Oil Slides to Lowest in a Month as U.S. Drillers Boost Output - Bloomberg

Oil Slides to Lowest in a Month as U.S. Drillers Boost Output - Bloomberg:

"Oil dropped to the lowest level in more than a month amid surging U.S. output and signs that OPEC and Russia may ease production limits. Futures in New York lost 3.1 percent this week, while the global benchmark traded in London ended the week 0.5 percent higher. Unprecedented U.S. production and transportation bottlenecks at the biggest American oil field are weighing on West Texas Intermediate crude. Meanwhile, Saudi Arabia and Russia are indicating they may push more supplies onto global markets. “When you look at the production we’ve had in the U.S., it continues to ramp up and you end up having some capacity constraints with the pipelines,” said Mark Watkins, who helps oversee $151 billion at U.S. Bank Wealth Management. “Overseas, as people are wanting our cheaper oil, we’ve go to get it to port cities to ship that off and there’s not a quick fix for this.”"



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Clash of the titans: Rosneft takes on Gazprom in gas markets | Reuters

Clash of the titans: Rosneft takes on Gazprom in gas markets | Reuters:

"Russian energy major Rosneft (ROSN.MM) is increasingly challenging domestic rival Gazprom (GAZP.MM) in international gas markets, from West Africa to Turkey and even Europe, according to five industry sources with knowledge of the matter.

Last week, Rosneft won a multi-billion dollar contract in Ghana that had been targeted by Gazprom, the sources said. It also signed a gas fields and pipeline deal in Iraqi Kurdistan aimed at supplying gas to Turkey and Europe - Gazprom’s core markets.

Oil-focused Rosneft’s international expansion in gas will put the two Russian state-owned giants in direct competition, particularly in the lucrative European market, which is worth over $150 billion a year. "



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Russia, UAE sign partnership deal, aim for stability in oil markets | Reuters

Russia, UAE sign partnership deal, aim for stability in oil markets | Reuters:

"Russian President Vladimir Putin and Abu Dhabi Crown Prince Sheikh Mohammed bin Zayed of the United Arab Emirates signed a declaration on a strategic partnership on Friday which included an agreement to continue cooperation in the oil and gas sphere.

This cooperation is aimed at providing balance and stability on the global oil market, the declaration said."



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Crude retreats on trade concerns as dollar strengthens | Reuters

Crude retreats on trade concerns as dollar strengthens | Reuters:

"Oil prices retreated on Friday after strengthening early in the session as U.S. President Donald Trump’s remarks on trade led the dollar to strengthen against other currencies, weakening greenback-denominated commodities including crude.

Trump told Canada and the European Union to do more to bring down their trade surpluses, a day after hitting the two U.S. allies and Mexico with import tariffs on their steel and aluminum.

The president’s comments led the dollar .DXY to strengthen and dollar-denominated commodities to sell off, said John Kilduff, a partner at Again Capital Management. "



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Cayman Islands court dismisses claims in $126 billion Mideast 'Ponzi scheme' | Reuters

Cayman Islands court dismisses claims in $126 billion Mideast 'Ponzi scheme' | Reuters:

"A Cayman Islands court has dismissed rival claims made by a Saudi Arabian family and a Kuwaiti-born businessman, finding both to have defrauded scores of banks out of about $126 billion over more than two decades. The ruling follows a 10-year dispute played out in international courts between the al-Gosaibis and Maan al-Sanea over who was to blame for the collapse of each other’s business empires. Ahmad Hamad al-Gosaibi and Brothers (AHAB) and Saad Group, owned by al-Sanea, both defaulted in Saudi Arabia’s biggest financial meltdown in 2009 amid the global financial crisis, with international and regional banks and other creditors owed billions of dollars."



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