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Asian shares wobbly, euro steady after ECB ends QE

“MSCI’s broadest index of Asia-Pacific shares outside Japan eased 0.3 percent while Japan’s Nikkei dropped 0.4 percent” writes Midwest Communications Inc for 95kqds.com. The ECB ended its 2.6 trillion euro crisis-fighting bond purchase scheme but pledged to continue reinvesting maturing bonds – thereby avoiding shrinking its balance sheet – for an extended period of time.”If U.S. shares fall below their triple bottoms hit recently, that would be a very weak technical sign,” said Nobuhiko Kuramochi, chief strategist at Mizuho Securities.The euro changed hands at $1.1362, stuck in its well-worn $1.13-$1.14…

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Vitol, Rival Oil Traders in Spotlight of Brazil Bribery Probe

“The European firms – Vitol is based in London, the three others in Switzerland – are powerhouses in commodities trading” writes Min Read for reuters.com. Prosecutors allege that Magalhaes also engaged in bribery for other companies, including Glencore’s fully-owned subsidiary Chemoil.He said several foreign oil companies had already approached Brazilian prosecutors to “sound them out” about leniency deals.A pivotal figure, Brazilian authorities allege, was Swedish-national Bo Hans Wilhelm Ljungberg, an independent oil broker who operated out of Rio de Janeiro. Source: reuters.com Share This:

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Oil moves up as traders pore over data on OPEC crude output, U.S. supplies

“Oil prices moved higher Thursday as traders pored over data showing a rise in monthly OPEC output, as well as a recent report of a weekly decline in U.S. crude supplies and production” writes Markets Commodities Reporter for marketwatch.com. Record pumping from Saudi Arabia lifted overall oil production from the Organization of the Petroleum Exporting Countries in November, the International Energy Agency said Thursday.The report also showed a decline of 100,000 barrels to 11.6 million barrels in total domestic crude production.In its closely watched monthly oil market report, the IEA…

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OPEC output jumped last month, even as production cuts loom: IEA

“And, the agency kept its oil demand growth forecasts for this year and next unchanged, at 1.3 million barrels a day and 1.4 million barrels a day, respectively” writes Rachel Koning Beals for marketwatch.com. OPEC is slated to curb production by 800,000 barrels a day, while Russia and nine allied producers will shoulder the remainder of the cuts.Both reports come less than a week after OPEC agreed with its nonmember partner producers — led by Russia — to collectively cut crude output by 1.2 million barrels a day starting in…

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Oil Daily Review December 13, 2018

Oil Daily Review for December 13, 2018 Here’s What’s In Store For Oil Markets In 2019 Cracks in OPEC’s strength, Iran sanctions and economic slowdowns are pointing to another volatile year for oil.   United States EIA Crude Oil Stocks change registered at -1.208M above expectations (-2.99M) in December 7 United States EIA Crude Oil Stocks change registered at -1.208M above expectations (-2.99M) in December 7   Trading Outlook for Dow Jones, DAX 30, Gold Price, Crude Oil, Copper & More The Dow looks like it may have found a…

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U.S. import prices fall 1.6% in November, biggest drop in 3 years

“The increase in import prices over the past 12 months fell to 0.7% from 3.3%, the smallest advance since 2016” writes Jeffry Bartash for marketwatch.com. If fuel is omitted, the increase in import prices over the past year was a meager 0.3%.WASHINGTON (MarketWatch) – The cost of imports fell 1.6% in November, becoming the latest inflation gauge to recede from recent highs largely due to lower oil prices.Even if fuel is excluded, however, import prices slipped 0.3% last month. Source: marketwatch.com Share This:

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IEA: U.S. Dominance in Oil Markets Will Continue to Grow

“The U.S. has become a dominant competitor in oil markets in its own right, however, and has taken a place among the world’s largest oil producers, thanks to its shale oil revolution” writes unknown author for cnbc.com. The U.S. might have been left out from the big summit between OPEC and non-OPEC producers in Vienna last week but the country’s influence over global oil markets is only going to get stronger, the International Energy Agency (IEA) stated in its latest report.”Last week’s meeting reminded us that the Big Three of…

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US dominance in oil markets is only going to get bigger, the IEA says

“The U.S. has become a dominant competitor in oil markets in its own right, however, and has taken a place among the world’s largest oil producers, thanks to its shale oil revolution” writes unknown author for cnbc.com. The U.S. might have been left out from the big summit between OPEC and non-OPEC producers in Vienna last week but the country’s influence over global oil markets is only going to get stronger, the International Energy Agency (IEA) stated in its latest report.”Last week’s meeting reminded us that the Big Three of…

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IEA sees global oil supply tightening more quickly in 2019

“In its previous report in November, the IEA said it expected the global oil market to remain in surplus throughout 2019” writes Midwest Communications Inc for 95kqds.com. The OECD’s lower expectation for the world economy in 2019 could reduce oil demand growth by roughly 100,000 bpd,” the IEA said.”Some of the support provided by lower prices will be offset by weaker economic growth globally, and particularly in some emerging economies.”. Uncertainty over the global economy stemming from U.S.-China trade tensions could undermine oil consumption next year, as growth in supply…

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Oil prices climb amid signs of easing U.S.-China trade tensions

“Crude oil prices rose, helped by the easing trade tension, as well as a fall in inventories,” ANZ bank said on Thursday” writes Midwest Communications Inc for 95kqds.com. Crude oil prices have also been supported by OPEC-led supply curbs announced last week, although gains were capped after the producer group lowered its 2019 demand forecast.International Brent crude oil futures were at $60.46 per barrel at 0213 GMT, up 31 cents, or 0.52 percent, from their last close.SINGAPORE (Reuters) – Oil prices rose on Thursday, buoyed by a drawdown in U.S.…

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