Oil prices edge up on US-Saudi tensions

Representative Image

Oil producers in the Permian Basin have started selling a new stream of light crude, said people familiar with the matter, securing a market for the increasingly less dense oil being pumped from the largest US shale play.

Hurricane Michael hurts crude oil production in the Gulf of Mexico.

Oil is a globally-priced commodity, subject to the outsized influence of Saudi Arabia, its fellow OPEC member countries and other OPEC+ petrostates like Russian Federation.

Sanctions or not, Iran would take advantage of any slowing of Saudi production, analysts said. "Issue is sentiment", he said.

Weak US petrol margins and growing US shale output could also cap gains in crude prices, market participants said. The global benchmark, which hit a more than two-week low late last week as equity markets dropped, is trading around $5 below a four-year high of $86.74 marked on October 3.

The motivating factors of Tuesday's trading activity demonstrated yet again that nobody can decide whether the crude market moving forward will be well or even over-supplied, or instead hurtling towards a massive tightening - and the usual input from the analytical community on Tuesday did nothing to give clarity. "The majority of oil demand comes from sectors like heavy vehicles and commercial vehicles, and this demand will remain for a long time to come", he said. We continue to import 3.3 million barrels per day from OPEC.

His comments come amid signs that Iran is scrambling to try to maintain its oil exports, which are declining so fast that the International Monetary Fund last week estimated they had already driven Iran's oil-fueled economy into recession.

Kate Middleton's sister Pippa Middleton gives birth to a baby boy
Mary's is the same hospital where her older sister, Catherine, Duchess of Cambridge , delivered her children. Pippa Middleton , 35, married hedge fund manager James Matthews previous year .

Saudi Arabia said it would retaliate to any action against it over the Khashoggi case, state news agency SPA reported on Sunday, quoting an official source.

USA light crude oil slumped $1.84, or 2.6 percent, to $70.08 a barrel by 12:19 p.m. EDT (1619 GMT), after falling as low as $69.63.

Any supply deficit in the fourth quarter was unlikely to be large enough to do more than support prices, they said.

"When oil companies enter into annual term contracts for buying crude oil, there are two components mentioned - firm supplies and optional supplies".

"These optional volumes can be taken at any time of the year and would be more than sufficient to make up for any shortfall that may arise because of the United States sanctions against Iran".

His plans were echoed by his counterpart in the UAE, Sultan Ahmed Al Jaber, the chairman of Abu Dhabi National Oil Company (ADNOC), who said that the company was assessing a range of potential pipeline projects in India.

Related news:

Hot News

isis-killer-beheading-video-story-top Indonesia may suspend Australia trade deal over Jerusalem stance
Oct 16, 2018 - 23:40
Morrison credited former ambassador to Israel, Dave Sharma, as influencing his thinking on the issue of Jerusalem. Indonesia, the world's largest Muslim-majority nation, and Australia are due to sign a trade deal this.

isis-killer-beheading-video-story-top Over 200,000 US Customers without Power after Hurricane Michael
Oct 16, 2018 - 22:26
Hurricane Michael , one of the most powerful storms ever to hit the United States, has killed at least 18 people. Homeland Security Secretary Kirstjen Nielsen is right and Florida Gov. "We've seen mostly water".

isis-killer-beheading-video-story-top Trump sending Pompeo 'immediately' to meet Saudi king over missing journalist
Oct 16, 2018 - 21:57
Trump has threatened the kingdom with "severe punishment" if it is shown that Khashoggi was killed inside its Istanbul mission. Congress, which has long had a testy relationship with Saudi Arabia, have issued strong criticism of the kingdom over the case.

isis-killer-beheading-video-story-top Swiss star Federer battles into quarters at the Shanghai Masters
Oct 16, 2018 - 21:30
The top four players in the world - Nadal, Federer, Djokovic and Juan Martin del Potro - had already qualified for London. Coric finished off Federer in style with the final two points an ace and a sizzling forehand crosscourt victor .

isis-killer-beheading-video-story-top Huawei Mate 20 Pro Hands-On: The Phone I Crossed An Ocean For
Oct 16, 2018 - 19:40
The Mate 20 Pro has an in-display fingerprint sensor and Huawei claims it is 30%. faster than that of the previous generation. The Huawei Mate 20 X has what Huawei calls their "most powerful Kirin 980 SoC" inside, so you know it must be good.

isis-killer-beheading-video-story-top Alex Cora ejected during Game 1 of ALCS
Oct 15, 2018 - 06:55
His velocity was off and his location was erratic. - Boston added a run in the seventh when Betts led off the inning with a walk. Looking ahead to Sunday night, there will be plenty of angst surrounding the Red Sox, the winningest team in baseball this year.

isis-killer-beheading-video-story-top Nine climbers killed in Himalayan storm
Oct 15, 2018 - 06:43
A rescue crew aboard a helicopter then spotted eight bodies as it circled the area from above, police said. There were five South Korean climbers and four Nepalese guides in the camp when the strong storm hit.

isis-killer-beheading-video-story-top Samantha Markle refused entry to Meghan's palace after turning up unannounced
Oct 15, 2018 - 06:39
During the same trip to the UK, Samantha appeared on Jeremy Vine's Channel 5 show where she apologised to Meghan. Markle has since posted a series of tweets about her trip to London, including a reference to her palace visit.

isis-killer-beheading-video-story-top Xbox One October System Update Adds New Avatars, Alexa Support, And More
Oct 15, 2018 - 06:31
Your new Avatar will show up on your profile pages, feed, community posts, and pretty much anywhere you can make yourself show up. That Echo Dot will come in handy, since Microsoft just released a new Xbox skill for digital helpers Alexa and Cortana .

isis-killer-beheading-video-story-top Facebook Says Hackers Accessed Sensitive Personal Information On 29 Million Users
Oct 15, 2018 - 05:35
On the Facebook Help Center users can check if they have been affected and what information may have been accessed. Facebook says attackers exploited a feature in its code that allowed them to commandeer users' accounts.

isis-killer-beheading-video-story-top Bebe Cool writes to Kanye West, begs for a collabo
Oct 15, 2018 - 03:25
But he did tell reporters after the meeting that Trump treated him "beautifully" during his time there. Well, at least Chris Redd's version of Kanye West .

isis-killer-beheading-video-story-top Farah Khan speaks on sexual harassment charges against her brother Sajid Khan
Oct 13, 2018 - 11:31
Mumbai: Farah Khan Friday said the sexual harassment allegations against her filmmaker-brother Sajid Khan are "heartbreaking". Housefull 4 also features Nana Patekar , who has also been accused of harasssment by actor Tanushree Dutta .

isis-killer-beheading-video-story-top Columbus day event draws supporters and protesters in Pueblo
Oct 13, 2018 - 10:41
One thing both sides can agree on is that no matter what you call the holiday, it's far more than a day off. All PennDOT Driver License and Photo Centers will be closed statewide- including the center in Butler.

isis-killer-beheading-video-story-top RAAF pauses F-35 flying for safety inspections
Oct 13, 2018 - 10:11
A pilot sits in the cockpit of an F-35 fighter jet preparing for a training mission at Hill Air Force Base in Ogden, Utah. But if the planes are "required for operational action, the F-35I aircraft are ready and prepared", a statement read.

isis-killer-beheading-video-story-top World Bank head says trade tensions could worsen poverty
Oct 13, 2018 - 10:03
The IMF said, "The growth forecast for 2018 is 0.3 percentage point lower than the April 2018 WEO forecast". It noted that risks from "further disruptions in trade policies" have become more prominent.