Brent oil gains $1 to claw back some losses

GREAT AGAIN: US to Become World's TOP OIL PRODUCER by 2019

Global benchmark Brent crude oil had its biggest one-day drop in two years.

Brent crude fell $5.46, or 6.9 percent, to settle at $73.40 a barrel. The decline was the largest one-day move on a percentage basis since February 9, 2016.

The decline in overall inventories was partially due to a fall-off in stocks at the Cushing, Oklahoma, delivery hub for US crude futures, which were down by 2.1 million barrels. Firstly, if the new list of tariffs on China are eventually imposed then China could turnaround and tax USA oil. Higher gas prices can leave USA households with less money to spend on other products.

The selling pressure intensified as trade tensions between the USA and China raised concerns about demand.

Lower oil prices are particularly important to USA consumers in the summer months when driving reaches its heaviest. Higher oil prices tend to increase trade deficits, as more money is paid for foreign oil. Concerns about a lack of spare capacity had led crude to rally.

Washington will consider requests from some countries to be exempted from sanctions it will put into effect in November to prevent Iran from exporting oil, U.S. Secretary of State Mike Pompeo said on Tuesday.

A pump jack lifts oil out of a well, during a sandstorm in Midland, Texas, U.S., April 13, 2018.

Additionally, a report showed Saudi Arabia hiked its oil output in June to the highest level since the end of 2016, as it aims to cool the market after crude prices recently rose to 3-1/2-year highs.

USA crude oil stocks fell by almost 13 million barrels last week, the most in almost two years, dropping overall crude stocks to their lowest point since February 2015, the Energy Information Administration said on Wednesday. This will bring additional crude to the market. "Our markets remain open while we work directly with customers to resolve the issue", a CME spokesman said in an emailed statement.

Related News:



Most liked

England V. Croatia, Winner Will Play France
We haven't said our last word, there is still one more game to go. "We deserved to reach the final". Luka Modric and Co. will be a formidable opponent for France.

Roy Keane summed up England's World Cup exit with one, brutal sentence
Gareth Southgate's men still have one more game to play as they will take on Belgium in the third-place play-off on Saturday. You know how hard it is to get to these finals or even get to the World Cup. "We weren't talking about the final".

Starr reacts to Kavanaugh nomination
More than any other red-state senator, Heitkamp has received a remarkable amount of help from Republicans to keep her job. She said that with Kavanaugh's credentials, "it's very hard for anyone to tell me that he's not qualified for the job".

Stormy Daniels arrested in OH , lawyer says
Stormy Daniels , the porn star at the center of a political storm involving President Trump, has been arrested, her lawyer says. In May, Trump said Daniels was paid to stop "false and extortionist accusations" she made about a sexual encounter with him.

Boys rescued from cave in Thailand receive medical care
The three Royal Thai Navy SEAL divers and medics who stayed in the cave with the boys and coach since they were located on July 2. Two of the boys had suspected lung infections but the four boys from the first group rescued were all walking around in hospital.

Donald Trump says Germany is 'totally controlled by Russia' at North Atlantic Treaty Organisation summit
Trump was objecting to Germany's acceptance of a new pipeline project that will bring more natural gas from Russian Federation . Germany's leadership has said the pipeline is a private business decision and they have been reluctant to interfere.

'Pep Guardiola Has Influenced This England Team!'
Guardiola landed the league title and League Cup a year ago , but fell short in the FA Cup and Champions League. "He's been an innovator".

Regrets mixed with pride as England fans digest World Cup heartbreak
Slowly, one-by-one, the players re-emerged where they met with friends and families watching from the stands. He said he that England would reach the final and that he expected the atmosphere in Croatia to be electric.

Photo Suggests Nets Interested In Marcus Smart
And during media availability in Las Vegas on Wednesday, Ainge indicated yet again that they want Smart in green. The Nets have yet to add a major free agent this summer, and Smart is one of the top players still available.

Man with no arms arrested for stabbing Chicago tourist
According to an arrest report, officers arrived at the scene to find a man lying on the ground and bleeding from his left arm. Crenshaw, who told police he acted in self-defense, was being held at Turner Guilford Knight Correctional Center in Miami.

Fox Shareholder Files Lawsuit To Halt Proposed Disney Acquisition
The 21st Century Fox logo is displayed on the side of a building in midtown Manhattan in NY , U.S., February 27, 2018. Should Disney succeed, it will obtain Fox's 39 per cent stake in Sky as part of the package.

'Life Itself' Trailer From 'This Is Us' Creator Will Leave You Weepy
I'm waiting for the right moment, because... when I ask you out, it's going to be the most important moment of my life. The full cast includes Olivia Cooke , Mandy Patinkin , Annette Bening , Samuel L.

Chris Froome loses ground in chaotic crash at Tour de France
It would have been nice not to have thrown 51 seconds away on the first day. "That's the nature of the game". By finishing second in the 35.5km team time-trial around Cholet , Team Sky did that with typical efficiency.

Love Island 2018: Fans Rage After Idris 'Lies' To Laura About Kiss
She said 'I'm just real and if I do get along with you better than I get along with Sam maybe...' but it's early days. Dani reassures her, "It's just a date" and new Jack tells her: "Don't overthink it, it's just a date".

Trump blasts Germany at North Atlantic Treaty Organisation summit over gas pipeline deal with Russian Federation
Germany indeed devotes only about 1.25 percent of its GDP to defense. "And I think we have to talk to Germany about it". Again and again, Trump has pushed the idea that allies in the North Atlantic Treaty Organization owe the U.S. money.