News Oil 

Asian oil demand to hit record, but industry can’t take eyes off Middle East

“Worries about “trade wars and fears that higher oil prices will start to weigh on demand growth … are overdone,” it said” reports businessinsider.com. Several traders said more such outages are due in May and June, likely reducing China’s crude imports in coming months.Suresh Sivanandam of energy consultancy Wood Mackenzie said he expected China’s overall oil demand to grow by 370,000 bpd this year to 12.78 million bpd.The record comes despite maintenance season, which usually dents imports at this time of year, and indicates that China’s oil requirement is bigger…

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News Oil 

Don’t listen to the noise — it’s not ‘mission accomplished’ just yet, Saudi oil minister says

“OPEC kingpin Saudi Arabia warned oil traders on Friday that a dramatic upswing in crude futures was little reason to become complacent” writes Sam Meredith for cnbc.com. OPEC and its partners meet in Jeddah, Saudi Arabia on Friday, with the 14-member oil cartel then set to reconvene on June 22 to review to its oil production policy.OPEC, Russia and several other allied producers have spearheaded an ongoing effort to try to clear a global supply overhang and prop up prices. Source: cnbc.com Share This:

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News Oil 

Asia tech shares spooked by phone warning, oil near highs

“Stocks in South Korea took a 0.3 percent dip, with the tech sector losing 1.6 percent” writes Midwest Communications Inc for 95kqds.com. Analysts at CBA noted market measures of inflation expectations had spiked higher this week as oil prices surged, with some hitting highs not seen since mid-2014.SYDNEY (Reuters) – Asian shares slipped on Friday as a warning on smartphone demand from the world’s largest contract chipmaker slugged the tech sector, while high oil prices stirred inflation fears and undermined sovereign bonds.Oil prices were creeping up again after hitting their…

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News Oil 

Asia shares hit by tech warning, oil holds near highs

“Analysts at CBA noted market measures of inflation expectations had spiked higher this week as oil prices surged, with some hitting highs not seen since mid-2014” writes Midwest Communications Inc for 95kqds.com. Stocks in South Korea took an early 0.4 percent dip with the tech sector losing 1.6 percent.SYDNEY (Reuters) – Asian shares slipped on Friday as a warning on smartphone demand from the world’s largest contract chipmaker slugged the tech sector, while lofty oil prices stirred inflation fears and undermined sovereign bonds.Oil prices edged back a touch after hitting…

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News Oil 

Oil remains close to late-2014 highs as ongoing supply cuts reduce inventories

“Brent crude oil futures were at $73.69 per barrel at 0129 GMT, down 9 cents from their last close” writes Midwest Communications Inc for 95kqds.com. SINGAPORE (Reuters) – Oil prices were firm on Friday near three-year highs reached earlier this week as ongoing OPEC-led supply cuts gradually drawn down excess supplies.Beyond OPEC’s supply management, crude prices have also been supported by an expectation that the United States will re-introduce sanctions on OPEC-member Iran.U.S. West Texas Intermediate (WTI) crude futures were down 7 cents at $68.22 a barrel. Source: 95kqds.com Share This:

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Futures News Oil 

China could do one thing to help internationalize the yuan — but it probably won’t

“Rather than act a kick-starter, therefore, RMB oil futures look to be a non-starter” writes Benn Steil for businessinsider.com. So for the time being, at least, expect more capital markets window-dressing—like RMB oil futures.What could China do to boost global RMB use, then?.  Source: businessinsider.com Share This:

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News Oil 

Signs of higher inflation are popping up everywhere

“Oil prices just hit a 3 1/2-year high and American businesses say they are paying more for many other raw materials, offering signs that the recent rise in inflation is likely to persist or even get worse” writes Jeffry Bartash for marketwatch.com. Earlier Thursday the cost of oil CLK8, -0.53%  briefly topped $69 a barrel, heralding higher gasoline prices in the busy summer driving season.A rate of inflation 2% or higher would likely spur the Fed to ratchet up the number of increases in its benchmark U.S. interest rate in…

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Futures News Oil 

OIL PRICE HIGHEST SINCE OBAMA…

“The weekly figures also showed gasoline demand rose to 9.86 million barrels a day ahead of the summer driving season” writes Matthew Staver for cnbc.com. Oil price extended gains Thursday, rising to the highest levels in more than three years as U.S. crude stockpiles continued to drop and gasoline demand hit a record.U.S. West Texas Intermediate crude futures topped out at $69.56 a barrel, the highest level since Nov. 28, 2014, when WTI hit $73.56.Crude futures surged in the previous session after the Energy Information Administration reported U.S. crude stockpiles…

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News Oil 

Ryan Zinke moves to open Arctic refuge to drilling

“The Trump administration on Friday will start the process of opening the Arctic National Wildlife Refuge to oil and natural gas leasing” writes Ap Photo Becky for washingtonexaminer.com. Dan Sullivan, R-Alaska, said last month the Interior Department could have the first lease sale to oil and gas drillers in 2019. Under the tax law, the Interior Department must hold the first lease sale by 2021 and another by 2024, with at least 400,000 acres available each time.Republicans last year were successful in achieving their long-pursued goal to allow energy exploration…

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News Oil Stocks 

US stocks move broadly lower in early trading; Oil climbs

“U.S. stocks were broadly lower in early trading Thursday, weighed down by losses in technology companies and makers of consumer products” writes The Associated Press for seattletimes.com. KEEPING SCORE: The S&P 500 index fell 11 points, or 0.4 percent, to 2,697 as of 10 a.m.Benchmark U.S. crude rose 55 cents to $69.02 a barrel on the New York Mercantile Exchange.Japan’s benchmark Nikkei 225 index rose 0.6 percent and South Korea’s Kospi added 0.4 percent.The Russell 2000 index of smaller-company stocks gave up 3 points, or 0.2 percent, to 1,580. Source: seattletimes.com…

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