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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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Established in 2006 as a Community of Reality

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    Oil prices soar after signs of further drop in Iranian exports

    Rocky
    Rocky
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    Oil prices soar after signs of further drop in Iranian exports Empty Oil prices soar after signs of further drop in Iranian exports

    Post by Rocky Tue 09 Oct 2018, 1:48 am

    Oil prices soar after signs of further drop in Iranian exports

    Oil prices soar after signs of further drop in Iranian exports 10438


     Oil prices rose on Tuesday after further evidence of a drop in Iranian oil exports before the United States re-imposed sanctions and a hurricane moved across the Gulf of Mexico.
    London Brent crude <LCOc1> rose 26 cents to $ 84.17 a barrel by 0244 GMT. On Monday, Brent fell to a low of $ 82.66, but was mostly back as investors bet that China's economic stimulus would boost demand for crude oil. Brent hit a four-year high of $ 86.74 a barrel last week.
    US WTI fell 24 cents, or 0.3 percent, to $ 74.53 a barrel after falling to 73.07 in the previous trading session, but fell only five cents at closing.
    Iranian crude exports fell further in the first week of October, according to tanker data and industry sources, affected by imminent US sanctions and sharply defying other OPEC producers who want to make up the shortfall.
    The data showed that Iran exported 1.1 million barrels per day of crude in the seven-day period. An export industry source said October's shipments were less than 1 million bpd so far.
    In comparison, exports were at least 2.5 million bpd in April before US President Donald Trump pulled out of the United States in May of the 2015 nuclear agreement with Iran and re-imposed sanctions.
    Oil companies in the Gulf of Mexico have suspended 19 percent of oil production as Hurricane Michael moved toward the eastern Gulf states, including Florida.
    Analysts said that if current predictions were correct, the hurricane would not seriously affect the Gulf's main production facilities, but any change in its path could widen its impact.
    The International Monetary Fund (IMF) has lowered its forecast for global economic growth for 2018 and 2019, saying trade policy tensions and import tariffs have negatively impacted trade.


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