News Oil 

Oil rises on optimism about prospects for a U.S.-China deal

“Goldman Sachs has wound back its forecast for growth in U.S. shale oil output in 2020, and slightly reduced its outlook for 2020 global oil demand growth” reports cnbc.com. Russian Energy Minister Alexander Novak said U.S. oil production is likely to peak in the next few years as current oil prices are capping the pace of expansion.Brent crude oil was up 24 cents at $59.20 a barrel, while U.S. West Texas Intermediate crude was 26 cents higher at $53.57 per barrel.Oil prices however were pressured by forecasts of a buildup…

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News Oil Reviews 

Oil Daily Review October 22, 2019

Oil Daily Review for October 22, 2019 Boeing price target slashed by 3 firms amid 737 Max turmoil | Markets Insider In light of recent reports that Boeing employees may have misled regulators regarding the doomed 737 Max aircraft, a trio of Wall Street banks iss…   Weekly Trade Levels: US Dollar, EUR/USD, USD/CAD, NZD/USD, Gold & Oil https://www.dailyfx.com/forex/video/live_events/2019/10/21/Weekly-Trade-Levels-US-Dollar-EUR-USD-USD-CAD-NZD-USD-Gold-Oil-Technical-Forecast-MBCS10.html Webi…   Russia’s Novak: US oil production set to peak out in few years Russian Energy Minister Alexander Novak crossed the wires in the last minutes, arguing that the oil production…

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News Oil 

People rally to clean beaches amid outrage at Bolsonaro’s oil spill inaction

“Nobody knows where the oil is from or why it keeps washing up on Brazilian beaches” writes Dom Phillips for theguardian.com. Nobody from federal government was there, he said. “People in the north-east are cleaning the oil from the coast with their own hands while the federal government is immobile,” he said.The environment minister, Ricardo Salles, has used Twitter to defend work by federal government environment agencies, state governments, the navy and state-run oil company Petrobras in dealing with the crisis. Source: theguardian.com

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News Oil 

China issues third batch of 2019 crude import quotas: sources

“That takes to 163.9 million tonnes the total crude import quota issued so far for 2019, according to a Reuters calculation” writes Midwest Communications Inc for 95kqds.com. The third batch of quotas was allocated to 19 companies, including private refiner Zhejiang Petroleum & Chemical Co (ZPC), which was awarded 3.5 million tonnes, the document showed.SINGAPORE (Reuters) – China has issued more crude oil import quotas for mostly private refiners that will allow them to bring in a further 12.9 million tonnes for the rest of 2019, a document seen by…

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Futures News Oil 

Oil steady on weak demand concerns despite U.S.-China trade optimism

“Brent crude oil futures were down 6 cents, or 0.1% to $58.90 a barrel by 0309 GMT, while U.S. West Texas Intermediate (WTI) crude futures were flat at $53.31 per barrel” writes Midwest Communications Inc for 95kqds.com. “Crude oil prices remained in the doldrums, with ongoing economic weakness weighing on sentiment,” it added.SEOUL (Reuters) – Oil prices were little changed Tuesday as lingering worries over a global economic slowdown that could hurt oil demand offset some signs of progress in U.S.-China trade talks.”Commodity markets were cautiously optimistic amid signs that…

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News Oil Reviews 

Oil Daily Review October 21, 2019

Oil Daily Review for October 21, 2019 Crude Oil Price Outlook: Trade War Pains May Prompt Selloff Crude oil prices may encounter significant selling pressure if China retaliates against the US and pushes back trade war talks after the House passed a controversial bill over the Hong Kong protest…   United States Baker Hughes US Oil Rig Count up to 713 from previous 712 United States Baker Hughes US Oil Rig Count up to 713 from previous 712   Oil futures end lower for the session and week as demand…

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News Oil Stocks 

Imperial Oil Sees Hammer Chart Pattern: Time to Buy?

“That is because IMO recently saw a Hammer Chart Pattern which can signal that the stock is nearing a bottom” writes Zacks Equity Research for nasdaq.com. A hammer chart pattern is a popular technical indicator that is used in candlestick charting.This will be especially true if IMO stock can build momentum from here and find a way to continue higher of off this encouraging trading development. Source: nasdaq.com

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News Oil 

SABITI oil tanker, hit in Red Sea, to undergo repair

“Two separate explosions, possibly caused by missile attacks, hit the SABITI oil tanker owned by the National Iranian Tanker Company (NITC)” reports tehrantimes.com. TEHRAN – Iran Shipbuilding and Offshore Industries Complex Co (ISOICO) will repair the SABITI oil tanker, which came under attack in the Red Sea on October 11, the ISOICO managing director has said.Rezaeian-Asl also said that attack on the Iranian oil tanker, which has reported arrived in the port city of Bandar Abbas, was against international law.The explosions hit the vessel’s hull, causing heavy damages to the…

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News Oil 

Mahathir warns of possible trade sanctions on Malaysia

“The European Union passed an act earlier this year to phase out palm oil from renewable fuel by 2030 due to deforestation concerns” writes Midwest Communications Inc for 95kqds.com. KUALA LUMPUR (Reuters) – Malaysian Prime Minister Mahathir Mohamad said on Monday his exports-reliant country could be hit with trade sanctions amid rising protectionism highlighted by the U.S.-China tariff war.Mahathir did not mention the source of possible sanctions on the Southeast Asian country but said he was disappointed that proponents of free trade were now indulging in restrictive trade practices on…

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News Oil 

U.S. oil major Chevron says hopeful about maintaining Venezuela presence

“(Reuters) – U.S. oil major Chevron Corp said late on Friday it is optimistic about maintaining a presence in Venezuela even amid U.S. sanctions on the country and state oil company PDVSA as part of Washington’s effort to oust President Nicolas Maduro” writes Midwest Communications Inc for 95kqds.com. The report added, however, that the United States also wants to maintain a presence in Venezuela’s oil industry in case of a political transition. Source: 95kqds.com

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