Oil hits highest since November 2014 as Iran tensions mount
08 May, 2018, 02:27 | Author: Kristi Dunn
Oil prices rose above $70 a barrel in Monday trading for the first time in three years.
Futures in NY and London jumped as much as 1.4%.
The latest wrinkle in global fuel prices comes as the Trump Administration nears a self-imposed deadline of Saturday to deal with Iran and its nuclear program.
Even if Trump didn't impose sanctions on Iranian oil exports, the risk for the market to turn into deficit in the second half of the year is high knowing that short-cycle investments in U.S. shale oil production won't help because there is not enough infrastructure in the USA to carry and transport any increase in crude production from shale oil basins.
Global oil demand expanded by 1.5 million barrels per day previous year, thanks to a rebound in US gasoline demand from drivers of SUVs and light trucks. Venezuela sends a large share of its oil exports to the United States because of the proximity and the operation of sophisticated U.S. Gulf Coast refineries specifically created to handle heavy Venezuelan crude.
Dennis keeps pink as Viviani claims second stage win
But having been left out of the Sky team to ride the Giro past year , Viviani wasn't going to let lightning strike twice. Here it's been the complete opposite. "I think the third week and even the second week is still a big unknown for me.
A handful of countries in the European Union are seeking far-reaching carbon emissions targets for trucks in advance of a proposed measure from the EU expected later this month, Reuters reports. The crude oil markets continue to be influenced by OPEC quotas, and of course geopolitical issues in the Middle East, which always tend to push oil prices higher. It is being reported by Bloomberg that Saudi Arabia's former price doves on oil now want prices near $80 a barrel and former Price hawk Iran want staple prices in the $60 a barrel range. Total volume traded was about 1 percent below the 100-day average. Prices generally rise and fall in the same increments.
At 0716 GMT, June WTI crude oil is trading $70.30, up $0.58 or +0.86% and July Brent crude oil is at $75.40, up $0.53 or +0.71%. Prices have rallied almost 25 percent this year, a solace to farmers facing sharply lower yields. The global benchmark crude, which is at the highest level since November 2014, was at a $5.43 premium to July WTI.
Yuan-denominated futures for September delivery rose 2.9 percent to 460 yuan (US$72.27) per barrel on the Shanghai International Energy Exchange. The Nasdaq added 61 points, or 0.9 percent, to 7,270.
While refusing to reveal what he will do on Saturday, Trump reiterated his belief the existing accord is "a awful agreement for the United States", but "that doesn't mean I wouldn't negotiate a new agreement".
"It seems that the bureaucratic wheels are turning in Washington to prepare for a sanctions snapback", RBC Capital Markets analyst Helima Croft said in a note, adding that "the extraterritorial nature of us sanctions, which cover energy, shipbuilding, finance, trade, insurance, etc., means that..."
The governor also directed the State Emergency Management Agency, to provide relief materials to the affected communities. The CP also confirmed that the incident occurred in Gwaska, a Birnin Gwari village close to Zamfara State.
It was just the latest superstar performance for Byfuglien, who has been Winnipeg's best player during this playoff run. Paul Martin, with the Pittsburgh Penguins in 2014, was the last National Hockey League player to do that.
Donning a black, beaded lace gown by Stella McCartney, Rihanna shimmered on the carpet and proved her sexy style was here to stay. The main objective though is to draw attention to - and fund - the Costume Institute at the Metropolitan Museum of Art.
Burks mentioned dismissively something like, 'Maybe it's time that we had a chaplain that wasn't a Catholic, '" Conroy wrote. Earlier this week, Ryan discussed his decision to fire Conroy at a conservative summit hosted by The Weekly Standard .
Shabana Azmi who is a very close friend of Boney and Anil Kapoor would have to miss the big day in Anil's daughter Sonam's life . As the rumour suggests, Sonam Kapoor and Meghan Markel, both will be wearing an outfit created by the same designer.
The vote will usher in the powerful executive presidency approved in last April's referendum-a new chapter in Turkish politics. Ince stated that he would take the country back to the parliamentary system if he gets elected as president.
Your life (as Congress chief) has just begun. "Prime Minister Modi and BS Yeddyurappa want to spread RSS' ideology across India". In fact if Congress is to re-rule the country under his leadership, it will need a manifold growth of the Rahul Gandhi cult.
According to Boy Scouts of America's 2016 annual report, now 2,085,310 boys ages six to 17 were enrolled in its programs. It's also unclear what effect the changes will have on the Girl Scouts of the US , an all-girls youth scouting program.
The 10th journalist killed Monday was BBC reporter Ahmad Shah, who died in a separate attack in the eastern province of Khost. The radical militant group Islamic State has claimed responsibility for the attacks, according to the statement.
San Diego Padres vs. Los Angeles Dodgers
Friday night's no-hitter is the second of 2018, coming nearly two weeks after Sean Manaea no-hit the Red Sox on April 22. Hosmer connected in the fifth off Tony Cingrani (0-2), who had relieved Ross Stripling at the start of the inning.
IPhone 7, 7 Plus Have a Microphone Problem
The Face ID issue doesn't appear to be widespread, but if you're experiencing any problems, you should have your device checked. The tech giant reportedly has sent a support document to retailers and authorised service centres addressing this issue.
Barcelona 2-2 Real Madrid: Best Twitter Reactions
Barca, already crowned champions , remain 15 points ahead of Real in the table but this clash was about more than just points. Barcelona fans create a mosaic reading 'champions!' in Catalan before the match.
Waymo Self-Driving Car Crashes In Arizona - Driver Injured
Chandler Police say the incident happened Friday afternoon when a Honda sedan swerved to avoid hitting another auto . The Waymo van was reportedly hit by sedan after it swerved into the wrong lane in order to avoid another collision.
China trade talks resume in Beijing
The White House has sent a large delegation led by Treasury Secretary Steven Mnuchin to China to negotiate over trade issues. In doing so, China expected Washington to reciprocate and open its market to Chinese investment and competition, it said.