News Oil 

US oil firms expecting to be slapped by Chinese tariffs on $1 billion monthly trade

“Investors expect the spat to come at the expense of U.S. oil firms, pulling down the share prices of ExxonMobil and Chevron by 1 to 2 percent since Friday, while U.S. crude oil prices fell by around 5 percent” writes Henning Gloystein for businessinsider.com. “This escalation of the trade war is dangerous for oil prices,” said Stephen Innes, head of trading for Asia/Pacific at futures brokerage OANDA in Singapore.China said Friday it would retaliate by slapping duties on several American commodities, including oil. “The OPEC/non-OPEC cartel is the big beneficiary…

Read More
News Oil 

China’s tariffs on U.S. oil would disrupt $1 billion monthly business

“To view a graphic on U.S. crude oil exports to China, click: https://reut.rs/2ymEr7m China’s aggressive riposte to Trump took some in the industry by surprise” writes Midwest Communications Inc for 95kqds.com. “The OPEC/non-OPEC cartel is the big beneficiary of all this oil diplomacy, as it will squeeze global spare oil capacity and likely push up crude prices.”. China said Friday it would retaliate by slapping duties on several American commodities, including oil.Investors expect the spat to come at the expense of U.S. oil firms, pulling down the share prices of…

Read More
Markets News Oil 

Saudis keen to pump more oil but cartel’s other members not sold

“Crude oil demand now outstrips supply, and Opec members will debate whether to lift the 18-month-old production cap to stabilize prices” writes Debbie Carlson for theguardian.com. After surprising discipline by Opec members to hold to the cap, more oil is coming to the market.Trump complained at least twice, on 20 April, and then again on 13 June, about oil prices. Source: theguardian.com Share This:

Read More
News Oil 

Brent oil prices head for 6-week low on expectations of OPEC output hike

“Major oil producers meet June 22 in Vienna” writes Saefong William Watts for marketwatch.com. The EIA data also showed domestic crude stockpiles fell by 4.1 million barrels in the week ended June 8.The Energy Information Administration reported Wednesday total domestic crude production climbed by 100,000 barrels a day to a weekly record of 10.9 million barrels a day.August Brent crude LCOQ8, -3.25% the global benchmark, declined by $2.69, or 3.5%, to $73.25 a barrel on ICE Futures Europe. Source: marketwatch.com Share This:

Read More
News Oil 

Oil under pressure on expectations of OPEC output hike

“Oil futures were under pressure Friday on expectations the Organization of the Petroleum Exporting Countries and its allies, including Russia, will agree next week to boost output” writes Deputy Markets Editor for marketwatch.com. Major oil producers meet June 22 in Vienna.The EIA data on Wednesday also showed domestic crude stockpiles fell by 4.1 million barrels in the week ended June 8.The Energy Information Administration this week said total domestic crude production climbed by 100,000 barrels a day to a weekly record of 10.9 million barrels a day. Source: marketwatch.com Share This:

Read More
Futures News Oil 

Oil prices sink as traders fret over U.S. output growth

“The global crude benchmark, meanwhile, relinquished some of the gains notched in the previous session as traders weighed prospects for a decision next week related to the output-cut agreement by major oil producers” writes Christopher Alessi for marketwatch.com. July West Texas Intermediate crude CLN8, -0.24% fell by 27 cents, or 0.4%, to $66.37 a barrel on the New York Mercantile Exchange. Source: marketwatch.com Share This:

Read More
News Oil 

Gloves back on, OPEC and U.S. shale producers to deepen ties in Vienna

“There are bigger issues at hand besides output that OPEC and shale producers care about.”” reports businessinsider.com. “We expect that they (U.S. shale producers) remain independent and do what’s in the best interest of their country,” Senator Heitkamp said.U.S. shale executives will not be part of those discussions, but will meet elsewhere in Vienna during the week with Falih and other OPEC ministers.U.S. shale producers are prohibited by antitrust law from coordinating their output, making their desire with OPEC to curb volatility and price spikes a difficult one. Source: businessinsider.com Share…

Read More
News Oil 

Trump renews attack on OPEC ahead of group’s production meeting

“WASHINGTON (Reuters) – U.S. President Donald Trump said on Wednesday oil prices were too high and blamed OPEC, renewing his attack even as prices fell on Wednesday amid expectation that the group may relax its output cuts later this month” writes Midwest Communications Inc for 95kqds.com. Some countries have already increased production, and analysts have said the outlook for the oil market for the rest of 2018 is uncertain as OPEC countries prepare to meet June 22-23 in Vienna to discuss output. Source: 95kqds.com Share This:

Read More
Futures News Oil 

Oil steady ahead of Trump meeting with Kim

“Oil prices are likely to trade in a tight range ahead of next week’s OPEC meeting,” ANZ bank said on Tuesday” writes Midwest Communications Inc for 95kqds.com. Saudi Arabia has told OPEC that it raised oil output to a little more than 10 million bpd in May, up from 9.9 million bpd in April.Brent crude futures , the international benchmark for oil prices, were trading at $76.50 per barrel, up 4 cents from the last close at (0003 GMT). Source: 95kqds.com Share This:

Read More