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Oil losses and the summit of Trump and Putin .. The most important global events today

rocky
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Oil losses and the summit of Trump and Putin .. The most important global events today Empty Oil losses and the summit of Trump and Putin .. The most important global events today

Post by rocky on Tue 17 Jul 2018, 3:44 am

Oil losses and the summit of Trump and Putin .. The most important global events today






2018/07/17 11:13


(Encyclopedia of this Day News | Iraq News  ) - Ahmed Shawki

Oil losses weighed on world markets on Monday as concerns of supply shortages subsided, and the US and Russian summit were among the highlights.

Nymex and Brent accounted for more than 4 per cent, with potential increases in production from Libya and Opec members, as well as possible exemptions from US sanctions for the purchase of oil from Iran.

 Oil losses

Oil prices fell sharply on Monday, with the Nymex hitting a three-week low after falling more than 4% as supply worries faltered.

The US Treasury Secretary said the United States plans to give some exceptions to the sanctions against Tehran over the purchase of Iranian oil.

For his part, the Iranian Oil Minister warned that oil production exceeded OPEC members agreed levels, pointing out that this would lose the effectiveness of the Organization.

Citigroup also said commodity prices would rise in the second half of this year, despite US trade policy.

Gold also fell at a settlement to the lowest level in a year despite the decline of the US dollar, and expectations of raising the US interest rate.

Top Trump and Putin

The summit of US President Donald Trump and Russian counterpart Vladimir Putin was the most important political event today, a meeting in Finland where they discussed many political and trade issues.

The Russian president said talks with his US counterpart were successful, pointing out that Moscow could work with Washington to regulate the oil market.

Stock Indices

Most of the US stocks ended lower today, with losses in the energy sector, while the Dow Jones Industrial Average rose for the third session in a row.

Bank of America posted a 33% profit in the second quarter of this year, and Black Rock's earnings and earnings exceeded expectations during the same period.

Netflix also reported more than expected second-quarter net profit, while revenue failed to meet analysts' estimates.

In trade developments, the United States filed a WTO complaint against China, the European Union, Canada, Mexico and Turkey after they imposed retaliatory tariffs on Washington after recent charges against steel and aluminum.

China also announced filing a complaint against the United States over its trade threats to impose additional tariffs on Beijing.

Economic data showed today that industrial activity in New York fell from the highest level in 8 months this month, while US retail sales exceeded analysts' expectations in June.

Business inventories in the United States rose last May, analysts said.

The fall in the European stock markets ended with a close as the US and Russia summit, as well as trade developments, watched as DAX was the only rising German.

In the euro area, the trade balance surplus fell more than in May, as exports fell and imports increased.

The Japanese bourse is on a public holiday to celebrate the "Sea Day".

China's economic growth slowed in the three months to June with the trade conflict between the world's two largest economies.

Currencies

After rising to a one-week high earlier in the session, the pound turned down against the US dollar after British Prime Minister Teresa Mae agreed to amendments to the Brixet plan.

While the euro rose as high as $ 1.17 during trading with the decline of the US currency and after economic data.

Pakistan's currency fell about 4.5% against the green card before rising with a political uncertainty.



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Oil losses and the summit of Trump and Putin .. The most important global events today Empty Oil falls for a second day on fears of oversupply

Post by rocky on Tue 17 Jul 2018, 3:46 am

Oil falls for a second day on fears of oversupply


Oil losses and the summit of Trump and Putin .. The most important global events today 8927

 Oil prices fell for a second session on Tuesday as fears of a possible supply disruption subsided, while investors focused on the possibility that global growth would be hurt by the worsening trade dispute between China and the United States.
London Brent crude futures fell 32 cents, or 0.5 percent, to $ 71.52 a barrel by 0638 GMT, its lowest since April 17. Crude fell 4.6 percent on Monday.
US West Texas Intermediate crude futures lost 31 cents, or 0.5 percent, to $ 67.75 a barrel. Crude was down 4.2 percent on Monday.
Beijing is still confident of a target growth of around 6.5 percent this year, although it is believed to face difficulties in the second half of the year as the trade dispute with the United States worsens, the State Planning Commission said on Tuesday.
The comments came a day after China announced a slight slowdown in growth in the second quarter, recording the weakest pace of factory activity in two years in June, signaling further weakness in business conditions over the coming months as trade pressure grew.
US production from seven major oilfields is expected to rise by 143,000 bpd to a record 7.47 million bpd in August, according to the US Energy Information Administration's monthly report released on Monday.


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