News Oil 

Russia and China rebuff US call for North Korean oil embargo

“Russia and China objected to a U.S. assessment that North Korea has violated international oil sanctions, a United Nations Security Council diplomat confirmed to the Washington Examiner” reports washingtonexaminer.com. Ambassador Nikki Haley’s team called on Russia and China to stop exporting oil to North Korea, as part of a confidential American report alleging last week that the pariah state has exceeded the annual cap on petroleum imports established in a sanctions resolution that passed in December. Source: washingtonexaminer.com Share This:

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News Oil 

Setback for Trump: Saudi Arabia won’t export much more oil this month, official says

“Meanwhile, Saudi crude oil exports are poised to drop by 100,000 bpd in August compared with July” writes Jonathan Ernst for cnbc.com. Saudi exports were about 7.2 million bpd in June, an industry source told Reuters.The commentary from Saudi Arabia could be aimed at preventing oil prices from falling too far too fast, said John Kilduff, founding partner at energy hedge fund Again Capital.July exports from OPEC’s top producer will be roughly in line with last month’s total, the Dow Jones reported, citing Saudi OPEC governor Adeeb Al Aama.Oil prices…

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Markets News Oil 

The oil market is becoming increasingly dangerous, analysts say — and crude prices are feeling the pressure

“The oil market is likely to become progressively more unpredictable over the coming months, analysts have told CNBC, in the latest sign dynamics shaping crude futures have dramatically shifted since the crude rally began” writes unknown author for cnbc.com. International benchmark Brent crude has tumbled nearly 9 percent from last week’s high of more than $79 a barrel.It’s most recent dip comes amid emerging evidence of higher crude production from OPEC kingpin Saudi Arabia and other members of the Middle East-dominated cartel — as well as Russia and the U.S.…

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Futures News Oil 

Oil under pressure as traders eye inventory levels

“Oil futures lost ground Thursday, unable to completely shake off a rise in U.S. crude inventories and a pickup in output by major oil producers” writes Deputy Markets Editor for marketwatch.com. September Brent crude futures LCOU8, +0.67% the global benchmark, fell 77 cents, or 1.1%, to $72.13 a barrel on ICE Europe.Producers from the Organization of the Petroleum Exporting Countries and non-OPEC producers cut oil output in June by 20% more than agreed levels, compared with 47% in May, Reuters reported Wednesday.Oil futures on Wednesday shook off data that showed…

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News Oil Reviews 

Oil Daily Review July 19, 2018

Oil Daily Review for July 19, 2018 USD/CAD drops below 1.32 on crude oil rally The USD/CAD pair came under a heavy selling pressure in the last hours as the rising crude oil prices ramped up the demand for the commodity-sensitive   Oil spikes after US production hits record 11 million barrels per day | Markets Insider Oil rose as much as 1% on Wednesday. US production rose to a record high and stockpiles jumped unexpectedly. Watch oil trade in real time here. Oil pric…   U.S. oil futures finish…

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News Oil 

Saudi Aramco in talks for stake in world’s fourth-largest chemical firm

“Saudi Aramco said on Thursday it is looking to buy a stake in Saudi petrochemical maker SABIC, a move that could boost the state oil giant’s market valuation ahead of a planned initial public offering” writes Ahmed Jadallah for cnbc.com. The Aramco IPO is the centrepiece of an ambitious plan championed by Crown Prince Mohammed bin Salman to diversify Saudi Arabia’s economy beyond oil.The oil giant is expanding its footprint globally by signing downstream deals and boosting the capacity of its plants. Source: cnbc.com Share This:

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News Oil 

Asian shares higher on U.S. earnings but trade worries rattle offshore yuan

“TOKYO (Reuters) – Asian shares made early gains on Thursday as upbeat Wall Street earnings supported global investor sentiment, although trade war jitters pushed China’s offshore yuan to a fresh one-year low” writes Midwest Communications Inc for 95kqds.com. “Trade war fears are something that won’t go away overnight.On the foreign exchange market, the trade war fears between the United States and China kept the offshore yuan to 6.7650 per dollar, to hit its lowest level since July, 2017.Against the Japanese yen, the dollar hit a 6-1/2 month high of 113.140…

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News Oil 

Oil prices volatile as U.S. crude stockpiles rise unexpectedly and output climbs to a record

“The Energy Information Administration reported Wednesday that domestic crude supplies climbed 5.8 million barrels for the week ended July 13” writes Markets Commodities Reporter for marketwatch.com. Oil prices saw a volatile Wednesday, with U.S. prices briefly falling toward session lows then recovering, following data that showed a surprise climb in domestic crude stockpiles and record weekly production. Source: marketwatch.com Share This:

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News Oil 

Tullow Oil struck by double blow in Africa

“Tullow Oil faces a double blow to its interests in Ghana and Kenya where legal woes and public protest continue to dog its oil projects” writes Energy Editor for telegraph.co.uk. The London-listed oil explorer has been ordered to pay out an extra $50m (£38m) to Kosmos Energy, its project partner in Ghana, after losing a dispute with its rig contractor last month.The arbitration also insisted that Tullow reimburse Kosmos for some of its legal and rig demobilisation costs. Meanwhile ongoing protests at Tullow’s oil project in Turkana, Kenya… Source: telegraph.co.uk Share…

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