,711 points. If Google follows the tradition, the third generation Pixel phones will launch sometime around October this year.
    Google Acknowledges Epic’s ‘Fortnite’ Isn’t On The Play Store

    Google Acknowledges Epic’s ‘Fortnite’ Isn’t On The Play Store

    The Fortnite beta for Android was announced yesterday during the Samsung Galaxy Unpacked 2018 event by Epic Games CEO Tim Sweeney. Below that, the Play Store continues with the normal search results, which includes the competing PUBG mobile battle royale game.
    'Gay men thanked me for protecting them', Ben Stokes affray trial told

    'Gay men thanked me for protecting them', Ben Stokes affray trial told

    He then described Stokes to be acting "spiteful, angry and like a bully" with no sign of playful banter between the parties. Stokes allegedly knocked Hale to the ground, before knocking out Ali last September. "He had a green T-shirt on".
  • Annual comet shower spotted at Bosnia | meteor | Bosnia | shower | comet | Northern hemisphere

    Annual comet shower spotted at Bosnia | meteor | Bosnia | shower | comet | Northern hemisphere

    The meteoroids that cause this shower are dust particles that get outgassed from the comet when it comes close to the sun. You have a few more chances to see the spectacular Perseid meteor shower taking place before sunrise Monday.
    Tesla's CEO Elon Musk sued for fraud

    Tesla's CEO Elon Musk sued for fraud

    According to those sources, PIF's talks started before Musk tweeted last Tuesday about considering taking Tesla private. Musk wrote that since August 7, the fund's managing director has expressed support subject to due diligence.
    West Nile Virus related deaths reported in Serbia

    West Nile Virus related deaths reported in Serbia

    Empty containers and change water weekly in containers that can not be removed, such as bird baths, pet dishes and wading pools. In addition, in Vernon there is a trap to detect the Aedes albopictus mosquito , which can carry the Zika virus.


Popular

Turkey doubles tariffs on some US imports over economy 'attacks'
In addition, Turkey's national airline and its main telecoms firm announced they will halt advertising in the United States media. The second is that Erdogan would have to bury his hatchet with the United States, which remains the IMF's largest shareholder.

Secret audio? In Trump world, there’s always a tape
Omarosa also had a bridal "going away" party before her wedding with none other than aides close to the president. She and General Kelly may have completely different pasts, but they have exactly the same future.

England's Ben Stokes found not guilty of affray following brawl outside nightclub
Ali suffered a fractured eye socket and Hale was concussed after being punched by Stokes. He said his memory of the night was "incomplete" due to his head injury.

From England: Manchester United eye Monchi
United made a winning start to their 2018-19 campaign on the opening weekend of Premier League action, with Leicester seen off 2-1 at Old Trafford .

Tesla CEO Musk accused of defrauding shareholders, sued by investors
They have cited as evidence Musk's tweet that came on August 7 and the very next day, Tesla shares went up by around 13%. Many investors place their faith in Tesla because they believe that it is leading the electric vehicle revolution alone.

Sidhu, Kapil get formal invite for Imran's swearing-in ceremony
The two parties have made a decision to field joint candidates for posts of speaker, deputy speaker and prime minister. To a question, he said the party has not yet finalised a name for the slot of Punjab chief minister.

Kerala: Death toll rises to 26, CM calls emergency meeting
He has been reviewing the flood situation and relief work being undertaken by the Army, Navy, Air Force, Coast Guard and the NDRF. Earlier in the day, three shutters of the Cheruthoni dam were raised by 100 cm with 425 cumecs water gushing out every second.

Sanchez: United need to sign players like Vidal
Spanish giants FC Barcelona have not given up on signing Manchester United superstar Paul Pogba , according to reports coming out of Spain.

Car Crash Season - Several Manchester United Fans Split After Quiet Deadline Day
Belgium playmaker De Bruyne and England forward Sterling played an influential role in Manchester City's title triumph last season.

'Suicidal' man steals and crashes empty plane from Seattle airport
A "suicidal" airline mechanic stole an empty plane before flying around an airport then crashing near a small island. Air traffic controllers attempted to talk the man into landing at McChord field - but he refused.