Daily Trends Now
Daily Trends Now


Oil lurks near $60 mark as Turkey threatens to blockade Iraqi Kurds

Oil lurks near $60 mark as Turkey threatens to blockade Iraqi Kurds

On Tuesday, Brent crude was trading at around $58.60 per barrel in London, having on Monday hit $59.49, which was its highest since July 2015, according to Reuters.

He also threatened to cut a vital Kurdish oil pipeline and stop vehicles crossing Turkey's border. Crude prices were on course for a rise of almost 16 per cent this quarter which would make this year's performance the strongest for the third quarter since 2004.

The state-owned company calculates weekly fuel prices based on a weighted oil price formula made up of 70 percent Dubai crude and 30 percent Brent crude and adjusts fuel prices upward or downward on a weekly basis, depending on the price of worldwide crude. On the New York Mercantile Exchange, West Texas Intermediate Futures were trading down 0.42%, at $52 a barrel.

Oil prices pared losses in post-settlement trade after industry group the American Petroleum Institute reported that USA crude stocks fell last week as refineries boosted output, while gasoline inventories increased and distillate stocks fell. While OPEC failed to deliver to the market any surprises after its OPEC meet in Vienna last week, Turkey's threat to choke off Kurdish oil exports-along with the gradual acceptance that commercial oil stocks are indeed dwindling-seem to be the catalysts this week that is propping up oil prices.




OPEC and its partners made a decision to extend its production cuts till March 2018 in Vienna on May 25, as the oil cartel and its allies step up their attempt to end a three-year supply glut that has savaged crude prices and the global energy industry. The consensus was that demand will grow by 1.7 million to 1.8 million barrels a day this year, 400,000 to 500,000 more than expected at the start of the year. The oil group's cuts are doing the job intended, shale isn't responding, and Opec and friends may finally be reaping the rewards from nine months of impressive compliance with the output deal they agreed on late past year. "Now that we see refineries coming back online that should take the scarcity premium out of the market, refined prices will fall, and that will bring oil down with it". The improved compliance rate "underscores the resolute commitment of participating producing countries to cooperate towards the rebalancing of the market".

We start the day with a higher USA dollar and we will have Consumer Confidence and New Home Sales at 9:00 A.M. and API Energy Stocks at 3:30 P.M. On the Corn front the market key is now the weather and harvest with rains and cooler temperatures are forecasted coming to a theatre near you.

Kuwaiti Oil Minister Essam al-Marzouq, who chaired Friday's meeting in Vienna of the Joint Ministerial Monitoring Committee, said output curbs were helping cut global crude inventories to their five-year average, OPEC's stated target. There are many ways to measure that but many in the industry are suggesting that supply is tightening more significantly than the major reporting agencies are reporting.

The Platts announcement follows the launch past year by rival price agency Argus Media of U.S. Gulf Coast crude prices for the Asia-Pacific.

follow

editors' picks

September 27, 2017
London underground station evacuated amid fire reports
Later, a post on London's Fire Brigade said: "We've dealt with a small explosion on a train at Tower Hill station". Reports from the incident state that a black bag caught fire after what appeared to be a low-intensity explosion.

September 27, 2017
Uber Signals It's Willing to Make Concessions to London
Now, Dara Khrowshahi, the brand new CEO of Uber , has sent his reply, in the form of an open letter to the Evening Standard . An Uber-sponsored online petition to let Uber continue operating in the city has garnered 750,000 signatures in three days.

September 25, 2017
2 police officers shot in incident on Elm Street in New Haven
Hartman said it's too soon to tell for sure, but police believe the incident began as "some sort of domestic dispute". Police said the shooter has barricaded himself inside the home, and a SWAT team is on the scene responding.

September 25, 2017
Uber call for sit-down after London strips operating license
Mr Khan said in a statement that it would be wrong "to license Uber if there was any way this could pose a threat to Londoners' safety or security".

September 25, 2017
Moeen Ali blasts England to victory over West Indies in third ODI
The Worcestershire all-rounder blazed his way to three figures off just 53 balls with eight sixes. While they won the first match, the second game was washed out.

September 25, 2017
Spain Accuses 2 Catalan Independence Leaders of Sedition
Between 3,000 and 4,000 state police officers from other regions of Spain have arrived or are on their way to Catalonia. Madrid's Constitutional Court says the vote is illegal but Catalan leaders are determined to hold it.

September 21, 2017
Blue Cross warns GOP repeal bill 'undermines' pre-existing condition rules
Meanwhile, SPDR S&P Pharmaceuticals ( XPH ) and First Trust Health Care AlphaDEX ( FXH ) declined more than 1% apiece. It is unclear if the GOP will have the needed 50 votes in the Senate before the deadline to pass the bill.

September 20, 2017
Alex Oxlade-Chamberlain Delighted To Leave Arsenal, Says Jurgen Klopp
But it's about the long-term and we already can use him, that's good, but we want to prepare him also, that's all. He then made another bright dart to goal but his cross was wayward and easily collected again.

September 20, 2017
49ers' worth surpasses $3 billion
The Dallas Cowboys captured the top spot for the 11th straight year, with a value of $4.8 billion, up 14%, according to Forbes . Forbes lists the Bills' revenue at $352 for a year ago , with an operating income of $53. 2013: $840 million (31st of 32 teams).

September 18, 2017
Trump retweets doctored video of golf ball hitting Clinton
Clinton's new book about the campaign was released last week, and Trump has repeatedly used Twitter to deride her as a sore loser. Serious work beckons, but so does Twitter, and on Sunday morning the temptation to share a fan's GIF that showed Mr.