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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 continue to decline in Asia

rocky
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Oil prices continue to decline in Asia Empty Oil prices continue to decline in Asia

Post by rocky Fri 31 May 2019, 5:50 am

[size=36]Oil prices continue to decline in Asia[/size]

Economy | 11:45 - 31/05/2019

Oil prices continue to decline in Asia 83152019_image


Mawazine News 
Oil prices continue to decline in Asia on Friday due to the disappointment caused by the official report on US reserves. 
As of 2:30 GMT, the price of light sweet crude for July delivery was down 51 cents to $ 56.08 in electronic exchanges in Asia. 
Brent North Sea oil, the European reference for July delivery also fell 64 cents to $ 66.23. 
Oil prices fell sharply on Thursday, weighed down by lower-than-expected US crude inventories, while investors are still cautiously watching the US-China trade war. 
In London, the price of Brent crude Thursday $ 2.58 compared to Wednesday. In New York, light sweet crude lost $ 2.22.
The US Energy Information Agency report said that US commercial reserves of crude fell by about 300 thousand barrels while analysts were expecting a further decline. Production reached 12.3 million barrels per day, returning to a historic peak at the end of April. 
"Oil reserves have fallen much more than expected," ANZ said in a note. He added that the report of the US Agency increases concern about the volume of US production in the atmosphere of weak demand. 
The bank pointed out that "production rose for the second week in a row"


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Oil prices continue to decline in Asia Empty New oil slump in biggest decline in 7 months

Post by rocky Fri 31 May 2019, 5:54 am

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New oil slump in biggest decline in 7 months

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Oil prices continue to decline in Asia Story_img_5cf0e49347d16
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International oil prices fell more than 1 percent on Friday, heading for their biggest monthly drop since November as trade disputes widened and US crude output returned to record highs.
At 0639 GMT, futures for the nearest Brent crude contract were at $ 66.97 a barrel, down 90 cents, or 1.4 percent, from the close of the previous session. 
US crude futures for the day were $ 55.92 a barrel, down 67 cents, or 1.2 percent, from the latest settlement. Earlier, West Texas hit its lowest level since March 8 at $ 55.66 a barrel. 
The declines mean oil contracts are in their biggest monthly loss since last November. 
US President Donald Trump has stepped up global trade tensions by pledging tariffs on all goods coming from Mexico, raising concerns about economic growth and appetite for oil.

The trade dispute with Mexico joins the US-China trade war, which many analysts expect to spark a recession. 
"The economy is not doing well, at least according to bond and commodity traders," wrote Michael McCarthy, chief market strategist at CMC Markets Futures Brokerage in Australia. " 
These price movements indicate In the outlook for global growth. " 
US production returns to record level 
Crude prices have also come under pressure from a much lower than expected decline in US inventories and the return of US crude oil production to its record level of 12.3 million barrels per day. 
The US Energy Information Administration said crude inventories in the United States fell about 300 thousand barrels last week, to 476.49 million barrels.
Much lower than the 900,000 bpd decline analysts had forecast in a Reuters poll and the US oil institute's 5.3 million barrel decline on Wednesday. 
US investment bank Jefferies said on Friday that Brent was down "because of the saga of the US-China trade war and US inventory increases with very little decline this week is not enough to create an impression on the market." 
Meanwhile, Saudi Arabia, the world's largest oil exporter, , According to a Reuters survey, but not enough to offset the decline in Iranian exports, which collapsed following the tightening of US sanctions on Tehran. 
US special envoy to Iran, Brian Hawke, said on Thursday Washington would punish any country buying oil from Iran after the exemptions granted on May 2.


http://alforatnews.com/modules/news/article.php?storyid=199527
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