Oil rises on U.S. high retail sales

Oil falls below $58 on recession fears

The price of Brent is still up almost 10 per cent this year thanks to supply cuts led by the Organization of the Petroleum Exporting Countries (OPEC) and allies such as Russian Federation, a group known as OPEC+. In the latest salvo of the dispute between the world's largest economies, the Chinese government mentioned it "has no choice but to take needed measures to retaliate" in opposition to new planned USA tariffs on billions of dollars in products. Oil has fallen nearly 7% this month because the trade war darkened the global economic outlook and ample crude production from American fields remained near a file. At just under $60 a barrel in London, crude is below the levels most OPEC nations need to cover government spending.

OPEC deepened its cuts in July, the report showed. On Thursday, the U.S. reported that retail sales rose 0.7% in July as consumers bought a range of goods even as they cut back on motor vehicle purchases, according to data that came a day after the 2-year/20-year U.S. Treasury yield inverted for the first time since June 2007 prompting a sell-off in stocks and crude oil.

Last month, OPEC along with its allies managed to renew a supply-cutting pact which will last until March 2020, with this aiming to avoid a build-up of inventories which could lower oil prices. US crude stocks grew by 1.6 million barrels last week, compared with expectations for a drop of 2.8 million barrels, the Energy Information Administration (EIA) said. OPEC is pumping about 29.6 million a day, compared with a daily requirement of 30.28 million.

More news: Mission Mangal and Batla House the latest victim of TamilRockers

A Saudi official speaking anonymously said last week that the kingdom had sounded out its partners on potentially stepping up their efforts and is open to all options.

Meanwhile, a second week of unexpected rises in USA crude inventories is adding to the pressure. The Saudis, Russia and other key members of the coalition will meet to review their strategy in Abu Dhabi on September 12.

The report stated, "While the outlook for market fundamentals seems somewhat bearish for the rest of the year, given softening economic growth, ongoing global trade issues and slowing oil demand growth, it remains critical to closely monitor the supply/demand balance and assist market stability in the months ahead". The markets are also in a position to close higher for the first week in three. All comments are subject to editorial review.

Related News:

  • Tottenham player ratings at Manchester City: Centre backs star for Spurs

    Tottenham player ratings at Manchester City: Centre backs star for Spurs

    Sergio AGUERO would give Manchester City their second lead of the match as he scored his second goal of the Premier League season. Again City camped in the Spurs half, peppering Hugo Lloris' goal, but once more the visitors fought back.
    Honda unveils Acura Type S Concept ahead of Monterey debut

    Honda unveils Acura Type S Concept ahead of Monterey debut

    The model will be debuted on August 15 at The Quail, A Motorsports Gathering, a part of California's Monterey Car Week 2019. Sheer side surfaces gradually open-up to muscular rear wheel arches, emphasizing the concept's wide track.
    Ahead of IPO listing WeWork reveals staggering $900 million in losses

    Ahead of IPO listing WeWork reveals staggering $900 million in losses

    In the opening to its prospectus, the company describes its mission as "to elevate the world's consciousness". WeWork ($WEWORK) is heading to public markets soon, signaling that what may be the biggest IPO of the fall.
  • Court calls for Open Arms ship to enter Italy

    Court calls for Open Arms ship to enter Italy

    However, the court ruling did not say whether the boat should be allowed to dock or the migrants disembark. But from a beach in the northwest of Italy, Salvini complained: 'What a odd country.
    USA  may designate Antifa as terror organization

    USA may designate Antifa as terror organization

    Tina Jones said Saturday afternoon that hundreds of demonstrators have gathered in and around downtown for hours. Trump tweeted that "Major consideration is being given to naming ANTIFA an " ORGANIZATION OF TERROR ".
    Rodgers to Ravens' Jackson -- 'Slide a little bit'

    Rodgers to Ravens' Jackson -- 'Slide a little bit'

    It's clear that the criticism is starting to get to him which is understandable when you're a player at such a high level. But for how awesome it was, Ravens fans were collectively holding their breath the entire time.
  • Gov't Creates 611,397 New Jobs

    Gov't Creates 611,397 New Jobs

    That has run counter to national trends that have seen more people entering the labor force in search of higher paying jobs. And signals are emerging from the bond market that investors believe the economy is edging closer to an actual downturn.
    Barcelona coach Valverde: Aduriz victor  didn't surprise me

    Barcelona coach Valverde: Aduriz victor didn't surprise me

    Next up for Barcelona is a home match against Real Betis , defending champions will hope Messi can return to action. You have to give them confidence and go slowly with them.
    TV reporter, pilot killed in New Orleans plane crash

    TV reporter, pilot killed in New Orleans plane crash

    According to the City of New Orleans , the crash took place at 3 p.m. on Friday near the city's lakefront. We lost a loving mother of three, a handsome human being, and an invaluable member of our community".
  • Josh McCown Delays Media Career, Signs With Eagles

    Josh McCown Delays Media Career, Signs With Eagles

    McCown has played in games for eight different teams in 16 seasons, and has been on the roster of two other teams. Philadelphia knows the value of a reliable backup quarterback better than anyone in the league, to say the least.
    Dozens killed or wounded in Afghan wedding blast

    Dozens killed or wounded in Afghan wedding blast

    The explosion came a few days after the Eid al-Adha ended, a Muslim holiday, and just before Afghanistan's 100th independence day. Many people in the minority Shiite Muslim Hazara ethnic group live in the part of the city where the explosion took place.
    Senior Tory says Boris Johnson’s rhetoric has led directly to death threats

    Senior Tory says Boris Johnson’s rhetoric has led directly to death threats

    Energy minister Kwasi Kwarteng said he thought it would be "an odd thing" for Mr Clarke to take the helm at the age of 79.


Most liked

Artificial Intelligence in Medicine Market to Witness Astonishing Growth during Forecast 2019
Various exploratory techniques such as, qualitative and quantitative analysis have also been used to for presentation of authentic information.

NVDA Stock Rebounds Strongly on Impressive Q2 Earnings
Following the completion of the transaction, the director now owns 32,983 shares of the company's stock , valued at $4,785,833.30. Out of all the analysts offering ratings, 19 have pegged the stock a Strong Buy or Buy, based on data provided by Zacks Research.

Gibraltar rejects USA pressure to hold Iranian oil tanker
The US claims the tanker is controlled by Iran's Revolutionary Guard, which is the target of its sanctions. Iran subsequently detained the British-flagged tanker Stena Impero in what was seen as a tit-for-tat move.

Harper hits grand slam in 9th, Phillies rally past Cubs 7-5
Like the baseball, he took off like he was shot out of a cannon and sprinted like he was going for an inside-the-park home run. In Anaheim, Mike Trout went 4-for-4, scored four runs and hit his AL-leading 40th homer in Los Angeles' win over Chicago.

Planet 10 times Earth’s mass may have smacked Jupiter long ago
Researchers say the collision about 4.5 billion years ago could explain surprising readings from NASA's Juno spacecraft. The readings suggest to scientists that the core of the planet is much less dense and more extended than expected.

At least 40 killed in attack on wedding hall in Kabul
President of Afghanistan, Ashraf Ghani, has convened an "extraordinary security" meeting to prevent a reoccurrence of such attack. Afghanistan's government has been sidelined in those talks as the Taliban refuse to negotiate with what it calls a USA puppet.

Oakland Raiders' Antonio Brown accused of stiffing 'Sports Chef' out of $38,000
The star receiver described the injury in detail on Tuesday's episode Hard Knocks . Thankfully, my trainer was working me out in the midst of my freaking.

Google Play Store redesign gets pushed out once again
The researchers at TrendMicro discovered that the deceitful apps would sit dormant for at least 30 minutes after the installation. The Android OS offers users access to a lot of cool features, and the best one is probably the Google Play Store.

BMW Championship: Rory McIlroy and Graeme McDowell shoot 69 at Medinah
He still has to go up against some of the best players in the world, including Brooks Koepka and Rory McIlroy . When he got to the club this past Tuesday, he told reporters, I feel good.

Palestinian grandmothers trend on Twitter amid Tlaib uproar
In a tweet, Omar disputed Netanyahu's claim that she and Tlaib didn't ask to meet with Israeli government or opposition officials. Ilhan Omar on Thursday were barred by Israel from visiting the West Bank and Jerusalem in their capacity as USA lawmakers.

Meghan Markle gets a cheeky nod from former show Suits
Markle finished her seven year run on Suits with an on-screen wedding and in the newest episode, her husband ( Patrick J. Meghan officially said goodbye to the Chicago courtroom in November 2017, after she got engaged to Prince Harry .

Steve Smith retires hurt after being hit UNDER his helmet and arm
Paceman Chris Woakes was fielding at fine leg when Smith was struck but immediately grasped the seriousness of the situation. But the Sussex man has shot back, saying he is more than equipped to deal with the trials of Test match cricket.

Raiden, Jax, Mileena, And Liu Kang Cast In Mortal Kombat Movie
Newcomer Australian actress Sisi Stringer is set to play Mileena in Mortal Kombat , per The Hollywood Reporter . Ludi Lin is in negotiations with New Line Cinema to play Liu Kang in the live-action " Mortal Kombat " movie.

Manchester City vs. Tottenham Hotspur - Football Match Report
It was the first corner the champions had conceded, and they defended it dreadfully. People will say we should do better but I don't know.

Another one bites the dust: John Hickenlooper formally ends 2020 presidential bid
He also responded to calls that he'd be more effective in advancing the Democratic agenda as a top-tier candidate for the Senate. In a May interview on "This Week", Hickenlooper expressed confidence in such a candidacy to George Stephanopoulos.