Oil climbs as Middle East tensions offset demand worries - Reuters:
Oil prices rose about 1 percent on Friday after steep losses a day earlier, supported by rising tensions between the United States and Iran, even as concerns that slowing economic growth could dent global oil demand cast a cloud.
For the week, benchmark crude prices declined, having fallen sharply earlier in the week on demand worries.
Brent crude LCOc1 futures settled 54 cents higher at $62.47 a barrel. West Texas Intermediate crude CLc1 futures rose 33 cents to end the session at $55.63 a barrel.
Still, WTI dropped 7% for the week and Brent lost about 5.5% for the week, the steepest losses for both benchmarks since late May.
Prices gained late in the session after Iran’s Revolutionary Guards said they had captured a British-flagged oil tanker in the Gulf after Britain seized an Iranian vessel earlier this month, further raising tensions along a vital international oil shipping route.
Friday, 19 July 2019
Oil Heads for Worst Week Since May as U.S.- #Iran Tensions Simmer - Bloomberg
Oil Heads for Worst Week Since May as U.S.-Iran Tensions Simmer - Bloomberg:
Oil surrendered an early gain Friday as Tehran denied President Trump’s claim that the U.S. downed an Iranian drone near the Strait of Hormuz, an assertion which had earlier helped oil snap back from four days of losses.
Futures were down 8 cents Friday in New York after erasing an earlier 1.9% increase, heading for the steepest weekly decline since May. The initial rise came after the president’s assertion on Thursday that a U.S. warship “immediately destroyed” the Iranian drone that approached the USS Boxer. Iran’s Deputy Foreign Minister Seyed Abbas Araghchi denied the loss in a tweet, joking the U.S. might have shot down a drone of its own.
Oil is down more than 8% this week as fears of waning demand outweigh concern that an increase in tensions could curtail oil shipments through the Strait of Hormuz. The U.S.-China trade spat persists as well, with Trump reiterating Tuesday that he could impose additional tariffs on China. U.S. fuel stockpiles also unexpectedly expanded.
Oil surrendered an early gain Friday as Tehran denied President Trump’s claim that the U.S. downed an Iranian drone near the Strait of Hormuz, an assertion which had earlier helped oil snap back from four days of losses.
Futures were down 8 cents Friday in New York after erasing an earlier 1.9% increase, heading for the steepest weekly decline since May. The initial rise came after the president’s assertion on Thursday that a U.S. warship “immediately destroyed” the Iranian drone that approached the USS Boxer. Iran’s Deputy Foreign Minister Seyed Abbas Araghchi denied the loss in a tweet, joking the U.S. might have shot down a drone of its own.
Oil is down more than 8% this week as fears of waning demand outweigh concern that an increase in tensions could curtail oil shipments through the Strait of Hormuz. The U.S.-China trade spat persists as well, with Trump reiterating Tuesday that he could impose additional tariffs on China. U.S. fuel stockpiles also unexpectedly expanded.
Whistleblowers accuse Standard Chartered of $57bn in #Iran deals | Financial Times
Whistleblowers accuse Standard Chartered of $57bn in Iran deals | Financial Times:
Standard Chartered has been accused of handling $56.8bn of dollars in allegedly illegal transactions with Iran-connected entities in a civil suit brought by whistleblowers against the bank.
The whistleblowers allege StanChart cleared far more transactions in violation of Iran sanctions between 2009 and 2014 than the US government used as the basis for fines paid by the bank in April.
The new claim filed on Thursday piles further legal woes on the emerging markets bank which has been hit with a series of penalties by US law enforcement and regulators in the past seven years for lax financial controls and for handling transactions for companies in Iran and other sanctioned countries.
Standard Chartered has been accused of handling $56.8bn of dollars in allegedly illegal transactions with Iran-connected entities in a civil suit brought by whistleblowers against the bank.
The whistleblowers allege StanChart cleared far more transactions in violation of Iran sanctions between 2009 and 2014 than the US government used as the basis for fines paid by the bank in April.
The new claim filed on Thursday piles further legal woes on the emerging markets bank which has been hit with a series of penalties by US law enforcement and regulators in the past seven years for lax financial controls and for handling transactions for companies in Iran and other sanctioned countries.
UK oil executive admits role in international corruption conspiracy | UK news | The Guardian
UK oil executive admits role in international corruption conspiracy | UK news | The Guardian:
A businessman has admitted his part in an international corruption conspiracy following a criminal investigation into alleged bribery in the energy industry.
Basil Al Jarah, 70, from Hull, pleaded guilty to five counts of conspiring to give corrupt payments to public officials to secure commercial contracts in Iraq at Southwark crown court, London.
It is the first guilty plea to result from a three-year investigation by the Serious Fraud Office (SFO) into suspected bribery and money laundering involving a Monaco-based oil and gas firm Unaoil.
A businessman has admitted his part in an international corruption conspiracy following a criminal investigation into alleged bribery in the energy industry.
Basil Al Jarah, 70, from Hull, pleaded guilty to five counts of conspiring to give corrupt payments to public officials to secure commercial contracts in Iraq at Southwark crown court, London.
It is the first guilty plea to result from a three-year investigation by the Serious Fraud Office (SFO) into suspected bribery and money laundering involving a Monaco-based oil and gas firm Unaoil.
Oil rises after U.S. Navy downs Iranian drone; set for weekly fall - Reuters
Oil rises after U.S. Navy downs Iranian drone; set for weekly fall - Reuters:
Oil prices rose on Friday as tensions spiked again in the Middle East after the United States said it had destroyed an Iranian drone in the Strait of Hormuz, a major chokepoint for global crude flows.
Benchmark crude prices were still on track for their biggest weekly decline in seven weeks, however, having fallen sharply earlier in the week on concerns over global oil demand amid slowing economic growth.
Brent crude LCOc1 futures were up 1.11 cents, or 1.78%, at $63.04 a barrel by 1037 GMT, having risen as high as $63.32. Brent fell 2.7% on Thursday, its fourth straight session of losses, and was set for a weekly drop of around 5%.
West Texas Intermediate crude CLc1 futures were 81 cents, or 1.44%, higher at $56.11 per barrel after touching $56.36. They ended 2.6% lower in the previous session and were headed for a weekly decline of around 6%.
Oil prices rose on Friday as tensions spiked again in the Middle East after the United States said it had destroyed an Iranian drone in the Strait of Hormuz, a major chokepoint for global crude flows.
Benchmark crude prices were still on track for their biggest weekly decline in seven weeks, however, having fallen sharply earlier in the week on concerns over global oil demand amid slowing economic growth.
Brent crude LCOc1 futures were up 1.11 cents, or 1.78%, at $63.04 a barrel by 1037 GMT, having risen as high as $63.32. Brent fell 2.7% on Thursday, its fourth straight session of losses, and was set for a weekly drop of around 5%.
West Texas Intermediate crude CLc1 futures were 81 cents, or 1.44%, higher at $56.11 per barrel after touching $56.36. They ended 2.6% lower in the previous session and were headed for a weekly decline of around 6%.
Oil rises after U.S. Navy downs Iranian drone; set for weekly fall - Reuters
Oil rises after U.S. Navy downs Iranian drone; set for weekly fall - Reuters:
Oil prices rose on Friday as tensions spiked again in the Middle East after the United States said it had destroyed an Iranian drone in the Strait of Hormuz, a major chokepoint for global crude flows.
Benchmark crude prices were still on track for their biggest weekly decline in seven weeks, however, having fallen sharply earlier in the week on concerns over global oil demand amid slowing economic growth.
Brent crude LCOc1 futures were up 1.11 cents, or 1.78%, at $63.04 a barrel by 1037 GMT, having risen as high as $63.32. Brent fell 2.7% on Thursday, its fourth straight session of losses, and was set for a weekly drop of around 5%.
West Texas Intermediate crude CLc1 futures were 81 cents, or 1.44%, higher at $56.11 per barrel after touching $56.36. They ended 2.6% lower in the previous session and were headed for a weekly decline of around 6%.
Oil prices rose on Friday as tensions spiked again in the Middle East after the United States said it had destroyed an Iranian drone in the Strait of Hormuz, a major chokepoint for global crude flows.
Benchmark crude prices were still on track for their biggest weekly decline in seven weeks, however, having fallen sharply earlier in the week on concerns over global oil demand amid slowing economic growth.
Brent crude LCOc1 futures were up 1.11 cents, or 1.78%, at $63.04 a barrel by 1037 GMT, having risen as high as $63.32. Brent fell 2.7% on Thursday, its fourth straight session of losses, and was set for a weekly drop of around 5%.
West Texas Intermediate crude CLc1 futures were 81 cents, or 1.44%, higher at $56.11 per barrel after touching $56.36. They ended 2.6% lower in the previous session and were headed for a weekly decline of around 6%.
#Saudi government studying law to license other stock exchange operators - Maaal - Reuters
Saudi government studying law to license other stock exchange operators - Maaal - Reuters:
Saudi Arabia is studying regulations to license new stock market operators, a potential first step to privatising its state-run bourse as Riyadh moves to wean the economy off oil, Maaal financial website reported on Thursday.
The kingdom has introduced a raft of reforms in recent years to make its stock market attractive to foreign investors and issuers.
Local shares were incorporated into the FTSE emerging-market index in March and the MSCI emerging market benchmark in May this year.
Saudi Arabia is studying regulations to license new stock market operators, a potential first step to privatising its state-run bourse as Riyadh moves to wean the economy off oil, Maaal financial website reported on Thursday.
The kingdom has introduced a raft of reforms in recent years to make its stock market attractive to foreign investors and issuers.
Local shares were incorporated into the FTSE emerging-market index in March and the MSCI emerging market benchmark in May this year.
Oil rises after U.S. Navy downs Iranian drone; set for weekly fall - Reuters
Oil rises after U.S. Navy downs Iranian drone; set for weekly fall - Reuters:
Oil prices rose on Friday as tensions brewed again in the Middle East after a U.S. Navy ship destroyed an Iranian drone in the Strait of Hormuz, a major chokepoint for global crude flows.
Benchmark crude prices were still on track for their biggest weekly decline in seven weeks, having fallen sharply earlier in the week on hopes for easing Middle East tensions as well as demand concerns and a dwindling U.S. storm impact.
Brent crude LCOc1 futures were up 81 cents, or 1.3%, at $62.74 a barrel by 0642 GMT, having risen to $63.32. Brent fell 2.7% on Thursday, falling for a fourth straight session, and was set for a weekly drop of more than nearly 6%.
West Texas Intermediate crude CLc1 futures rose 59 cents, or 1.1%, at $55.89 per barrel, after touching $56.36. They ended 2.6% lower in the previous session, and were headed for a weekly decline of more than 6%.
Oil prices rose on Friday as tensions brewed again in the Middle East after a U.S. Navy ship destroyed an Iranian drone in the Strait of Hormuz, a major chokepoint for global crude flows.
Benchmark crude prices were still on track for their biggest weekly decline in seven weeks, having fallen sharply earlier in the week on hopes for easing Middle East tensions as well as demand concerns and a dwindling U.S. storm impact.
Brent crude LCOc1 futures were up 81 cents, or 1.3%, at $62.74 a barrel by 0642 GMT, having risen to $63.32. Brent fell 2.7% on Thursday, falling for a fourth straight session, and was set for a weekly drop of more than nearly 6%.
West Texas Intermediate crude CLc1 futures rose 59 cents, or 1.1%, at $55.89 per barrel, after touching $56.36. They ended 2.6% lower in the previous session, and were headed for a weekly decline of more than 6%.
Trump meets with airline CEOs over #Qatar subsidy accusations - Reuters
Trump meets with airline CEOs over Qatar subsidy accusations - Reuters:
U.S. President Donald Trump met on Thursday with the chief executives of major American airlines to discuss their accusations that subsidies by Qatar and United Arab Emirates are costing jobs in the United States.
The meeting between Trump and the CEOs of American Airlines (AAL.O), United Airlines (UAL.O), JetBlue Airways Corp (JBLU.O), FedEx Corp (FDX.N) and Atlas Air (AAWW.O) included Vice President Mike Pence, the White House said.
The meeting also included the CEO of state-owned Qatar Airways, Akbar al-Baker, who was also at the White House last week to tout its decision in June to buy five new Boeing 777 freighters.
U.S. President Donald Trump met on Thursday with the chief executives of major American airlines to discuss their accusations that subsidies by Qatar and United Arab Emirates are costing jobs in the United States.
The meeting between Trump and the CEOs of American Airlines (AAL.O), United Airlines (UAL.O), JetBlue Airways Corp (JBLU.O), FedEx Corp (FDX.N) and Atlas Air (AAWW.O) included Vice President Mike Pence, the White House said.
The meeting also included the CEO of state-owned Qatar Airways, Akbar al-Baker, who was also at the White House last week to tout its decision in June to buy five new Boeing 777 freighters.
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