Russia's Novak: Higher oil production in July aimed at market stability

Oil Ticks Up to End a Volatile Week

Oil futures steady on market's long-term bearish focus

Crude palm oil prices went up by 0.27 per cent to Rs 590.50 per 10 kg in futures trade today as speculators widened their positions amid firm demand at the spot market.

Futures fell for the third day in NY, losing as much as 1.1 per cent to hit their lowest level since June 22, but US government's data showed a surprise gain in nationwide stockpiles on Wednesday.

For oil prices, EIA expects Brent Crude spot prices to average $73 a barrel in the second half of 2018 and $69 per barrel in 2019, with WTI Crude averaging $6 a barrel lower than Brent prices in the second half of 2018 and $7 per barrel lower in 2019.

OIL traded near $68 a barrel after sliding for two consecutive sessions as rising USA inventories and higher output from the Organization of Petroleum Exporting Countries (Opec) and Russian Federation weighed on the market. Gasoline stocks declined by 2.5 million barrels, while crude stocks at the Cushing, Oklahoma, delivery hub for WTI futures fell 1.3 million barrels, EIA data showed.

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Thanks to all of you who've shared your concern. "When law enforcement saw the video it certainly elevated the situation". He was arrested July 28 at Grand Teton National Park after rangers suspected him of drunk and disorderly conduct.

Initially, the OPEC+ members agreed on a combined cut of 1.8 million bpd but lower production by a number of countries in fact made the cuts deeper, raising fears of global oil shortages and a potential spike in the oil prices as a result.

USA crude inventories rose by 3.8 million barrels last week as exports declined, creating the largest increase in Gulf Coast stocks since March, the Energy Information Administration said.

Analysts said the outlook beyond the short-term was turning bearish.

Saudi Arabia's output rose by 230,000 barrels a day in July to 10.65 million barrels per day.

Canada's June trade numbers surprisingly strong despite United States tariffs on metals
Unlike the overall data, the figures for steel and aluminum were not adjusted for seasonality. Total exports rose 9.2 per cent in June compared to the same month a year ago .

Oil markets have been halting further declines recently after the energy commodity fell too far, too fast on pumped-up production from OPEC, and supply constraints both within the United States overseas have seen oil markets quick to buy, implying that bullish oil traders, while sidelined on rising production, are remaining close at hand. "A lot of this is the risk premium priced in for Iran and when do we start seeing an impact on supply there", ING commodities strategist Warren Patterson said. OPEC has responded with boosting supply, but we are yet to see how much Iranian supply would be choked off, Croft said, adding that "it's going to be very significant".

The price jump earlier this summer had come about in large part because of President Donald Trump 's decision to pull the US out of an worldwide agreement to curb Iran's nuclear program.

U.S. President Donald Trump has sought to ratchet up pressure on China for trade concessions by proposing a higher 25 percent tariff on $200 billion worth of Chinese imports. That's compared with a forecast for a 3-million-barrel decline in a Bloomberg survey of analysts.

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At current fuel prices and exchange rates, IAG still expects its operating profit for 2018 to show an increase year-on-year. IAG said two new A330-200s will be added to its fleet, bringing a total of seven aircraft in Paris and Barcelona next year.

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