Oil Falls to Lowest in a Week as Trade War Ratchets Up - Bloomberg:
Oil fell to the lowest level in a week as the U.S.-China trade war escalated against the backdrop of swelling American crude inventories.
Futures fell 1.4% in New York on Thursday. In the latest salvo of the dispute between the world’s biggest economies, the Chinese government said it “has no choice but to take necessary measures to retaliate” against planned U.S. tariffs on billions of dollars in products. Meanwhile, U.S. oil stockpiles expanded by about four million barrels during the past two weeks, halting almost two months of storage withdrawals.
West Texas Intermediate crude for September delivery slipped 76 cents to settle at $54.47 a barrel on the New York Mercantile Exchange.
Brent for October settlement declined $1.25 to settle at $58.23 on the ICE Futures Europe Exchange. The global benchmark traded at a $3.81 premium to WTI for the same month.
Thursday 15 August 2019
MIDEAST STOCKS-Gulf stocks slide amid mounting fears of global slowdown - Reuters
MIDEAST STOCKS-Gulf stocks slide amid mounting fears of global slowdown - Reuters:
Most Middle East stock markets dropped on Thursday as
disappointing economic signals from China and Europe coupled with an inverted
U.S. bond yield curve stoked fears that the global economy was hurtling toward
recession.
Gross domestic product growth in the 19-country euro zone slowed down to
0.2% in the second quarter, from 0.4% in the first three months of the year,
while intensifying U.S. trade war sent China's industrial output growth cooling
to a more than 17-year low.
Reinforcing the looming global slowdown was the U.S. treasury bond yield
inversion, meaning rates on short-term bonds were higher than long-term yields,
which is widely seen as signalling recession.
The mounting concerns also caused oil prices to shed a further 3%, extending
the previous session's 3% drop.
Most Middle East stock markets dropped on Thursday as
disappointing economic signals from China and Europe coupled with an inverted
U.S. bond yield curve stoked fears that the global economy was hurtling toward
recession.
Gross domestic product growth in the 19-country euro zone slowed down to
0.2% in the second quarter, from 0.4% in the first three months of the year,
while intensifying U.S. trade war sent China's industrial output growth cooling
to a more than 17-year low.
Reinforcing the looming global slowdown was the U.S. treasury bond yield
inversion, meaning rates on short-term bonds were higher than long-term yields,
which is widely seen as signalling recession.
The mounting concerns also caused oil prices to shed a further 3%, extending
the previous session's 3% drop.
Oil deepens slide below $58 on recession fears, U.S. supply - Reuters
Oil deepens slide below $58 on recession fears, U.S. supply - Reuters:
Oil fell 3% to below $58 a barrel on Thursday, extending the previous session’s 3% drop, pressured by mounting recession concerns and a surprise boost in U.S. crude inventories.
In a sign of investor concern that the world’s biggest economy could be heading for recession, weighing on oil demand, the U.S. Treasury bond yield curve inverted on Wednesday for the first time since 2007.
Global benchmark Brent crude LCOc1 fell as much as $1.81, or 3%, to $57.67 a barrel and by 1117 GMT was down $1.57 at $57.91. U.S. crude CLc1 fell $1.03 to $54.20.
Oil fell 3% to below $58 a barrel on Thursday, extending the previous session’s 3% drop, pressured by mounting recession concerns and a surprise boost in U.S. crude inventories.
In a sign of investor concern that the world’s biggest economy could be heading for recession, weighing on oil demand, the U.S. Treasury bond yield curve inverted on Wednesday for the first time since 2007.
Global benchmark Brent crude LCOc1 fell as much as $1.81, or 3%, to $57.67 a barrel and by 1117 GMT was down $1.57 at $57.91. U.S. crude CLc1 fell $1.03 to $54.20.
Daman Investments Head of Asset Management Ali El Adou on Investment Strategy, U.A.E. Markets - Bloomberg
Daman Investments Head of Asset Management Ali El Adou on Investment Strategy, U.A.E. Markets - Bloomberg:
Ali El Adou, head of asset management at Daman Investments, discusses the changes he’s making to his investment strategies based on the selloff in equities and his outlook for U.A.E markets. He speaks on “Bloomberg Daybreak: Middle East.” (Source: Bloomberg)
Ali El Adou, head of asset management at Daman Investments, discusses the changes he’s making to his investment strategies based on the selloff in equities and his outlook for U.A.E markets. He speaks on “Bloomberg Daybreak: Middle East.” (Source: Bloomberg)
Saudis Defending Coveted India Oil Market With Reliance Deal - Bloomberg
Saudis Defending Coveted India Oil Market With Reliance Deal - Bloomberg:
Saudi Aramco’s proposed purchase of part of India’s Reliance Industries Ltd. will allow it to regain its grip on the world’s fastest-growing oil market where suppliers including the U.S. and Russia are making inroads.
Aramco’s plan to buy 20% of the oil-to-chemicals business of Reliance -- which includes the world’s biggest refining complex at Jamnagar on India’s west coast -- comes with an assurance to buy half a million barrels a day of the kingdom’s crude on a long-term basis. That’s around 25 million tons a year and will allow Saudi Arabia to easily reclaim the top supplier spot from Iraq.
Asia has traditionally bought the bulk of its oil from the Middle East, but that’s changing as the U.S. ramps up shale exports, Russia looks for new customers and Saudi Arabia leads OPEC efforts to curb production to prop up prices. American sanctions on Iran and Venezuela are also taking barrels off the market and providing an opening for new suppliers.
Saudi Aramco’s proposed purchase of part of India’s Reliance Industries Ltd. will allow it to regain its grip on the world’s fastest-growing oil market where suppliers including the U.S. and Russia are making inroads.
Aramco’s plan to buy 20% of the oil-to-chemicals business of Reliance -- which includes the world’s biggest refining complex at Jamnagar on India’s west coast -- comes with an assurance to buy half a million barrels a day of the kingdom’s crude on a long-term basis. That’s around 25 million tons a year and will allow Saudi Arabia to easily reclaim the top supplier spot from Iraq.
Asia has traditionally bought the bulk of its oil from the Middle East, but that’s changing as the U.S. ramps up shale exports, Russia looks for new customers and Saudi Arabia leads OPEC efforts to curb production to prop up prices. American sanctions on Iran and Venezuela are also taking barrels off the market and providing an opening for new suppliers.
Oil prices steady after big drop on recession concerns, inventory rise - Reuters
Oil prices steady after big drop on recession concerns, inventory rise - Reuters:
Oil prices steadied on Thursday, following sharp overnight losses as U.S. crude inventories unexpectedly rose, fears of recession mounted and economic data out of China and Europe disappointed.
Brent crude LCOc1 was down 13 cents, or 0.2%, at $59.35 a barrel by 0643 GMT, after falling 3% in the last session.
U.S. crude CLc1 was up 5 cents, or 0.1%, at $55.28 a barrel, having dropped 3.3% in the previous session.
The combination of a slew of data suggesting a slowdown in global growth amid the U.S.-China trade war and persistently high levels of oil in U.S. storage has punctured recent optimism in crude markets, but stoked expectations that leading producers may take further steps to support prices.
Oil prices steadied on Thursday, following sharp overnight losses as U.S. crude inventories unexpectedly rose, fears of recession mounted and economic data out of China and Europe disappointed.
Brent crude LCOc1 was down 13 cents, or 0.2%, at $59.35 a barrel by 0643 GMT, after falling 3% in the last session.
U.S. crude CLc1 was up 5 cents, or 0.1%, at $55.28 a barrel, having dropped 3.3% in the previous session.
The combination of a slew of data suggesting a slowdown in global growth amid the U.S.-China trade war and persistently high levels of oil in U.S. storage has punctured recent optimism in crude markets, but stoked expectations that leading producers may take further steps to support prices.
MIDEAST STOCKS-Global economy worries weigh on Gulf stocks - Reuters
MIDEAST STOCKS-Global economy worries weigh on Gulf stocks - Reuters:
Stock markets in the Gulf fell in early trading on Thursday, extending their losses amid falling oil prices and fears of global recession triggered by disappointing economic data out of China and Europe.
Brent crude LCOc1 was down 37 cents, or 0.6%, at $59.11 a barrel by 0300 GMT, after falling 3% in the last session.
ross domestic product (GDP) growth in the 19-country euro zone was 0.2% in the second quarter compared with the previous quarter, a slowdown from 0.4% percent growth in the first three months of the year.
Stock markets in the Gulf fell in early trading on Thursday, extending their losses amid falling oil prices and fears of global recession triggered by disappointing economic data out of China and Europe.
Brent crude LCOc1 was down 37 cents, or 0.6%, at $59.11 a barrel by 0300 GMT, after falling 3% in the last session.
ross domestic product (GDP) growth in the 19-country euro zone was 0.2% in the second quarter compared with the previous quarter, a slowdown from 0.4% percent growth in the first three months of the year.
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