Oil stable, OPEC in focus after Trump call for lower prices

U.S. West Texas Intermediate crude for October delivery CLc1 fell 8 cents to $70.24 a barrel.

Trump's fresh Twitter intervention in the oil market comes before a meeting of ministers from the Organization of Petroleum Exporting Countries (OPEC) and its allies in Algeria on Sunday.

OPEC kingpin Saudi Arabia is anxious that any sanctions-related spike in oil prices will trigger fresh criticism from U.S. President Donald Trump but is concerned about a lack of spare oil capacity to offset shortages, the sources said.

Prices have risen as American sanctions curb Iran's oil exports.

Regarding Brent oil prices, Zanganeh stated that $80 per barrel would be a suitable price.

Rising U.S. gasoline prices could create a political headache for Trump before November congressional elections by offsetting Republican claims that his tax cuts and rollbacks of federal regulations have helped boost the U.S. economy.

Crude prices have been bolstered by declining Iranian crude exports, as the market prepares for the full imposition of US economic sanctions on the Islamic Republic's oil industry at the start of November.

Syracuse New York shooting 'leaves five injured'
Emergency services responded to calls that an incident had taken place on Midland Avenue, firefighters say. The shooting happened on Midland Avenue in downtown Syracuse, about 400 km northwest of New York City.

Baker Mayfield Makes NFL Regular Season Debut
The Cleveland Browns are looking for their first win in over 630 days, as they take on the 1-1 New York Jets . Taylor finished 4-of-14 for 19 yards in addition to four carries for 22 yards.

Ont. MP Alleslev explains defection to Conservatives
Alleslev ran as a Liberal in the 2015 election, narrowly defeating Costas Menegakis, the incumbent Conservative. A Toronto-area Liberal MP, Leona Alleslev, is crossing the floor to join the Conservative Party.

That figure has now nearly doubled in the last six years, though there was a dip between 2014 and early 2016 when the price of crude plunged and oil companies were forced to scale back operations. While Saudi Arabia and Russian Federation have recently boosted output to compensate, it's unclear whether they're willing or able to offset all the losses from Iran.

Worldwide benchmark Brent crude for November delivery LCOc1 was up 5 cents at $78.75 a barrel by 0424 GMT.

Though OPEC production has increased since July, Saudi Arabia has added less crude than it initially indicated.

Brent has been trading just below $80 a barrel, backed by concerns of supply shortages from looming USA sanctions against Iran, which are set to take effect in November.

Saudi officials believe there is insufficient oil demand so far to justify raising Saudi output much beyond the roughly 400,000 bpd that it has pumped above its 10 million bpd target, OPEC and industry sources told Reuters.

Though Saudi Arabia has never tested such high levels, it has said it pumped 10.7-10.8 million bpd in the past. It temporarily breached $80 a barrel last week for the first time since May, briefly returning to a more than 3½-year high.

Related News:

  • Kanye West Says He's 'Moving Back to Chicago & Never Leaving Again'

    Kanye West Says He's 'Moving Back to Chicago & Never Leaving Again'

    West posted an image of the album Monday night, rumored to be a sequel , or follow-up of sorts, to his 2013 album Yeezus . According to TMZ , citing sources, West and Kardashian, 37, have already found a place in Chicago.
    Ripple's xRapid Could Debut

    Ripple's xRapid Could Debut "In The Next Month or So"

    xRapid is yet another step in Ripples objective to serve as a bridge for cross-border transactions in a faster, safer way. Investors can then use their newly-acquired Ethereum or Bitcoin to buy XRP using one of the aforementioned exchanges .
    New iPad Confirmed for Fall Launch with Big Face ID Change

    New iPad Confirmed for Fall Launch with Big Face ID Change

    As reported by developer Guilherme Rambo, now of 9to5Mac, the iOS 12.1 developer beta 1 comes with an " iPad2018Fall " identifier. Measure is available on the Apple iPhone SE , iPhone 6s or later, Apple iPad (5th Generation ) or later, and the Apple iPad Pro .
  • Tim Cook defends pricing of new iPhones, says it's worth the money

    Tim Cook defends pricing of new iPhones, says it's worth the money

    Popular tech YouTuber Marques Brownlee (aka MKBHD) posted a video revealing the unboxing and the contents of the iPhone Xs Max . That's a 2.2 percent smaller battery than the iPhone X's 2,716mAh cell, but it's 1GB more RAM than the iPhone X's 3GB of RAM.
    Great White

    Great White "Lair" Discovered in Pacific

    Acoustic tags attached to the sharks led scientists to what they call the "Red Triangle" off Monterey between August and December. Female sharks, on the other hand, were tracked diving to deeper water during the day and rising to shallower water by night.
    Emilia Clarke gets 'Game of Thrones' dragon tattoo

    Emilia Clarke gets 'Game of Thrones' dragon tattoo

    She first teased her plans for her tattoo on an appearance on LIVE with Kelly and Ryan in May. Emilia captioned the post, tagging Los Angeles-based celebrity tattoo artist Doctor Woo .
  • Mkhitaryan aiming for glory with Europa specialist Emery

    Henrikh Mkhitaryan believes Europa League specialist Unai Emery can lead Arsenal to glory in the competition this season. Arsenal started their Europa League campaign with a 4-2 win over Ukrainian side Vorskla Poltava on Thursday night.
    OSU assistant Ryan Day gets $487K as fill-in for Urban Meyer

    OSU assistant Ryan Day gets $487K as fill-in for Urban Meyer

    Sticking to his common message throughout this whole process, Meyer kept reiterating that he wished he had known and done more. Per Rinaldi, Courtney Smith said that Meyer chose to help the abuser and to enable the abuser.
    Serena Williams Says She Wasn't Cheating During U.S

    Serena Williams Says She Wasn't Cheating During U.S

    Serena Williams' husband, Alexis Ohanian Sr., came down heavily on the NYT report that busted through her lies. Djokovic adds, "Just maybe changed - not maybe, but he did change the course of the match".
  • Florence: Two patients dead after van swept away in floods

    Florence: Two patients dead after van swept away in floods

    The president then promised to find out the name of the insurance company, without further detailing what he would do afterward. The death toll in the aftermath of Florence reached 37 as of Wednesday, according to the Associated Press .
    Ashton Kutcher accidentally hits 'star-struck' teen with his auto

    Ashton Kutcher accidentally hits 'star-struck' teen with his auto

    Sharing pics of the ordeal, Leo wrote on Instagram: "Got hit by a vehicle today.But it's ok because it was by Ashton Kutcher ". I was on the floor and when I got up he was getting out of his auto .
    Michael B. Jordan to Star in a Series of Tom Clancy Movies

    Michael B. Jordan to Star in a Series of Tom Clancy Movies

    The Tom Clancy character John Clark , who's like Jack Ryan except not a boring desk jockey, is finally getting his own franchise. Jordan is a talented, charismatic star, and Clark is a good, solid character that hasn't been done to death like Jack Ryan .


Most liked

Donald Trump says he feels 'terribly' for Supreme Court nominee
The GOP controls the Senate 51-49, meaning two defections in the party would defeat Kavanaugh if all Democrats vote no. It's hard to imagine that Ford will cut anything other than a sympathetic figure in front of the committee.

Why FEC Suspended National Carrier Project
The Federal Government has announced the suspension of its national carrier project, Nigeria Air. Whiles government noted that it needed a strategic partner to invest $300m in the project.

Pogba hails mental toughness as key to Man United revival
According to BT Sport , Pogba took 26 steps in his penalty run-up against Young Boys in the UEFA Champions League , and scored. I need to adjust my game.' And he left as the best player in the world.

Jovial Prince Harry Admits To Royal Jitters In New HBO Documentary
The Duke and Duchess of Sussex are heading off to their first overseas royal tour together next month. "It'll keep us busy". It's ideal timing for the former Suits star, who is set to travel to Australia next month with her new husband.

Brett Kavanaugh: Sexual assault accuser 'needs more time'
Numerous women, regardless of their politics, expressed personal empathy for Ford as she steps into a national firestorm. The president has indicated he wants Ford to testify, saying, "I really want to see her, to see what she has to say".

Roberto Firmino gives update on eye injury after PSG win
However, Firmino came on as a second-half substitute to scored a superb victor in injury time to seal three points for Jurgen Klopp's side.

Cleveland Browns win unlocks beer at OH bars
In the 1:19 that he was on the field in the second quarter, Mayfield led the Browns on their only scoring drive of the first half. After a rough start, Mayfield entered the game late in the second quarter and ended up bringing the Browns to a 21-17 win.

Sewing needles pulled from shelves as arrest made in strawberry contamination crisis
There have now been more than 100 reported cases of contaminated strawberries, although some are suspected to be hoaxes. Strawberry farmers have welcomed the action, saying they faced financial ruin if demand did not recover quickly.

KISS announces final 'End of the Road' tour on 'AGT'
Calling it the band's "most spectacular tour ever", the bassist/vocalist added that the trek will make stops on "all continents". Dates for the tour have yet to be announced, but KISSonline.com will be rolling those out in the next few weeks.

Flu season is on its way
Summer may just be ending, but it's already time to start thinking about the upcoming flu season. People who have had a severe reaction to an influenza vaccination in the past.

Canadian marijuana firm Tilray gets rare DEA approval for clinical study
Researchers hope that by manipulating those brain structures they can reduce symptoms in patients. It now is managed with a mix of medications to treat high blood pressure or seizures.

India set to pay for Iranian oil using rupees from November
President Donald Trump withdrew from a 2015 nuclear accord with Iran and ordered the renewal of U.S. sanctions. Looking to win waivers, India is reportedly significantly reducing Iranian oil purchases this month and next.

Marion "Suge" Knight Cops Manslaughter Plea, Faces 28 Years In Prison
Authorities claimed Knight intentionally drove his Truck into Carter and another man, Cle "Bone" Sloan, who was severely injured. The two traded blows, and then Knight clipped him with his pick-up truck, in the process running over businessman Terry Carter .

US Health Secretary Backs Proposed FDA Crackdown On E-Cigarettes
British American's Vuse e-cigs were a distant second, with sales of $404 million, according to Wells Fargo Securities and Nielsen. PHE said it was confident that systems were in place in England to protect children and young people from e-cigarette use.

Trump gets firsthand look at Hurricane Florence distress
ANALYSIS: While most will agree that Hurricane Florence was "not good", the former part of that sentence is a matter of opinion. The enduring image of the trip was of Trump at a church lobbing paper towels into the crowd as if shooting baskets.