Oil manages to claw back some recent big losses

Oil manages to claw back some recent big losses

Oil manages to claw back some recent big losses

Traders buying on the dip following the sell-off also provided some upward jolt to the market. There were some concerns the kingdom could use oil as a "weapon" if sanctions were imposed on it by the USA and its allies as a result of the killing of the journalist Jamal Khashoggi.

Iranian Oil Minister Bijan Namdar Zanganeh shrugged off USA plans to drive the country's crude exports down to zero, saying the Islamic Republic's oil exports can not be stopped.

New US sanctions, targeting Iran's oil sector and banking, are to go into effect on November 4. Markets were unmoved after data from Baker Hughes showed that the number of U.S. drilling rigs rose by four to a total of 873, the highest since March 2015.

Saudi Arabia has 1.3 million bpd of spare capacity, said Falih, adding that UAE has assured they have over 200,000 bpd remaining.

In the United States, commercial crude inventories rose by 9.9 million barrels in the week to October 19 to 418.4 million, industry group the American Petroleum Institute said on Tuesday.

"We export as much as two barrels for any barrel that disappeared from Iran recently".

The day's earlier declines - extending a slump of 4.3 percent on Tuesday - followed a pledge from Saudi Arabia to offset any supply shortfalls and an industry report indicating an increase in USA crude stockpiles. According a Reuters source, us officials visited Sinopec in Beijing in August and demanded steep reductions of oil imports from Iran. He even said in an interview that Iraq hopes to produce 7 million bpd through the NOC and export 4 million bpd in 2019.

Crude stocks at the Cushing, Oklahoma, delivery hub rose by 1.4 million barrels, EIA said. Reports that Saudi Arabia has the ability to ramp up production "is generally negative".

Saudi Arabia faces hostility in the wake of the Khashoggi affair, while Russian Federation has been roiled by the USA sanctions on Moscow in the wake of Moscow's intervention in Crimea and Ukraine.

On Sunday, Saudi Arabia described the deeply shocking incident as a "huge and grave mistake", as it attempts to clear crown prince Mohammed bin Salman of any responsibility.

China's economy Investor focus shifted to US-China relations and the ongoing Sino-US trade war.

The U.S. Energy Department said gasoline stocks fell 4.8 million barrels to 229.3 million barrels last week, the lowest since December 2017. Weakness in equities has also weighed on crude.

As for the worldwide furor over Khashoggi's death in the Saudi embassy in Turkey that the kingdom insists was the result of a fistfight gone awry, Falih said, "This incident will pass; but Saudi Arabia is a very responsible country, for decades we used our oil policy as [a] responsible economic tool and isolated it from politics".

In addition, trade press reports indicate that Saudi Arabia is offering sales of Khuff condensate.

Recommended News

  • US to revoke visas of Saudis implicated in killing of writer

    US to revoke visas of Saudis implicated in killing of writer

    The crown prince said he expects a wave of economic reforms to sweep across the region, making the Middle East the "New Europe". Saudi authorities did not immediately respond to a request for comment about the remarks by Trump and the Erdogan adviser.
    A Naval Message for China

    A Naval Message for China

    Two American warships sailed through the Taiwan Strait in a move bound to aggravate China amid heightened tensions with Beijing. Chinese security experts blasted the move by saying it suggests Washington would stand by Taiwan in case of a crisis with China.
    Spotify Premium Update Adds 'Endless Artist Radio'

    Spotify Premium Update Adds 'Endless Artist Radio'

    Especially when these "radio stations" are "updated regularly to keep things fresh", as well as available to play while offline. The new navigation is being called "refined", as it aims to help "people quickly find what they're looking for".
  • The World's Oldest Intact Shipwreck Discovered In Black Sea

    The World's Oldest Intact Shipwreck Discovered In Black Sea

    It has discovered over 60 shipwrecks, including a 17th-century Cossack raiding fleet and Roman trading vessels carrying amphorae. Thanks to the lack of oxygen at its depth over 2km below the surface, the 23-metre (75ft) vessel is remarkably unscathed.
    Hamilton grabs pole position at US GP

    Hamilton grabs pole position at US GP

    Ferrari's Sebastian Vettel, Hamilton's only title rival, finished fourth after recovering from an early spin on the opening lap. Vettel pulled ahead of the Australian into Turn 12, but a wiggle under braking handed Ricciardo back the advantage.
    Saudi Arabia Announces the death of journalist Khashoggi . Details

    Saudi Arabia Announces the death of journalist Khashoggi . Details

    On Friday they widened their search to a nearby forest, where unnamed officials believe his body may have been disposed of. October 17: Turkish authorities begin searching the consul's residence in Istanbul .
  • These Are Wendy Williams' Saltiest Clapbacks: From Megyn Kelly to Ariana Grande

    These Are Wendy Williams' Saltiest Clapbacks: From Megyn Kelly to Ariana Grande

    So I'm a person of color, my color is white, and here's what I want to say about this. "It's racist every day", Ruffin said. Later in the show, she defended a reality TV star who darkened their skin for a Diana Ross costume.
    Obama rails against Republicans, rallies Democrats in Las Vegas

    Obama rails against Republicans, rallies Democrats in Las Vegas

    Democrats also posted early vote leads in nearby Washoe County , which has more registered Republicans. When the rest of the nation gets a cold, Las Vegas gets the flu.
    Saudi Arabia calls Jamal Khashoggi killing a 'grave mistake'

    Saudi Arabia calls Jamal Khashoggi killing a 'grave mistake'

    Saudi authorities have said Khashoggi died in a fight with Saudi officials at the kingdom's consulate in Istanbul on October 2. Saudi Arabia claims that Jamal Khashoggi died in a physical altercation inside its consulate in Istanbul.
  • Oil Stumbles on U.S. Stockpile Worry and Saudi Production Pledge

    Oil Stumbles on U.S. Stockpile Worry and Saudi Production Pledge

    Oil prices fell more than 4 percent on Tuesday as investors sold off stocks amid concerns about slowing global economic growth. The pledge comes despite Saudi Arabia's previous threats to retaliate to any sanctions with "greater action".
    President Trump Announces Aid Cuts to Multiple Countries Over Illegal Caravan

    President Trump Announces Aid Cuts to Multiple Countries Over Illegal Caravan

    The president went on to say you can "blame the Democrats for not giving us the votes to change our pathetic immigration laws". It remains unclear how numerous caravan's new additions were previously deported from the USA for committing violent crimes.
    Tickets Selling ‘Very, Very Quickly’ for $1.6 Billion Mega Millions

    Tickets Selling ‘Very, Very Quickly’ for $1.6 Billion Mega Millions

    The Mega Millions lottery in the USA has reached an epic $1.6 billion after no one won the 41 billion prize on Friday night. The lucky player matched all five white numbers drawn but was just one number shy of the jackpot.

We are pleased to provide this opportunity to share information, experiences and observations about what's in the news.
Some of the comments may be reprinted elsewhere in the site or in the newspaper.
Thank you for taking the time to offer your thoughts.