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2019-08-14 International-UN-NGOs
Oil prices fall on demand concerns, rising US output
[DAWN] Oil prices fell on Tuesday on lingering concerns over global demand and rising US production, though expectations for major producers to further curtail output offered support.

Brent crude futures LCOc1 were down 20 cents or 0.3% from the previous settlement at $58.29 a barrel by 0643 GMT. The international benchmark has lost over 20% since hitting its 2019 high in April.

US West Texas Intermediate (WTI) CLc1 futures were at $54.69 per barrel, down 24 cents or 0.4%.

A deepening trade war between the United States and China, the world’s two largest economies and energy consumers, has weighed heavily on oil prices in recent months.

China’s central bank lowered its official yuan midpoint for the ninth straight day to a fresh 11-year low on Tuesday. A weaker yuan raises the cost of dollar-denominated oil imports into China, the world’s biggest crude oil importer.

Soddy Arabia
...a kingdom taking up the bulk of the Arabian peninsula. Its primary economic activity involves exporting oil and soaking Islamic rubes on the annual hajj pilgrimage. The country supports a large number of princes in whatcha might call princely splendor. When the oil runs out the rest of the world is going to kick sand in the Soddy national face...
, the de-facto leader of the Organization of the Petroleum Exporting Countries (OPEC), said last week it plans to keep its crude exports below 7 million barrels a day in August and September to help drain global oil inventories.

Posted by Fred 2019-08-14 00:00|| E-Mail|| Front Page|| [175 views ]  Top

#1 China’s central bank lowered its official yuan midpoint for the ninth straight day to a fresh 11-year low on Tuesday. A weaker yuan raises the cost of dollar-denominated oil imports into China, the world’s biggest crude oil importer.

This is one of the factors preventing China from major yuan devaluation; the Chinese military uses a lot of oil and they have a budget.
Posted by lord garth 2019-08-14 02:52||   2019-08-14 02:52|| Front Page Top

00:10 SteveS
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