China trade war weakening demand for oil

China Trade

"Economic recession risk and further escalation of the U.S".

WTI crude futures for September ended up $1.45, or 2.84%, at $52.54 a barrel on Thursday, after having plunged 4.7% a session earlier.

"While some Saudi overtures of additional output restraint, a softening USA dollar and lift in global risk appetite are facilitating today's rally, we are not viewing this as the beginning of a sustainable advance by any measure".

THE glut of crude oil supply in the oil market hit Nigeria's crude oil exports with poor sales, amidst efforts to balance the market, the International Energy Agency, IEA, on Friday announced a global decline in oil demand growth.

China's yuan strengthened against the dollar and its exports unexpectedly returned to growth in July on improved global demand despite US trade pressure.

Oil prices rose for a second day as trade fears eased even as the International Energy Agency warned economic damage from the ongoing U.S-China trade war has cut oil demand growth rose to the slowest pace since the financial crisis in the first half of the year as it again lowered demand-growth expectations.

Discounted internet program expands its Georgia user base
An Internet Essentials account also nets users 40 1-hour WiFi hotspot sessions every month along with "digital literacy training". It also provides wireless and security and automation services to residential customers under the Xfinity brand.

Dozens feared dead in Tanzania fuel tanker explosion
The city of Morogoro is on a major route for transporting cargo and fuel from the port, which is the country's commercial capital. Stephene told journalists that more people were injured at the scene of the accident and that the death toll could rise.

United States final demand prices miss forecasts in July
The gain owed to higher prices for goods-especially energy-while services prices posted a slight decline. Food prices ticked up 0.2 percent, led by a 10.3 percent jump in the price of corn.

Background: Saudi Arabia and other oil-producing countries have already significantly reduced their oil production in recent months, while continued expansion in the North American oil sector will increase pressure on OPEC members.

However, the IEA was also quick to point out it would be a "temporary phenomenon" because its forecasts show very strong non-OPEC oil production growth next year likely to make the global oil market flooded with crude oil.

"Saudis are scrambling to send a signal that will stabilise oil markets".

Middle East tensions, sanctions on Iran and Venezuela and data from Baker Hughes that shows USA energy firms to have cut six oil rigs in the week to August 9, contributed as well to oil's sharp uptick in the session.

USA sanctions drove down Tehran's July exports of crude oil by 130,000 bpd to 400,000 bpd, the lowest since the 1980s.

Saudi Arabia plans to keep oil exports below 7 million barrels a day next month as Opec's biggest producer allocates less crude than customers demand in a bid to stabilize the market, according to the kingdom's officials.

Related News:



Most liked

YouTube Star Marina Joyce Reported Missing In London
Police tweeted out for information to help finding her, writing that she was reported missing to officers on August 7. Her last comments on social media were posted on the night of June 24, well over a month before she was last seen.

Jeffrey Epstein dead: Who was alleged sex trafficker? How did he die?
In the legal papers, Ms Sjoberg said: "I just remember someone suggesting a photo, and they told us to go get on the couch". With Epstein dead, the extent of his alleged crimes will likely never be known, nor will those of his closest associates.

UK To Relax Immigration Rules For Scientists, Says Boris Johnson
Meanwhile, Chancellor Sajid Javid has said he is not "frightened" at the prospect of a no-deal Brexit, insisting the British economy would eventually emerge even stronger. "It is something that we can deal with".

Pak Says Will Move UN Security Council On Kashmir With China's Support
It also has downgraded diplomatic ties with New Delhi, expelled the Indian ambassador and suspended trade, train and bus services with India.

Russian opposition plans major Moscow protest
One of the foundation's lawyers, Lyubov Sobol, has been on hunger strike for weeks after being refused as a candidate in Moscow . Opposition leader Alexei Navalny was arrested again and possibly poisoned in detention and hospitalized.

USA reject Carmelo Anthony for Basketball World Cup defence
Cuban ends the segment echoing Harper's comments about Anthony potentially being a distraction to the team. "I love Carmelo", Colangelo said Wednesday, according to Sports Illustrated's Chris Mannix .

FX Sets 'Impeachment' as Next 'American Crime Story' With Monica Lewinsky Producing
The election will be front and center daily in the news and the impeachment of a past president is a natural connection. American Crime Story has been a fixture in the FX Network empire since its first episode aired in February 2016.

Danish capital hit by second blast in four days
The building was damaged but no-one was injured in the incident early on Saturday, which took place just outside the city centre. Police rushed to the scene of the explosion at a police station in the Norrebro area of the Danish capital.

Jeffrey Epstein accuser links powerful men to financier -civil court filing
The documents also include images of telephone messages from Epstein assistants summarising calls from people procuring girls. He is facing fresh charges of sex trafficking and conspiracy and could stand trial next year.

Donald Trump visits first responders, victims in El Paso shooting
The right-wing has demonized Chicago for over 100 years, beginning with the press coverage of criminal figures like Al Capone. Elijah Cummings last month, Trump pulled the same gambit with Baltimore.

Tottenham Favourites to Land Philippe Coutinho
One thing in Tottenham's favour in their reported bid to land Coutinho is his working relationship with Mauricio Pochettino . Spurs are now being linked with Juventus talisman Paulo Dybala and an update on the same can be expected soon.

Microsoft contractors 'can listen to Skype calls via translation function'
A few days ago, companies like Google, Amazon , and Apple said they have now banned voice recordings for reviews. The spokesperson added: "Microsoft gets customers' permission before collecting and using their voice data".

Tiger Woods withdraws from PGA Tour event with side strain
The 2019 BMW Championship is a PGA Tour event slated for August 15-18, at Medinah Country Club, in Medinah, Illinois. He has missed cuts at the PGA and Open, needed a final-round 67 at Pebble Beach to tie for 21st at the U.S.

Hajj pilgrims to perform Waqoof-e-Arafat today
Still, the hajj remains a precarious journey. "More than 1.8 million visas were delivered online without the need for middlemen". Those on the hajj view the pilgrimage as an opportunity to strengthen one's faith, erase past sins and start anew.

Giants DFA ex-World Series hero Panik
Longtime teammate Pablo Sandoval declined comment before Tuesday night's game, other than to say, "I feel bad, I feel sad". But on Tuesday, another potential target came about when the Giants designated Joe Panik for assignment.