Oil prices slip as economic growth concerns counter tighter supplies

Oil prices climb as Iran sanctions loom

"Bullish Europe, bearish U.S." is the overall sentiment in the market, said Tamas Varga, an analyst at PVM Oil Associates Ltd.in London.

In the absence of the November loading schedules, few were likely to be in a position to sell cargoes for those dates, the traders noted.The British oil major has bought at least seven cargoes linked to the swaps market in the last couple of weeks, but was believed to have possibly bought more, they added.

Crude prices in London have been supported by the USA government's efforts to constrict Iranian oil sales as it reimposes sanctions after President Donald Trump quit a nuclear deal with the Islamic Republic in May. "That's why the US-Saudi relationship is key here", said Van der Graaf. 4 date for imposing sanctions draws nearer, the premium has increased. Of this, close to 25% comes from Iran.

But it said rising demand could also be checked.

Some sanctions came in effect on August 6 and the rest, notably in the petroleum sector, on November 4.

More news: GM recalls 1M pickup trucks, SUVs over steering defect

Rouhani announced last week that Iran was moving its main oil terminal out of the Gulf to a port in the Oman Sea, so that its tankers would no longer need to pass through the strait, giving it more scope to disrupt supplies.

On the contrary, Anwar Iqbal, Washington based journalist working for Dawn, quoted the same official from State Department, saying that Washington is not offering waiver to any country from curbs on commercial deals with Iran and so far, the restriction applies to India as well. This will hurt the Iranian economy but it shouldn't have a huge effect on the oil market because it won't derail production or exports.

Wells, who was briefing journalists on the two-plus-two talks between the U.S. and India, held in New Delhi on Sep 6- said there was no "blanket waiver or country-specific waiver" from United States sanctions on trading or investing in Iran.

But keen not to see oil prices spike, US Energy Secretary Rick Perry met with Saudi Energy Minister Khalid al-Falih on Monday in Washington, as the Trump administration encourages big oil-producing countries to keep output high ahead of the renewed sanctions.

The Economic Times (ET), an Indian daily said Iran now exports about 2 million barrels a day which is already 28% less than what they used to export in April. Traders said this is one reason that the discount for U.S. crude versus Brent has widened. "We have tested breaking higher, but that failed, so now we have a temporary setback". US was now India's top market for exports and the US-Indian bilateral trade expanded by $12 billion in 2017 totalling to $126bn, whereas two-way investment expanded nearly $57bn. "My fear of contagion is that right now the sentiment towards the whole emerging-market spectrum is very fragile", Mario Castro, a Latin America currency strategist at Nomura, said in a Wall Street Journal interview. "We continue to have conversations with the Indian leadership".

Related News:

  • Beach landslide injures tourists in Zante

    Beach landslide injures tourists in Zante

    O'Connell described the piece of rock that fell as being as big as a four-storey building, crashing down onto the beach . He described the aftermath as "chaos", with families and children running to get to safety on the boats .
    United States  sanctions NKorean IT companies in China, Russia

    United States sanctions NKorean IT companies in China, Russia

    Thursday's action particularly targets the revenue earned for the Pyongyang government by North Korean IT workers overseas. Haley and other diplomats claim that Russian Federation pressured the independent monitors to amend the report.
    Bob Woodward's book about Trump got released

    Bob Woodward's book about Trump got released

    The book portrays Trump as an ill-informed and dishonest president and the West Wing staff as trying to minimize the damage. The book sold more than 750,000 copies on its first day of publication and broke Simon & Schuster's preorder sales record.
  • Delhi Cop’s Son Arrested For Thrashing Girl In Viral Video

    Delhi Cop’s Son Arrested For Thrashing Girl In Viral Video

    The cases against the accused have been registered on the basis of the statement given by two women, the police said. Well, the video was quite disturbing and Home Minister Raj Nath Singh today ordered action to be taken against him.
    European Parliament votes to trigger Article 7 against Hungary

    European Parliament votes to trigger Article 7 against Hungary

    It is the first time that the parliament has launched the European Union disciplinary process against a member state, known as Article 7 .
    Powers cite need for peace in Idlib — UN official

    Powers cite need for peace in Idlib — UN official

    The Turkish army controls the areas next to its border and has set up 12 military observation posts in the rest of the region. Some 4,500 - or 11 percent - returned home spontaneously in the last two days as the violence decreased.
  • Cardinals routed 24-6 by Redskins in Wilks' debut

    Cardinals routed 24-6 by Redskins in Wilks' debut

    He's still getting in synch with his line; on one occasion, he almost ran into one of the pulling linemen going through a hole. He showed that he can still run with power and use his speed effectively, as he did on the run in which he surpassed Brown.
    'Relentless' storm Florence pummels the Carolinas

    'Relentless' storm Florence pummels the Carolinas

    Resident Jay Manning said he and his wife watched with alarm as water filled the street. "My wife's in a panic right now". USA media later said a man in Lenoir County died after heavy winds knocked him down as he tried to check on his dogs.
    Documents reveal Salisbury suspects have links to Russian defence ministry

    Documents reveal Salisbury suspects have links to Russian defence ministry

    Boshirov said they "maybe approached Skripal's house" while they walked around the city, "but ... didn't know where it was". When pressed to describe their work in general terms, he said, "To cut a long story short, we're in the fitness industry".
  • Tottenham 1 Liverpool 2: Wijnaldum and Firmino sound Reds' title intentions

    Tottenham 1 Liverpool 2: Wijnaldum and Firmino sound Reds' title intentions

    Georginio Wijnaldum opened the scoring for Liverpool at Wembley before Firmino doubled the visitors' lead ten minutes after half-time.
    Feminist attacks Apple saying iPhone size not suitable for women's hands

    Feminist attacks Apple saying iPhone size not suitable for women's hands

    Starting 2019, iPhone users will have to shell out more money - ranging from $49 to $69 - to have their batteries replaced. Usually, when Apple launches the new flagship devices, the prices of previous generation phones considerably drops.
    New Apple Watch Series 4 steals the show

    New Apple Watch Series 4 steals the show

    Ever since we saw the first few seconds of the Apple presentation, we've wanted to get our hands on a brand new iPhone . Apple iPhone XS Max and iPhone XS will be in available in space grey, silver in addition to a new gold finish.


Most liked

Buhari accepts resignation of Finance Minister, Kemi Adeosun
Kemi Adeosun , Nigeria's finance minister has resigned her position over claims of certificate forgery uncovered by a local portal, Premium Times .

Regional Pot Workers Could Face Lifetime Ban From US News Centre News
People who have received bans still have the possibility of applying for a waiver from US Customs and Border Protection (CBP). Border guards have broad power to question Canadians on their current and past drug use, immigration experts say.

Flood waters rise as Florence pummels Carolinas; at least 8 dead
The NHC also advised that general tropical storm conditions will be present in the region even in areas not at risk of flooding. In North Carolina, at least five deaths are related to the storm - but "several others are under investigation", Cooper said.

Trump Continues to Promote Puerto Rico Deaths Conspiracy Theory
Trump continued calling it an "unsung success" hampered by San Juan Mayor Carmon Yulin Cruz , and the whole "island" thing. But Trump, whose efforts to help the island territory recover have been persistently criticized, was having none of that.

Hurricane Florence lashes United States east coast, triggers flood warnings
People in the Carolinas had the daytime hours Thursday to complete their final preparations to ride out or escape the storm. Mr Schleifstein also advised people to "keep an axe" in their attic, in case people break in after the storm.

How Waffle House Will Help Determine How Bad Florence Is
Waffle House has always been a popular spot for round-the-clock comfort food for locals and travelers alike throughout the South. Here's hoping all the residents of Myrtle Beach, South Carolina, have evacuated the city: Their Waffle House just hit Code Red .

Roberto Firmino: Liverpool striker 'OK' after eye 'scare'
In the first half, they deserved more. "Mauricio [Pochettino] has the same issues, we all have to work with what we've got". I think we are far way in terms of performance. 'These sorts of games are the ones he would have wanted to play in.

Tottenham vs Liverpool line ups: Teams confirmed for Wembley showdown
Only we need to try, that he understands, and how he understands that it was a mistake. For me, there is no doubt that he is one of the best strikers in the world.

'Relentless rains' continue as Florence almost stalls over Carolinas
Police say a family of three was in a home on Mercer Avenue this morning around 9:30 when a tree fell into the property. Flooding also hit the Bogue Sound near Beaufort, the Pungo River at Belhaven and the Pamlico River at Washington.

Hurricane Florence to 'bring Mike Tyson punch to Carolina coast'
As Hurricane Florence gets closer to the Carolinas, Hurricane Hunters from the Bay area are flying right into the storm. Even miles away from the Atlantic, North Carolina residents in low-lying areas are boarding up and emptying stores.

New Map Shows Which US States Have The Highest Obesity Rates
According to the map, seven states now have obesity rates of 35% or higher - up from five in 2016 - according to the Daily Mail . These are typically lower income and rural areas, including many communities of color, the report noted.

Brad Marchand Heaps Praise On Adam McQuaid After Defenseman’s Trade To Rangers
The Boston Bruins have traded fan favorite and renowned tough guy Adam McQuaid to the New York Rangers . The 31-year-old was limited to just 38 games this past season, putting up one goal and three assists.

Sheikh Mansour's smart investment key to Manchester City success: Pep Guardiola
But, luckily, the team was doing really well and that helped me a lot. Jorge Valdano asked me if we would sell him for €250m and I said no.

Polar Vantage V and M multi-sport watches are made for athletes
But, of course, not every user needs to dabble with high-end features, which is where the Vantage M (shown above) comes in. Polar Vantage M and Vantage V pre-orders are underway now, with deliveries scheduled to begin sometime in November.

FEMA To Test Emergency Text Messages From Trump
The system message distributed during the test will read, "THIS IS A TEST of the National Wireless Emergency Alert System". Everyone will then receive this message in English: "THIS IS A TEST of the National Wireless Emergency Alert System ".