Oil prices climb on tightening USA market

Jul 08, 2018, 01:39
Oil prices climb on tightening USA market

Zanganeh added: "Trump's order to OPEC members to increase production is a great insult to those governments and nations, and destabilises the market".

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.

In his latest tweet on the subject on Wednesday, Trump said that the "OPEC Monopoly must remember that gas prices are up & they are doing little to help".

Brent crude futures LCOc1 were at $77.78 per barrel at 0137 GMT, down 46 cents, or 0.6 percent, from their last close. This must be a two way street.

Korea Sends Germany Home in World Cup
Granqvist, who also scored from the spot against South Korea , said: "What a performance - it could have been 5-0 or 6-0". Ivan Perisic scored a late victor to send the Eastern Europeans through to the next stage of the competition.

US President Donald Trump has tried to calm jittery oil markets by suggesting Saudi Arabia is willing to use up to 2 million barrels per day in spare capacity to meet any supply shortages arising from US sanctions on Iran, writes Nassir Shirkhani. "REDUCE PRICING NOW!" Trump tweeted.

Saudi Arabia has told OPEC it pumped 10.488 million barrels per day (bpd) of crude oil last month, an increase of 458,000 bpd from the level it said it produced in May, OPEC sources told Reuters on Thursday.

OPEC together with a group of non-OPEC producers led by Russian Federation started to withhold output in 2017 to prop up prices.

The U.S. bank warned that supply threats were "threatening a sharp further rise in prices and global economic growth".

Colbert, Fallon and Conan join forces in joint monologue against Trump
Trump didn't take very kindly to Fallon's latest interview and tweeted on Saturday, telling the show's host to " be a man ". O'Brien then asked if the guys wanted to watch him shave his chest and they declined, hanging up.

Saudi Arabia has wanted to sell shares in Aramco to bring in foreign investment to diversify its economy, but legal concerns about listing in places like London or NY have presented complications.

OPEC agreed with Russian Federation and other oil-producing allies last month to raise output from July, with Saudi Arabia pledging a "measurable" supply boost but giving no specific numbers.

USA tariffs on $34 billion in Chinese imports took effect as a deadline passed on Friday and Beijing has vowed to respond immediately in kind, setting the two world's biggest economies on a path toward a full-blown trade conflict.

Meanwhile, China's commerce ministry said on Thursday the United States is "opening fire on the entire world", warning that Washington's proposed tariffs on Chinese goods will hit global supply chains.

Mexico close in on last 16 with 2-1 South Korea win
Mexico were awarded a penalty when Jang Hyun-soo handled a cross from Andres Guardado after 23 minutes. Only a Germany win will prevent South Korea being knocked out with a group game remaining.

Iran, OPEC's third-largest producer, is facing USA sanctions on its oil exports that are prompting some buyers to cut purchases.

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