Saudi king won’t last two weeks without USA support

Paul Lawry  Flickr

"Iranian crude oil has been sold at a lower price than other crude oil to expand its market share after the US sanctions on Iran", said an official of the oil refinery industry.

Trump has vowed to squeeze Iran's oil exports down to a trickle, pushing oil prices to historical high since 2014. The kingdom has lifted production nearly to a record and may raise it again next month, although doing so will infringe on available spare capacity, limiting Saudi Arabia's ability to react to other supply shocks.

U.S. West Texas Intermediate (WTI) crude futures rose 1 cent to settle at $74.34 a barrel.

Iran's crude exports to China also increased by 29,000 bpd to 620,000 bpd, according to Kpler, as China cut its US purchases amid an ongoing trade spat with the United States.

The 65% rise lifted Japan's imports of Iranian crude oil to 177,475 b/d in August, contributing to the 5.9% year-on-year rise in overall crude imports to 3.39 million b/d in the month.

"This is created in financial markets", he said.

Senate confirms Judge Brett Kavanaugh for US Supreme Court
But Murkowski ultimately withdrew herself from the final tally as a gesture of goodwill toward her Republican colleague, Sen. Following the accusations, both Ford and Kavanaugh gave emotional testimonies in front of the Senate Judiciary Committee.

Spanish soprano who sang Barcelona Olympic song with Freddie Mercury dies
Spain's royal family called her "the great lady of the opera, a legend of universal culture, the best among the best". Spanish Prime Minister Pedro Sanchez said a "a great ambassador of our country has died".

Ferrari have made progress despite results, says Vettel
His Mercedes teammate Valtteri Bottas confirmed he would support Hamilton again should it be required. "I can't fight anymore for the championship".

The investment bank said there was enough oil to meet demand, but “global spare capacity is dwindling to the lowest level that we can document”. Prices have advanced 2.2 percent for the week, capping the longest streak of weekly increases since January.

Brent for December delivery was fetching around $85.30 per barrel in late London business versus $81.50 per barrel at the same time the previous week. The contract is on course for a gain of around 2.5 percent for the week. The global benchmark crude traded at a US$9.96 premium to WTI for the same month.

Putin's comments come after Trump criticised Russian Federation and OPEC for a 2016 deal in which they agreed to curb oil output in a bid to support prices that had slumped in mid-2014 due to a glut in global supply.

"I've had conversations (with Indian officials on purchase of Iranian oil)".

Traders said the rising stocks were partly due to a relentless increase in U.S. crude oil production, which has jumped by a third since mid-2016 to a record 11.1-million barrels a day.

Oil markets sustained gain yesterday with Brent crude holding above $85 and near four-year highs reached the previous day as markets prepare for tighter supply once USA sanctions against Iran kick in next month. To contact the reporter on this story: Samuel Robinson in NY at srobinson145@bloomberg.net. All comments are subject to editorial review.

Related:

Comments

Latest news

Lights back On In Indonesian Quake City, But Fate Of Thousands Unknown
The disaster also left more than 2,500 injured, displaced more than 70,000 and caused widespread damage, reports Efe news. Mr Balmain says it's a massive logistical task and the priority is to urgently provide clean water and medical care.

Demonstrators Gather At U.S. Capitol While Senate Confirms Kavanaugh
During the past two weeks, dozens of people who have known him came forward to support one version of Kavanaugh or the other. Steve Daines of Montana, who supports Kavanaugh but was in Montana to walk his daughter down the aisle at her wedding.

Khabib Nurmagomedov leaves conference before late Conor McGregor shows up
Nurmagomedov's 2012 debut led a charge of Dagestani fighters into the UFC, and he has remained the most fearsome of the bunch. It nearly did not matter, as Nurmagomedov was already sort of the uncrowned lightweight champion going as far back as 2015.

Sen. Susan Collins Says She Doesn’t Believe Kavanaugh Was Ford’s Attacker
Jeff Flake , R-Ariz., who has repeatedly battled with Trump and will retire in January, wavered but also backed Kavanaugh. Brett Kavanaugh was sworn in as a Supreme Court justice Saturday night after the bitterly polarized U.S.

Brewers defeat Rockies 4-0 in Game 2 of NL Division Series
The American League's last two World Series representatives will duke it out with Cleveland winning in a decisive fifth game. FanGraphs likes the Dodgers and Indians , although neither team was overwhelming during the regular season.

Bernie Sanders reacts to Amazon slashing stock, incentive bonuses for hourly workers
Amazon confirmed warehouse workers would no longer get those stock options but would allow employees to buy shares at a discount. Workers in different parts of the world went on strike during the company's Prime Day promotion over the summer.

Tom Brady can break yet another National Football League record Thursday night
After a tough couple of weeks, the New England Patriots are starting to get back into the swing of things. Finally, if you need a cheat sheet to help you remember the list, you can just use this.

Tottenham Hotspur vs. Cardiff City - Football Match Report
I think we can play better and we need to play better if we want to be a contender for the top four. Manager Pochettino said: "We can not guess (how long) because it was not a good injury".

Zhang downs Kerber to set up Osaka clash in Beijing
"I was not feeling the best at the beginning of the match, but then I was playing better and better", the 30-year-old said. She will face either home hope Zhang Shuai or three-time Grand Slam champion Angelique Kerber of Germany in the last eight.

First Moon Outside Our Solar System (Exomoon) Discovered By Astronomers
Scientists have never had enough evidence to confirm that any exoplanet has a moon orbiting it, but that might be about to change. This decrease in dimness is consistent with "a moon trailing the planet like a dog following its owner on a leash", Kipping said.

Manchester City Receive Massive Double Injury Boost Ahead Of Liverpool Clash
Also, City have lost just one of their last 25 away games in the top flight, and they are yet to taste defeat in the PL this term. As a result of that, van Dijk's defense has kept a clean sheet in their last eight Premier League games to be played at Anfield.

Manchester United go two down against Newcastle inside 10 minutes
United have not responded to questions about the report in Saturday's Mirror . "That is the reason why it was a phenomenal season".

Jose Mourinho Explains Away Early Arrival Amid Claims Of Being Sacked
It's an unlikely appointment, but one that when explored may make more sense that one might think. Manchester United is off to a rough start in the Premier League, sitting in 10th place.

Demonstrators Gather in Washington, Elsewhere to Oppose Kavanaugh Nomination
Joe Manchin (D-W.Va.), in a tough race for re-election in West Virginia where Trump is popular, also declared his support. Some protesters returned to the steps of the Capitol in the early afternoon and an undetermined number were detained.

Cristiano Ronaldo trains with Juventus after rape allegations
Karim Benzema's goal-scoring woes and defensive issues are also identified as other factors that will affect Real Madrid's campaign this season in the UCL.

Other news