Oil prices rally on eased trade tensions

11 April, 2018, 12:40 | Author: Sheri Evans
  • The collapse of crude oil prices helped the finance ministry in managing the budget and the Reserve Bank of India in beating inflation

With Chinese markets closed last Thursday and Friday, Shanghai crude futures played catch-up on Monday, dropping 0.6% to about 400 yuan ($63.43) a barrel.

U.S. WTI crude futures were at $62.31 a barrel at 0643 GMT, up 25 cents, or 0.4 percent, from their previous settlement.

Brent, the global benchmark, gained $1.35, or 2%, to $70.00 a barrel. Both have erased their losses from last week, when concerns over a possible trade war between the two largest economies contributed to declines of more than 4 percent.

Oil prices extended gains on Tuesday, as the trade spat between the USA and China showed signs of getting settled without causing any harm to the global economy.

Despite a softening of trade concerns, oil markets still face an abundance of supplies that puts pressure on producers to keep their prices competitive in order not to lose market share.

Cohen Raid Could Be Breaking Point for Trump
Trump also called the probe by Special Counsel Robert Mueller into 2016 election meddling "an attack on our country". The $130,000 payment, of which Trump says he was unaware, came weeks before the 2016 presidential election.

The price of a Brent barrel surpassed the $70 mark in morning trading on Tuesday, after a rather rocky start to the week.

"Reports that back-channel talks over the trade dispute between the U.S. and China are ongoing helped soothe investor angst", it added.

Oil prices have been in a volatile situation for the past few days, due to concerns over a continuous trade dispute between the U.S. and China, and uncertainty over the supply and demand balance of global oil markets.

Further price swings are in store for later this afternoon, as the American Petroleum Industry releases its most recent figures that quantify United States crude oil, gasoline, and distillate inventory at 4:30pm EST.

The report comes a week after Crown Prince Mohammed first told Time magazine that he expected Aramco's public launch to coincide with higher oil prices. The US Energy Information Administrations still expects production to total 10.7 million barrels a day this year - a record.

Former Brazilian President Lula surrenders to face prison time
Later, he was carried off the stage at the headquarters on their shoulders as they chanted his name and showered him with flowers. Lula's several requests to stay out of jail until he had exhausted all appeals against his corruption conviction were rejected.

The American Petroleum Institute will publish its storage data later on Tuesday.

The United States late past year overtook top exporter Saudi Arabia as the world's second biggest crude producer.

President Xi Jinping today promised to open China's economy further and lower import tariffs, striking a conciliatory tone on the trade tensions between China and the United States.

That will likely make the United States the world's biggest oil producer by 2019, surpassing Russian Federation which now pumps out nearly 11 million bpd.

Questions remain after NYPD officers fatally shoot man in Crown Heights
Police officials announced a new social media campaign, along with ads on buses and subways reaching out to victims. Officers and bystanders mistook the metal pipe in his hands for a gun, the New York Police Department (NYPD) said.

Recommended:

  • PM lacks courage to face Congress in Parliament: Rahul

    PM lacks courage to face Congress in Parliament: Rahul

    AICC President Rahul Gandhi addresses supporters during an election campaign in Karnataka ahead of the Assembly elections. The BJP's decline will start from Karnataka followed by Madhya Pradesh, Chattisgarh and Rajasthan.

    Palestinian official: Israel bans Gaza tire imports

    They were wounded after the Israeli forces fired at them who had gathered near the Israeli border in the besieged Gaza Strip. Footage showed that visibility was limited and the faces of some of the activists were covered with black soot.

    Israeli defence minister says 'no innocent people' in Gaza

    She said live fire by Israel forces killed 16 people and reportedly wounded more than 1,000 others, many who were unarmed. It is hardly the first time that the Trump administration has demonstrated its callous disregard for Palestinian lives.
  • Vettel takes pole position at Bahrain GP, Hamilton struggles

    Vettel takes pole position at Bahrain GP, Hamilton struggles

    Bottas was closing the gap on Vettel as his tyres faded and closed to within two seconds of the German going into the final laps. Sebastian Vettel holds off Valtteri Bottas to win the Bahrain Grand Prix on his 200th Formula 1 start.
    Carolina Reaper is world hottest pepper

    Carolina Reaper is world hottest pepper

    Sometimes, this condition can occur as a reaction to certain prescription drugs, or to illegal drugs such as cocaine or ecstasy. While they had never caused thunderclap headaches before, eating hot peppers has been known to cause health problems before.
    Weightlifting: Amid gold flurry, Vikas settles for bronze

    Weightlifting: Amid gold flurry, Vikas settles for bronze

    Vikas faltered in his final two attempts in clean and jerk , aiming for a 200kg lift that would have fetched him a silver. Venkat Rahul Ragala yesterday earned India the fourth Gold medal after lifting 338 kilograms in the Men's 85 kg category.
  • Phil Mickelson leaves Augusta with regrets

    Phil Mickelson leaves Augusta with regrets

    ET (1830 GMT) using a two shot guide over playing competitor Marc Leishman of all Australia. An early triple bogey dashed any hopes of a Phil Mickelson miracle comeback on Saturday.
    Bill Cosby Paid Accuser Nearly $3.4M, Prosecutor Claims

    Bill Cosby Paid Accuser Nearly $3.4M, Prosecutor Claims

    Mr Cosby enjoyed a family-friendly reputation for years before numerous sexual assault allegations came to light in 2015. O'Neill did not announce a ruling, all 12 jurors - along with six alternates - were in court for the opening statement .
    Brock Lesnar re-signs with WWE, rematch with Roman Reigns set

    Brock Lesnar re-signs with WWE, rematch with Roman Reigns set

    It was a unusual match, but brilliantly executed, leaving the fans questioning whether or not it would happen all night. He took 6 F5s, managed to kick-out, was coated in blood, and still managed to cop a verbal beating from the internet.
  • Syria says United States  suspected of attacking air base but Pentagon denies it

    Syria says United States suspected of attacking air base but Pentagon denies it

    One video shared by activists showed bodies of about a dozen children, women and men, some with foam at the mouth. U.S. government sources say Washington's assessment of Saturday attack was that chemical weapons were used.
    Chelsea 1-1 West Ham: 5 talking points

    Chelsea 1-1 West Ham: 5 talking points

    West Ham are scheduled to face off against Stoke, Arsenal, Manchester City, Leicester, Manchester United , and Everton. West Ham United's Javier " Chicharito " Hernandez celebrates his goal at Chelsea with teammate Marko Arnautovic.
    Tour bus headed to Masters overturns, driver charged with DUI

    Tour bus headed to Masters overturns, driver charged with DUI

    According to the Georgia State Patrol, the wreck happened around 8:45 a.m. on Interstate 20 at mile-marker 186 in Columbia County. The states' transportation department said the entire eastbound of the highway remained closed late Thursday morning.


Popular

Ander Herrera denies intentionally spitting on Manchester City crest
The Red Devils were abysmal in the first period but two goals from Paul Pogba followed by Smalling's victor spared their blushes. City's Champions League hopes were likely ended by conceding three times in 19 minutes at Anfield in midweek.

Google officially breaks ground in Bridgeport
Google officials told us most the work done at the data center here will serve the southeast region of the united states. This story originally appeared on the Alabama Department of Commerce's Made in Alabama website .

Apple will reportedly ditch Intel chips in Macs as early as 2020
Interestingly, Digitimes expects Apple to start developing microLED panels for the Apple Watch as early as the end of the year. Apple has to walk the fine line of moving away from Intel chips without sacrificing the speed and capabilities of its Macs.

Trump in rape claims over migrant caravan
He and his family moved to the Rio Grande Valley in South Texas from a border town in Mexico when Villarreal was just a child. If by "rethink how to help migrants", NBC means "surrender them to Mexican authorities" that story is roughly accurate.

Ray Wilkins tributes held by Chelsea ahead of West Ham match
Respects paid, Chelsea had to focus on finding a way to end a damaging run of one win from their previous four league matches. You have to try always [to worry] that the players have confidence, that they are sad, how do you make them happy?

Hungary votes, expected to grant third term to nationalist PM Orban
Vona's Jobbik party started out as xenophobic group well known for its anti-Semitic views. Analysts say a high turnout favors the opposition, especially Jobbik.

Fire At Trump Tower Leaves 1 Dead, Several Injured
One resident told the New York Times she received no notification that the building was on fire or any calls to evacuate. Four firefighters were injured and Brassner, 67, was pronounced dead in hospital, according to the New York Times .

Russia Sanctions Will Not Affect Trump- Putin Meeting Plans: White House
Ties had already plummeted to a post-Cold War low over last month's attack on a former Russian double agent living in England. State Department, said the latest sanctions are unlikely to deter the Kremlin unless Trump formally condemns Putin.

German police: Car crashes into crowd in Muenster, some dead
Police say they have not yet established the identity of the driver, but they are not looking for more suspects. The attack happened on late Saturday afternoon when the vehicle plowed into people in the city's downtown area.

Theo Walcott and Alex Oxlade-Chamberlain Arsenal exits explained
Liverpool have taken a 3-0 lead in their Champions League first-leg quarter-final against Manchester City at Anfield. Oxlade-Chamberlain and company will next take on Everton in the Merseyside derby on Saturday.