‘Smoke and mirrors’ in oil market

Oil Drops on Stock-Market Swings

The contract is on course for a weekly loss of almost 3 percent.

Front-month Brent crude oil futures were at $75.82 a barrel at 0656 GMT, down 35 cents, or 0.5 percent, from their last close.

The Industrial Average of Dow Jones fell by about 250 points, along with Caterpillar & 3M by leading index lower & stoking concerns related to declining economic growth globally. The Indian oil market is already trembling due to crude oil price inflation and the depreciation of Indian rupee against the US dollar.

The West Texas Intermediate (WTI) for December delivery picked up 0.26 USA dollar to settle at 67.59 dollars a barrel on the New York Mercantile Exchange.

Falih added, however, that there is no guarantee oil prices would not go higher in the face of new sanctions. Halting oil Iranian imports means that China's many refiners will have to seek alternative supplies.

Majid Reza Hariri, an official with the Iran-China Chamber of Commerce and Industries, denied the report, saying the Bank of Kunlun has not actually halted service to Iran's oil exports, but rather has notified commercial account holders that in case they have an open letter of credit or unfinished payments, they should complete them by November 1.

MEGA MILLIONS: $1 million Mega Millions ticket sold in Branson West, Mo
The Illinois Lottery is handing out free tickets at a metro-east grocery store Tuesday ahead of the Mega Millions drawing . A man walks past Mega Millions and other lottery displays outside of The Lucky Spot in San Francisco, on October 18, 2018.

"We are seeing WTI crude oil prices highly correlated to the futures equity markets this week and the bearishness we are experiencing", Pawielski told UPI in an email. "That's just a couple weeks away", said Phil Flynn, an oil market analyst at Price Futures Group in Chicago.

"We dropped precipitously on the idea global demand is going to slow", said Gene McGillian, vice president of market research at Tradition Energy.

US crude production is soaring, boosted by technological advances.

A healthy and transparent venue will be established as part of the plan to exploit the potential of the non-government sectors in oil exports, NIOC said in a statement on October 13.

Iranian oil is available on the Energy Bourse also for foreign buyers receiving the trade code, according to Deputy Petroleum Minister Ali Kardor. Doubts still remain over whether OPEC will be able to replace supply losses from Iran as USA sanctions are set to curb oil exports from the Persian Gulf state.

Asked about the possible effect of the recent tensions between Riyadh and Washington over the brutal murder of Saudi journalist Jamal Khashoggi at Saudi consulate in Istanbul, Shokri said, "Current political tensions between Iran and Saudi Arabia, gives an opportunity to Saudi Arabia to export more oil to reduce Iran's share in world market".

Related News:



Most liked

Text leads to Mega Millions win for Virginia woman
A retired veteran, Raymond Heft of Madison, is the lucky victor of the $1 million Powerball drawing from Wednesday, Oct. 24. The next morning, her husband called her and said simply: "You won!" "I thought he was confused, maybe from pain meds".

Dodgers win longest World Series game ever 3-2
The stakes: With Max Muncy giving the Dodgers life, they now have the opportunity to set things back to square one. And Kinsler knows he was in large part responsible for helping them dig out of it.

Murderers of Saudi reporter must be convicted in Turkey - Erdogan
However, the President did not produce video or audio evidence his government allegedly possessed. It later acknowledged that he had in fact been murdered, as Turkish officials said all along.

Deepika, Ranveer announce wedding date
While the stars are busy with their professional commitment, their parents are constantly helping them with their wedding plans. Akshay Kumar calls Ranveer Singh a "motor mouth" and says "hats off to Deepika for being with Ranveer".

Prince Harry and Meghan Markle's wedding outfits go on display
It is unclear who the designer of the dainty piece of jewelry is, but one thing's for sure: Prince Charles has great taste. Harry and Markle flew into the Australian city from Tonga on Friday, marking the latest stop on their 16-day tour.

How Long Does Red Dead Redemption 2 Take To Install?
If you are a little patient, you can wait for Black Friday and Cyber Monday which are just a few weeks after the game release. Once you're in first person mode, you can then aim down sights when you have a weapon drawn by pressing down on the d-pad.

Ruben Loftus-Cheek Starts - Chelsea Team vs BATE Confirmed
I have not experienced it here and I don't know the outcome . "I need the cooperation of the players of course". "We're trying to solve the problem for Sunday".

Trump Calls New York Times Story on His Cellphone Use 'Incorrect'
But hours later, he revisited the topic, calling his use of cellphones rare and in any case "government authorized". The Times also reported that Trump's aides have repeatedly warned him that his cellphone calls are not secure .

NATO urges Trump officials not to quit nuclear treaty: diplomats
North Atlantic Treaty Organisation envoys are due to be briefed by a USA arms control official on Thursday in Brussels . He cited efforts in weapons development by China, Iran and others not bound by the restrictions of the INF Treaty.

I couldn't manage another English team, says City boss Guardiola
Many people suffered, and we were lucky. "We went to the arena". "We tried to call her again and it didn't work". It will not be possible to train another club in England like Manchester City ", Guardiola said in an interview.

Beating the odds: $1.5B MegaMillions jackpot won by single ticket
According to the lottery, more than 205,000 Louisiana residents won cash prizes during Tuesday night's drawing. The lucky person can also take an $1.24 billion lump-sum cash payment, which most winners choose to receive.

Madison Ave doesn't blink over Megyn Kelly drama
She apologized later in the day and on her show Wednesday, but there are published reports that her time at NBC could end soon. Aside from the morning show, Kelly was brought on to NBC to host a Sunday night news magazine show.

Jordan Henderson suffers injury setback ahead of Liverpool Champions League tie
I think he would say thanks to his teammates because it's quite hard to score goals without these wonderful passes and crosses. Mohamed Salah of Liverpool scores his team's second goal during the win over Red Star Belgrade at Anfield.

Bomb Discovered At Bill And Hillary Clinton’s NY Home
According to a press release from the Secret Service, agents also found a package sent to Obama's residence in Washington, D.C. The NBC Miami station and CNN reported that police were investigating a suspicious package that was found on the premises.

Al Roker Rips Megyn Kelly for Blackface Remarks on 'Today'
In 2013, while she was still at Fox, she was involved in a heated debate over the ethnicity of Santa Claus. One of the great parts of sitting in this chair each day is getting to discuss different points of view.