 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 by Daniel J. Graeber Washington (UPI) May 29, 2018
Major crude oil benchmarks were spread by as much as 2 percent in early Tuesday trading as trade uncertainty balanced an expected increase in production. Russian Energy Minister Alexander Novak said last week that parties to an effort steered by the Organization of Petroleum Exporting Countries may pull back from over-compliance in the second half of the year. Participating players, of which Russia is the largest non-OPEC member, are doing more than they need to under the terms of an agreement arranged in late 2016 and may come back toward 100 percent. Speaking during the weekend, Novak said the price of oil might stay in a range between $65 per barrel and $75 per barrel for the year. The price for Brent crude oil, the global benchmark, closed at $80.09 on May 17, its highest level in four years, in response to U.S. President Donald Trump's decision to pull out of a multilateral Iranian nuclear agreement. Since then, Brent has lost about 5 percent. The situation was compounded last week on indications of a surge in U.S. exploration and production. More U.S. oil and more from OPEC producers would be reminiscent of a pre-2016 scenario when OPEC was defending a market share under threat from North American shale with robust output. The price for Brent was up 0.97 percent as of 9:15 a.m. EDT to $76.05 per barrel. West Texas Intermediate, the U.S. benchmark for the price of oil, was down 1.13 percent to $67.11 per barrel. WTI was pulled lower by the potential for an increase in U.S. oil production. Brent, meanwhile, was trending higher because of political risks in the European market. "Shale oil production is giving WTI a false sense of security," Phil Flynn, the senior market analyst for the PRICE Futures Group in Chicago, told UPI. European stock indices were lower Tuesday on lingering political concerns in Italy, which may be facing repeat elections. Italian President Sergio Mattarella tapped former International Monetary Fund official Carlo Cottarelli to be interim prime minister Monday. That came after Giuseppe Conte, the populist prime minister-in-waiting, resigned over Mattarella's refusal to accept Conte's selection for finance minister in Europe's third-largest economy. Elsewhere, oscillating trade tensions between the United States and China, the world's leading economies, tilted toward the warning sign again on Tuesday when Washington outlined sanctions measures that would go into force June 30. "To protect our national security, the United States will implement specific investment restrictions and enhanced export controls for Chinese persons and entities related to the acquisition of industrially significant technology," a White House statement read. Crude oil prices lost nearly 2 percent on April 4 when China threatened $50 billion worth of U.S. imports with stiff tariffs.
Memorial Day weekend gas prices highest in four years Washington (UPI) May 25, 2018 Consumer gas prices for the holiday weekend will be the highest they've been in four years and will likely stay that way through the summer, the U.S. government said. The three-day Memorial Day weekend in the United States marks the de facto start of the summer holiday season. With crude oil prices flirting with multi-year highs, retail gasoline prices have moved toward a national average of $3 per gallon, a psychological threshold indicative of changing consumer behaviors. Motor club AA ... read more
|
|||||||||||||
|
|
| The content herein, unless otherwise known to be public domain, are Copyright 1995-2024 - Space Media Network. All websites are published in Australia and are solely subject to Australian law and governed by Fair Use principals for news reporting and research purposes. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA news reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. All articles labeled "by Staff Writers" include reports supplied to Space Media Network by industry news wires, PR agencies, corporate press officers and the like. Such articles are individually curated and edited by Space Media Network staff on the basis of the report's information value to our industry and professional readership. Advertising does not imply endorsement, agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. General Data Protection Regulation (GDPR) Statement Our advertisers use various cookies and the like to deliver the best ad banner available at one time. All network advertising suppliers have GDPR policies (Legitimate Interest) that conform with EU regulations for data collection. By using our websites you consent to cookie based advertising. If you do not agree with this then you must stop using the websites from May 25, 2018. Privacy Statement. Additional information can be found here at About Us. |
del.icio.us
Digg
Reddit
Google
