Oil rises towards $69 but set for 2019's biggest weekly loss

Analysts however say oil markets remain tight amid OPEC-led supply cuts

On Wednesday, the 22nd of May 2019, the Crude oil futures lost roughly 2 percent, as a surprising rise of US oil inventories had added to investors' worries that a long and costly Sino-US trade war would be curbing industrial activities alongside crude oil demands eventually.

Futures in NY rebounded as much as 1.4% Friday after plunging 5.7% the day before.

Data released by industry body American Petroleum Institute showed that United States crude inventories increased by 2.4 million barrels for the week ending May 17 to 480.2 million barrels.

West Texas Intermediate crude for July delivery rose 72 cents to US$58.63 a barrel on the New York Mercantile Exchange Friday.

"Brent prices are down. this week as U.S. -China trade war" were also weighing on oil prices.

UK Prime Minister Theresa May resigns
The negotiations began in 2014 and a proposed accord was unveiled in December 2018. Brexit is likely to dominate the leadership contest.

US inventories also rose due to more sluggish refinery rates than normal for this time of year.

Weak refinery demand and the planned sale of US strategic petroleum reserves (SPR) into the commercial market have also set up crude for its worst weekly performance in 6 months.

Instituting a tariff on US crude would not only potentially limit its options for acquisition but also undercut Beijing's argument that it is in such dire need of crude that it should be granted a waiver to continue importing oil from Iran, a waiver that Chinese companies are seeking to obtain to avoid USA sanctions.

"A decline below our expected next support level of $56 (for WTI) will likely associate with a further plunge in equities that would be heavily related to unresolved trade issues between the USA and China. volatility across all markets will be heightened until some significant trade progress is seen".

Global geopolitical risk was still sufficient to provide a floor for oil prices, said Again's Kilduff. -China trade tensions have hit global markets, with the MSCI All Country index headed for a weekly fall exceeding 1%, its third week in the red.

Honor 20 Pro first impressions: Improved design with better camera features
So, if you need to pick a victor in this round than it has to be the Honor 20 with a premium design and the new punch-hole design. There's also fast charging tech as you'd expect, with 22.5W charging giving you around 50 percent charge in 30 minutes.

USA sanctions on OPEC members Iran and Venezuela have curbed their crude exports, reducing supplies further.

The Organization of the Petroleum Exporting Countries and allies including Russian Federation, an alliance known as OPEC+, have been cutting supply since January to tighten the market and prop up prices.

Meanwhile, Morgan Stanley has projected that tight supply and demand fundamentals will help push Brent prices to trade in a $75-$80 per barrel range in the second-half of 2019.

The oil market has built in risk premium related to U.S. sanctions on Iran, and that risk is now seen decreasing, he said. But despite analysts calling the plunging oil prices a "bloodbath", the WTI is still showing a year-to-date gain of 28 percent, while London Brent is up 26 percent this year.

Saudi Arabia, OPEC's de facto leader, said it was committed to a balanced and sustainable oil market.

Indonesian police arrest at least 20 amid post-election violence
A former special forces commander was earlier detained for trying to smuggle weapons into protests, according to the government. Subianto, an elite figure from a wealthy family connected to former dictator Suharto, also lost to Widodo in 2014.

Related News:

  • Former movie mogul Harvey Weinstein, accusers reach tentative compensation deal

    Former movie mogul Harvey Weinstein, accusers reach tentative compensation deal

    He is said to be close to settling lawsuits brought against the television and film company co-founded by Weinstein . Mr Weinstein's team later told the Wall Street Journal that the size of the settlement would be approximately $44m .
    She's Back! Sarah Connor Rocks The First TERMINATOR: DARK FATE Trailer

    She's Back! Sarah Connor Rocks The First TERMINATOR: DARK FATE Trailer

    Rise of the Machines tried to tie off Cameron's story, despite the fact that Terminator 2: Judgement Day's ending is ideal as is. Much cooler were the effects used to reveal Mackenzie Davis as a new kind of Terminator who seems to think she's human somehow.
    China stokes trade war by cutting corporate taxes on tech companies

    China stokes trade war by cutting corporate taxes on tech companies

    Lu said, "China is open to the door of dialogue, but sincerity is indispensable to make a consultation meaningful". President Donald Trump is providing another $16 billion in aid to USA farmers hurt by his trade policies.
  • Thousands rally across the USA  to defend abortion rights

    Thousands rally across the USA to defend abortion rights

    Chief among the lies was that she was raped (gang-raped at that), and that was why she needed an abortion. She said that as public health student, she believes banning abortions would be unsafe for society.
    NY judge denies Trump bid to block House Deutsche Bank subpoenas

    NY judge denies Trump bid to block House Deutsche Bank subpoenas

    The judge's opinion also states that Congress can investigate the president's conduct both before and after he took office. Mehta said Mazars has seven days to comply with the subpoena.
    Three Time Formula One Champion Niki Lauda Has Died

    Three Time Formula One Champion Niki Lauda Has Died

    Just days earlier, Lauda had said in an interview: "On the Nuerburgring, if your vehicle has a problem, you're 100 percent dead". The rivalry between the pair was later made into a film starring Daniel Bruhl as Lauda and Chris Hemsworth as Hunt in 2013.
  • Over 200 BC firefighting personnel being deployed to fight wildfires in Alberta

    Over 200 BC firefighting personnel being deployed to fight wildfires in Alberta

    While there's no imminent threat to the town, Alberta Emergency Alert issued an information alert about the fire Sunday afternoon. The goal of the Evacuation Alert is to inform residents of a potential or current threat which could lead to an Evacuation Order.

    READ: WikiLeaks Founder Julian Assange Indicted Under Espionage Act

    Among the documents published on WikiLeaks , there were State Department cables and reports on the Iraq and Afghanistan wars. Julian Assange is no journalist, this is made plain by the totality of his conduct as alleged in the indictment.

    Two Japanese carriers postpone release of Huawei phones

    EE went further, explaining that it was consistency of support that was forcing it to freeze its Huawei plans. The BT Sport app in HDR will be exclusive to 5G plans for EE customers and is worth £15 a month.
  • Manchester City respond to 'Pep Guardiola to Juventus' reports

    Manchester City respond to 'Pep Guardiola to Juventus' reports

    Pep Guardiola to Juventus: Outgoing manager Massimiliano Allegri has thrown a huge hint on Pep Guardiola's possible Juventus move. He explained: "A club like Juventus would not have allowed such news to come out like this".

    Chip designer ARM halts work with Huawei after US ban

    But ARM said its products rely on tech from the US , so it has to abide by its regulations. ARM has more than 40 offices around the world, including eight in the US.
    Adidas, Nike, PUMA say new tariffs on China would be 'catastrophic'

    Adidas, Nike, PUMA say new tariffs on China would be 'catastrophic'

    Canadian Prime Minister Justin Trudeau said the retaliatory tariffs were causing harm to workers on both sides of the border. China for years has blocked major USA tech firms, including Google and Facebook , from fully operating in its market.


Most liked

BJP polls more than Congress plus AAP
The opposition often accused Modi and his party of stoking communal fault lines between Hindus and Muslims during the campaign. When asked if the JDS would gravitate towards the BJP after its win, the Janata Dal Secular replied in the negative.

SpaceX launches 60 Redmond-made satellites for space-based broadband network
Each of the satellites weighing 227 kilograms (500 pounds) have multiple high-throughput antennas and a single solar array. The Falcon 9 rocket and payload rumbled aloft at 10:30 p.m. local time from Cape Canaveral Air Force Station in Florida .

Pelosi Cites 'Examples of Progress' in Trump Accountability After Briefing
With one exception, Trump has held Democrats at bay, for the moment, in their pursuit of information and public oversight. Most of his fellow Republicans dismiss the investigations as political assaults ahead of the 2020 election.

Claim The Sims 4 and own it forever
All you need to do is head to the Origin store , log in and you will find The Sims 4 discounted to £0.00. The fourth game came out in 2014, meaning there's been ample time for a sequel to be in the works.

Microsoft to start automatically pushing Windows 1903 update within weeks
Microsoft is known to keep its users updated with the latest version of Windows update patches, which is why everyone prefers it. However, even this update does not have a patch to protect against an interesting, simple and yet highly potent security flaw.

Apple Announces New MacBook Pro With Improved Keyboard, 8-Core CPU
This week, the company is taking a large step toward addressing those problems for impacted users by expanding its fix programs. As part of its mid-year refresh, Apple has swapped to slightly faster 9th Gen processors for its various notebooks.

Men’s Cricket World Cup 2019 winners to bag $4m prize
We're kicking off our Cricket World Cup 2019 predictions by looking at each of the 10 teams competing, placed in order of our power rankings.

Police searching for girl, 8, kidnapped while walking down the street
Fitzgerald said Webb would likely face additional charges beyond aggravated kidnapping, but did not say which ones. Fort Worth police say the girl was found safe Sunday, about eight hours later, at a hotel in nearby Forest Hill.

New England Patriots WR Julian Edelman receives two-year contract extension
According to multiple reports, the deal, which runs through 2021, includes an $8 million signing bonus and $12 million guaranteed. If you remember, Edelman missed the first four games of this season after he got caught using performance-enhancing drugs.

Exit polls have been inaccurate in past elections, betting on them risky
Gandhi, 48, attacked Modi over alleged corruption in a French defence deal and the plight of farmers, as well as on the economy. But if the polls are wrong, he may need outside help to form government.

Thousands organize to protest new state laws banning legal abortion access
Kay Ivey was honest about her state's prospects for banning abortion via legislation. The GOP-controlled Legislature refused to add exceptions for incest and rape.

Panthers G Trai Turner compliments Gerald McCoy after his release by Buccaneers
The 31-year-old played nine seasons in Tampa Bay and was selected to the Pro Bowl in six consecutive seasons from 2012 to 2017. And McCoy's rate stats - especially after he returned from injury in Week 9 - paint a much brighter picture.

Brexit: Theresa May to ask UK Parliament to vote on another referendum
MPs will get a vote on whether to hold another referendum if they back the EU Withdrawal Agreement Bill , she said. She said the government would also allow parliament to decide whether to temporarily remain in the customs union.

Google, Qualcomm, Intel, and Broadcom all cut ties with Huawei
The access of Google Play means that apps will be able to get updates and that users will continue to keep downloading new ones. By now you must have read about the recent blow receive by Huawei - the world's second largest smartphone manufacturer .

Trump Threatens 'Official End of Iran' After Baghdad Rocket Incident
Trump's tweet immediately followed news that a rocket had landed in Baghdad's Green Zone, not too far from the US embassy. Graham wrote on Twitter , "The fault lies with the Iranians, not the United States or any other nation".