Oil slips as trade dispute outweighs US stock decline

Oil Prices Gain on Falling U.S. Inventories

Oil Prices Gain on Falling U.S. Inventories

Brent crude, the global benchmark, rose $1.80, or 2.5%, to $74.43 US a barrel.

According to the news report by Bloomberg, the price of oil went up despite low trading volumes, just ahead of the weekly crude oil supply data report in the US.

In the aftermath of USA withdrawing from the Iran Nuclear Deal in May, it seems that it will soon start affecting India oil imports from Iran as India's crude oil imports from Iran fell in the first half of August, media reported on Thursday.

On the supply side, USA crude oil production C-OUT-T-EIA rose back to 11 million barrels per day, the EIA report said.

At the same time, concerns about global crude supply intensified with signs that US sanctions on Iran are curbing shipments.

But even with upgrades to infrastructure, the full capacity of exports is limited on the Gulf Coast because most can't load the larger crude oil vessels, the EIA said.

According to BNP Paribas' London head of commodity markets strategy, Harry Tchilinguirian, considering the amount of oil lost from Iranian exports, it would need increases in production from other suppliers like Saudi Arabia to stabilize the oil market.

India vs England 3rd Test Day 2 live updates
After a disastrous second-Test at Lord's, the Indian openers outclassed the probing English bowlers in the first session on Day 1. However, India have been outplayed in the first two Tests are a defeat away from losing the ongoing five-Test series.

Around one hour after the report was released, West Texas Intermediate (WTI) October delivery traded at 67.40 USA dollars at New York Mercantile Exchange, up 1.56 dollars or 2.37 percent from its Tuesday settlement.

However, this week, because of falling United States crude oil inventories, the price of United States crude has once again risen.

Signs of tighter supply countered concern about slowing oil demand stemming partly from the trade dispute between the USA and China, the world's two largest economies.

Iran has become the third-largest oil supplier for India, which imports more than 80 per cent of its energy needs.

US crude inventories fell 5.8 million barrels last week, the Energy Information Administration said, exceeding the 1.5 million-barrel draw forecast by analysts polled by Reuters. The global benchmark crude traded at a $6.90 premium to WTI.

Crude stocks at the Cushing, Oklahoma, delivery hub dropped by 808,000 barrels, the API said. Reports that China will increase infrastructure spending also helped reduce concerns that U.S.

Recommended News

  • Drug tunnel to Mexico uncovered in kitchen of former KFC

    Drug tunnel to Mexico uncovered in kitchen of former KFC

    Given the narrowness of the opening on the USA side, officials said they believe that narcotics were brought in by pulling ropes. The tunnel connected the abandoned San Luis KFC restaurant to a home in San Luis Rio Colorado in the state of Sonora, Mexico.
    Puget Sound Clean Air Agency: Seattle finally set for a smoke break

    Puget Sound Clean Air Agency: Seattle finally set for a smoke break

    As of today, August 21, Vancouver had been under an air quality advisory for more than a week with more advisories expected. For some people, the thickening smoke will bring on coughing, throat irritation, headaches and shortness of breath.
    Afghan IS branch claims deadly attack on Shiites in Kabul

    Afghan IS branch claims deadly attack on Shiites in Kabul

    This has been the worst Taliban offensive on a provincial capital since the brief occupation of the western city of Farah in May. The blast was the latest in a wave of attacks that have killed hundreds of civilians, soldiers and policemen over recent days.
  • The annual Jackson Hole conference kicks off today

    The annual Jackson Hole conference kicks off today

    Oil jumped after a USA government report showed the biggest decline in crude inventories since late July. They were trading at 2.8207 percent, compared with Tuesday's close of 2.844 percent.
    Kerala Floods: Focus Now on Health And Rehabilitation, Says State Health Minister

    Kerala Floods: Focus Now on Health And Rehabilitation, Says State Health Minister

    Millions are still struggling to survive in relief camps. "We are hoping to reach out to every one by end of day today". This should also help with the flood-related operations, civil aviation minister Suresh Prabhu said. "It was surreal.
    Sarri salutes Chelsea's winning mentality after 'horrible' spell

    Sarri salutes Chelsea's winning mentality after 'horrible' spell

    He is going to bring us forward because he knows exactly what he wants to do and what he wants from the players. "We had chances to do more... in the first half, I think we need to control the second half better".
  • Seizing land would send SA down the wrong path

    Seizing land would send SA down the wrong path

    Ramaphosa said government would embark on a "rapid release" of land, starting with state owned land that is closer to urban areas. The tweet added to a growing perception in Washington that Trump gives little thought or attention to the continent.
    Indian expats start collecting aid for Kerala flood victims

    Indian expats start collecting aid for Kerala flood victims

    You can help those affected by the floods by making a donation to Chief Minister's Distress Relief Fund here . Modi said his government was providing all possible assistance to Kerala, including food grain and medicines.
    Weed killer in cereal? Maybe, but don't panic

    Weed killer in cereal? Maybe, but don't panic

    But several researchers have said the IARC's determination was bogus because there is no evidence that glyphosate causes cancer . Producing healthy, wholesome food is Quaker's number one priority, and we've been doing that for more than 140 years.
  • Trump declares emergency as hurricane menaces Hawaii

    Trump declares emergency as hurricane menaces Hawaii

    Warnings have been posted for the Big Island and Maui, and the effects of Lane are expected to be felt starting Wednesday night. Authorities say two campers are trapped in a Hawaii valley that has been hit by heavy rain from an approaching hurricane.
    Ads are coming to your Fortnite, Overwatch streams on Twitch Prime

    Ads are coming to your Fortnite, Overwatch streams on Twitch Prime

    While ads will be integrated back into the streaming experience, people will still get Twitch Prime's free games and in-game loot. Depending on how many games that ends up being, this could severely cut the savings Prime members receive when buying new games.
    Chelsea beats Arsenal 3-2 for 2nd straight win in EPL

    Chelsea beats Arsenal 3-2 for 2nd straight win in EPL

    Hazard started on the bench again, with Chelsea manager Maurizio Sarri managing the winger's minutes after his World Cup exertions with Belgium.

We are pleased to provide this opportunity to share information, experiences and observations about what's in the news.
Some of the comments may be reprinted elsewhere in the site or in the newspaper.
Thank you for taking the time to offer your thoughts.