Oil prices edge up on Iran sanctions, but trade tensions drag
15 August, 2018, 05:26 | Author: Brooke Harris
General view of Saudi Aramco's Ras Tanura oil refinery and oil terminal in Saudi Arabia May 21, 2018.
Benchmark Brent crude oil was up 10 cents at $72.91 a barrel by 0930 GMT. French energy giant Total has already said it is pulling out of its multi-billion-dollar investment project in the South Pars oil field in southern Iran as a result of the renewed sanctions.
"The most compelling evidence is provided by our currency impact model".
"The equities and the US dollar are keying primarily off of the unfolding saga in Turkey and although the lira has posted a significant rebound today, the standoff between Turkey and the U.S.is showing no sign of progress", Jim Ritterbusch, president of Ritterbusch and Associates, said in a note.
"Consequently, worries over contagion are apt to increase in the process of reducing risk appetite and renewing downside pressures on oil pricing".
Iran is the third-largest producer in the Organization of the Petroleum Exporting Countries, behind Saudi Arabia and Iraq, pumping 3.65 million bpd in July, Reuters data show.
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The last time Iran was sanctioned, about half its current oil exports of some 2.4 million barrels were removed from the market.
On Monday in its monthly oil market report, OPEC announced crude production was up in July, despite sliding output in Libya and Venezuela, with the price of oil staying essentially the same in July as it was in June.
The data released by the American Petroleum Institute on Tuesday showed that crude inventories rose by 3.7 million barrels in the week to August 10 to 410.8 million, compared with analysts' expectations for a decrease of 2.5 million barrels.
"We do have a tighter fundamental picture right now than we had a year ago", said Gene McGillian, vice president of market research at Tradition Energy in Stamford, Connecticut.
The trade dispute is also boosting the US dollar against emerging-market currencies, and oil consumers in those countries pay more for oil in their local currencies, another potential risk to demand growth.
Yet, Goldman Sachs, for example, continues to believe that the trade war won't impact the underlying bull case for commodities, including oil, and that demand will continue to be strong.
Trump's former TV co-star on The Apprentice also said she has heard audio tape of the president using the N-word. A feud between the two has escalated as Mrs Newman promotes a new book that is very critical of him.
It also indicated it would lend money at interest rates above prevailing market rates, an effective tightening of monetary policy. He said: 'You act on one side as a strategic partner, but on the other you fire bullets into the foot of your strategic partner.
The currency had already been underperforming before the current spat - it has dropped nearly 40% against the dollar this year. Hungary, for example, has seen its currency, the forint, fall by almost 4% against the USA dollar since last Wednesday.
A 2.0-liter engine connected to a CVT or six-speed manual transmission makes sure the Civic Sport drives as well as it looks. Other cosmetic changes include new wheel designs, and larger 18-inch alloy wheels for the top-spec non-sports trim level.
After free-falling on Monday, Turkey's already troubled lira began showing signs of stabilizing on Tuesday, climbing 5 percent. Erdogan that interest rates are "evil", and because he has been controlling Turkey's central bank consistent with that belief.
It was confirmed Monday that his wife and her adult son were inside the residence during the crash at about 2:38 a.m. The couple had been drinking and had visited the American Fork Canyon to talk about their problems, authorities say.
Nadal overcame a second set fightback from Greek youngster Tsitsipas to claim a 6-2, 7-6 victory in just under 1hr 45mins. The withdrawal leaves Roger Federer as the tournament's highest seed in second.
Colbert pointed out that he was excluded from the list of men, which implied she might be willing to be intimate with him. She later shared her thoughts on Joe Biden's butt size preference, saying "I find that genuine men like big butts".
In the following days, the fire forced thousands to evacuate, and destroyed at least 18 structures within the two counties. In all, it has burned 295,970 acres, putting it on track to become the state's first single 300,000 acre fire .
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Motorway bridge collapses over Genoa
This photo released by Italian firefighters shows a truck stopped where the highway bridge collapsed in Genoa on August 14, 2018. As details emerged, the country's transport minister Danilo Toninelli said the incident seemed to be "an enormous tragedy".