The $100 a barrel oil wager comes back to the options market

MID-DAY: Oil continues to slump on reports of higher production; North Korea US tensions weight Wall Street

Saudi Aramco's much-hyped initial public offering is "most likely" to take place in 2019, Saudi Energy Minister Khalid Al-Falih said on Friday, likely confirming that plans for the IPO have been pushed from this year to next.

In addition, in March, commercial stockpiles of oil in the Organization of Economic Cooperation and Development countries fell 1 million barrels below the five-year average. The cuts came as the global benchmark capped its first weekly drop since early April, sliding below $80 a barrel after Saudi Arabia and Russian Federation said OPEC and its allies may boost oil output in the second half of the year.

US West Texas Intermediate (WTI) crude futures were at $69.34 a barrel, down $1.37.

US crude hit its highest level since 2014 on Monday amid rising concerns that Venezuela's oil output could fall further following the country's presidential election and potential sanctions on the OPEC-member nation.

Crude oil prices are trading around multiyear highs. It's a mid-cap oil company that facilitates oil transportation - and will directly profit from higher oil prices. Now that oil stocks are beginning to outpace the general market, now is the best time to invest to profit from rising oil prices. U.S. crude futures were trading at around r$69 per barrel, while Brent crude was worth about $77 per barrel.

OPEC may decide to raise oil output as soon as June as Venezuelan output collapses, USA sanctions against Iran loom, and after Washington raised concerns that the oil rally was going too far, OPEC and oil industry sources familiar with the discussions told Reuters.

Hearing delayed in Trump lawyer Michael Cohen's NY court case
Ukrainian President Petro Poroshenko's administration demands a refutation of false reports that a meeting with U.S. He also helped arrange a 2016 payment to an adult film actress who said she had a sexual relationship with Trump.

Rising supply in the U.S., where shale production is forecast to hit a record high in June, has limited the upward move in prices.

The increase in so-called discretionary consumer oil hedging, after a three-year period of low prices, is still relatively incipient, but has picked up over the last couple of weeks, according to traders, bankers and consultants familiar with the matter who asked not to be identified discussing private deals.

Oil retreated from the highest price in more than three years after surprise increases in US crude and gasoline stockpiles.

"If prices get above there, that will further intensify and increase the likelihood that OPEC will do something ..."

Swiss investment bank UBS reportedly warns there could be an oil price spike to $100 that triggers a US recession.

"Geopolitical risks. kept investors on their toes".

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