Brent Rises on Continued Libya Outage

Crude oil plunges after Trump tariff threat, Libya ports reopen

Brent crude LCOc1 was up 96 cents, or 1.31 percent, at$74.36 by 0102 GMT, after earlier rising to $74.46.

Oil prices were mixed on Monday, with global prices boosted by ongoing supply issues in Libya, while signs of rising output in the USA weighed on West Texas Intermediate crude.

Crude inventories fell by 12.6 million barrels in the week to July 6, compared with analysts' expectations for a decrease of 4.5 million barrels. On Wednesday, the contract slumped 6.9 percent in its largest one-day percentage decline since February 9, 2016.

China was the second largest importer of USA crude in Q1, according to US government data, and China has not yet imposed tariffs on US crude.

Oil prices were falling Wednesday following the announcement by the Trump administration of new tariffs on Chinese goods.

Finally, we have to continue to expect production from Saudi Arabia, Russia and the U.S.to rise.

The selling pressure intensified as trade tensions between the USA and China raised concerns about demand.

"Escalating trade tensions between the USA and China has prompted risk aversion in today's trading session, which is evident in oil prices", said Abhishek Kumar, senior energy analyst at Interfax Energy. Higher oil prices tend to increase trade deficits, as more money is paid for foreign oil. A stronger dollar can weaken dollar-denominated commodities, like crude.

Lawyer: Stormy Daniels arrested at OH strip club
Daniels, whose real name is Stephanie Clifford, has said she had sex with Donald Trump in 2006, when he was married. Stormy Daniels lawyer Michael Avenatti broke some news late Wednesday night involving the arrest of his client.

Listen to two new Childish Gambino songs
Both songs were co-written and co-produced by Gambino and Ludwig Goransson, the team behind the chart-topping " This Is America ". Both " Summertime Magic " and " Feels Like Summer " were shared on Spotify under the title Summer Pack .

German Court sentences women to life in prison for murder
The victims were gunned down between 2000 and 2007 in a case that rocked the nation and saw accusations of institutional racism. They were also behind 15 bank robberies and two bombings in largely immigrant areas of Cologne, prosecutors say.

"Although there is a long deadline on this, if these tariffs are introduced there will be an impact on global growth and demand", McCarthy said.

The first two events set the table for the steep sell-off, which was triggered after Tripoli-based Libya National Corp. said four export terminals were being reopened after eastern factions handed over the ports, ending a standoff that had shut down most of Libya's oil output.

USA crude inventories fell last week by 6.8 million barrels, according to data from industry group, the American Petroleum Institute. Concerns about a lack of spare capacity had led crude to rally.

Washington had previously said countries must halt all imports of Iranian oil from November 4 or face USA financial restrictions, with no exemptions.

The report boosted hopes of rise in oil supplies in coming days, even as data released by U.S. suggested that crude oil stockpiles fell by more than 12 million barrels last week.

Washington had earlier told countries they must halt all imports of Iranian oil from November 4 or face USA financial measures, with no exemptions. This will bring additional crude to the market.

During the session, CME Group said a technical issue impacted connectivity for some customers.

Related:

Comments

Latest news

Woman arrested in beating of 92-year-old man on sidewalk
Borjas had been driving by, she said, and wanted to stop, but the woman threatened to hit her vehicle with the brick. A GoFundMe campaign created for Rodriguez last week had raised almost $300,000 by Wednesday afternoon.

Brits set for NATIONWIDE protests ahead of London trip
Both of those accords were the result of years of painstaking diplomacy by European leaders - and Trump unilaterally trashed them. The first Labour Live event has been organised by the Labour Party. "We don't know when". "It seems so un-American".

Justin Bieber, Hailey Baldwin confirm engagement on social media
He wrote , "You are the love of my life Hailey Baldwin and I wouldn't want to spend it with anybody else". In a lengthy note posted on Facebook and Instagram on Tuesday, Bieber confirmed the engagement.

British PM May urges her party to back EU Brexit plan: Spokesman
Mrs May will release the Brexit White Paper today which will lay out her intentions for a Brexit deal. Raab, May's new Brexit minister, will suggest that such criticism was not justified.

Republican senators are gaslighting Democrats on Trump’s Supreme Court nominee
Manchin is one of five Senate Democrats trying to get reelected in November in a state Trump won by double digits. The senator added that "President Trump could nominate George Washington and they would all be up in arms".

OVERWATCH League Will Air and Stream Through ESPN, Disney, and ABC
Overwatch is a team-based first-person shooter, with two teams of six players competing over various objectives. Disney's networks will also broadcast OWL matches next season.

Kieran Trippier In Tears As He Realises World Cup Dream Is Over
As fans left Hyde Park - now a sea of rubbish - 27-year-old Henry Ludlam was optimistic for what lies ahead for England . Would Katich be able to sleep on Sunday night? "I reckon there's a lot we could've done better".

Samsung Galaxy S10 Concept leaked with triple camera setup
There will be twin 12 megapixel sensors, one telephoto and one wide-angle, supplemented by a 16 megapixel ultra-wide-angle camera. This feature isn't completely new to Samsung since it launched on the mid-range Galaxy A8 and Galaxy A8 + late a year ago .

LeBron James Sells Comedy Movie To Paramount, In Talks For Starring Role
James is no stranger to movies, as he had a part in the Amy Schumer movie Trainwreck in which he played himself. Paramount Players' Ali Bell and Gabby Canton are also involved with the project.

Thailand turning cave into museum about soccer team's rescue
One by one, the dozen teenage soccer team members and their coach were escorted out of the cave, alive. Four boys and their 25-year-old football coach "will be extracted on Tuesday".

Japan rescuers search house to house as flood toll hits 141
The most extreme rainfall and flooding concentrated in southwestern Japan in the Okayama prefecture and around Hiroshima. More than 30 inches of rain over the past week has led to one of Japan's worst flooding disasters on record.

Tyler Perry tries to protect fans from spammers on his account
Tiffany said she was touched by the gesture, and said he purchased her the auto 'out of the kindness of his heart'. Tyler Perry wants his fans to know that he's not giving away cars, money or anything else on Facebook .

Astros Win on One of the Weirdest Walk-Offs in Baseball History
Talk about a rough way to lose - especially after the A's put up up four runs in the ninth to send the game to extra innings. This would have been his fourth walk-off RBI of the season, but it was credited as an error so he doesn't get credit.

Health Canada recalls some drugs containing valsartan due to potential carcinogen
Valsartan is used to treat hypertension and can prevent cardiovascular complications associated with the condition. The recall came after the detection of a chemical - n-nitrosodimethylamine - that could lead to cancer.

Man Utd legend Scholes: Guardiola big influence on England success
When I watch kids' football now, when they can get on pitches that aren't flooded or frozen, I see them playing out from the back. Scholes continued "As an England fan and a former England player, we want to see the best football possible".

Other news