Brent oil briefly hits $65 as production cuts fuel 2019 high
Discount Shoe Company Will Be Closing All Rockford Stores Soon
JPMorgan Unveils First Bank-Backed 'JPM Coin' Cryptocurrency
China trade talks move to higher level as deadline looms
Amazon cancels New York City HQ2 plans
Oil prices oscillate in jittery market as US-China trade war begins
09 July 2018, 11:49 | Joann Bryant
Oil Prices Up on Weak US Crude Inventory
US crude CLc1 was down 25 cents at $73.55.
Oil prices gained on Monday following the data last week that showed U.S. crude inventories slumped to their lowest in as long as three years.
The U.S. rig count, an early indicator of future output, is much higher than a year ago as energy companies have ramped up production in response to higher prices.
In other news, Iran's oil minister accused Trump over the weekend of insulting OPEC by ordering it to boost production and lower down prices.
Oil markets opened cautiously lower on Friday ahead of a raft of import tariffs set to be imposed later in the day by the world's two biggest economies, the United States and China.
Brent crude LCOc1, the global benchmark, was down 19 cents at $77.20 a barrel by 0910 GMT.
India is also facing US pressure, and despite an official stance that it will continue buying Iranian crude, some large buyers are already winding down imports on fears their access to American bank financing will be closed if they violate the sanctions.
Weighing on prices was a rise in U.S. crude inventories C-STK-T-EIA of 1.2 million barrels in the week to June 29, to 417.88 million barrels, the U.S. Energy Administration (EIA) said on Thursday.
Earlier this month, Reuters also reported that South Korea had upped crude oil imports from Kazakhstan, already looking for alternative supplies as the November 4 deadline for the sanctions draws nearer.
"As South Korea's economy heavily relies on trade, it won't be good for South Korea if the global economic slowdown happens because of a trade dispute between U.S and China", said Lee Dal-seok, senior researcher at the Korea Energy Economic Institute (KEEI).
An executive from China's Dongming Petrochemical Group said he expected Beijing to soon impose the tariff on US oil imports.
Oil prices rose on Monday as investors focused on tight market conditions after data late last week showed USA crude inventories fell to their lowest in more than three years.
Concerns that oil prices will be weighed down by a trade conflict between the United States and China have faded to some extent, analysts said.
On Thursday, an executive from China's Dongming Petrochemical Group said he expected Beijing to soon impose the tariff on USA oil imports.
-Chinese trade war and increased production by Saudi Arabia and Russian Federation pulled against concerns over supply disruptions from Venezuela and Libya as well as the looming sanctions on Iran.
South Korea is reported to have stopped importing Iran's oil and condensate in what appears to be a temporary halt until the country obtains an exemption from U.S. curbs on buying Iranian oil.
FGE said the US government may grant some waivers to allies that are particularly reliant on Iranian supplies and that some Iranian oil would also be smuggled into global markets. South Korea, a major buyer of Iranian oil and condensate, will not lift any Iranian oil in July for the first time since August 2012, three sources familiar with the matter said on Friday.
Top exporter Saudi Arabia told OPEC it raised oil output by nearly 500,000 barrels per day last month, OPEC sources said, a sign Riyadh wants to make up for shortages elsewhere and dampen prices.
Tropical Storm Chris to avoid New England
Some 60,000 people still have only tarps for roofs. "It is not the moment to panic, but it's the moment to prepare". The territory could experience two to three inches or rain, and that height can be higher in some locations.
A guide to semi-finals
But if some critics of France have been silenced by superb performances, it had been a different story in Belgium until recently. Hazard said that his country will find it hard to beat France if Chelsea teammate N'Golo Kante "is at his best" for Les Bleus .
People possibly exposed to tuberculosis at Johns Hopkins
The bacteria usually attack the lungs, but TB bacteria can attack any part of the body such as the kidney, spine, and brain. Two percent are extensively drug-resistant, meaning they can resist almost every available antibiotic in modern use.
UK Brexit negotiator David Davis quits
Britain's Secretary of State for Exiting the European Union David Davis delivers a speech in London on June 6. As the minister responsible for the Brexit negotiations, Davis is a major voice in the debate in the UK.
India beats England in 3rd T20, wins series 2-1
The all-rounder was hit for 22 runs in his first over by Roy but he showed good composure to bounce back in his next three. Rohit duly reached his hundred, and Pandya provided the exclamation mark with a six off the fourth ball of the 19th over.
Samsung’s biggest factory will be inaugurated in India today
Samsung said last year it will spend 49.2 billion rupees ($716.57 million) over three years to expand capacity at its Noida plant. The Noida factory, which was set up in 1996, is one of the first global electronics manufacturing facilities set up in India.
5 things to know about Amazon Prime day
The annual retail holiday, which has become the biggest shopping day outside of Black Friday , is only open to members. Amazon has a Hitachi 50-inch 4K LED TV on sale for $289.99 as its Deal of the Day.