Oil price hits highest so far this year

US crude oil moving average

Iran is exempt from oil-output cuts following US President Donald Trump's decision to re-impose sanctions on Tehran previous year. As of just after 10am BST, the price of brent crude was at $69.78 per barrel.

Refinery crude runs rose by 18,000 bpd and refinery utilization rates fell by 0.2 percentage point to 86.4 percent of total capacity, EIA data showed.

The threat of additional USA sanctions is hanging over Iranian supply, while the White House is set to decide by early May if waivers allowing some countries to keep buying oil from the Persian Gulf nation will be extended or not.

In the Gulf Coast, which is home to more than half of all US refinery capacity, refinery inputs averaged over 9.2 million barrels per day in 2018, or 8 percent higher than the previous five-year average for that region and the first time the annual average surpassed 9.0 million barrels per day.

Hedge funds and other money managers raised their net long U.S. crude futures and options positions to 243,209 in the week to March 26, the U.S. Commodity Futures Trading Commission (CFTC) said.

Oil production from Russian Federation fell to 11.3 million bpd last month, but missed the country's target under the supply deal.

Mick Schumacher to drive alongside Charles Leclerc? Ferrari star's manager reveals all
Mick is now competing in the F2 Championship - the feeder series to F1, where he finished 8th and 6th in his debut races. Lewis Hamilton, who won the Bahrain Grand Prix on Sunday , completed the most laps, 71, and was sixth fastest.

Borderlands 3 cover art has leaked
He also pointed out the studio's interest in cross-platform play, which could bode well for the feature being in Borderlands 3 . KitGuru Says: Epic Games has been snapping up a lot of high profile exclusives for its store .

Police Say Nipsey Hussle Killing Tied To Personal Dispute, Not Gang Violence
Moore told reporters at a news conference televised live that he was certain Holder was watching and urged him to surrender. Among the photos shared, London included a sweet image of Hussle throwing their 2-year-old son Kross in the air.

(MENAFN - Baystreet.ca) The American Petroleum Institute (API) reported a build in crude oil inventory of 3.0 million barrels for the week ending March 29, coming in over analyst expectations of a 425,000-barrel draw. That was offset by Saudi Arabia's reduction to a four-year low of 9.82-million barrels a day.

Oil rose near $70 a barrel in London, a level last breached in November, as global crude supplies tightened while hopes for an end to the US-China trade impasse lifted financial markets.

Oil's pattern on the price charts could lead to further gains.

-China trade negotiations and positive Chinese and US factory activity data in recent days has also helped market sentiment by easing fears about weakening global oil demand.

After the data, oil prices were little changed on the day, with USA crude up 5 cents at $62.63 a barrel and Brent up 10 cents at $69.47 a barrel.

"Overall, with a more relaxed financing environment, government efforts to bail out the private sector and positive progress in Sino-U.S. trade talks, the situation across the manufacturing sector recovered in March".

Related News:



Most liked

Netflix's Extremely Wicked, Shockingly Evil, And Vile Trailer Is Surprisingly Murder
Shortly before his execution in 1989, Bundy confessed to 30 homicides committed in seven states between 1974 and 1978. However, his casting has also been criticised by some, who feel the film risks romanticising the killer .

Lori Lightfoot first black, gay woman elected as Chicago mayor
But Preckwinkle had to spend much of her campaign answering for her ties to Chicago's political establishment, including Burke. But as Van Dyke was about to go on trial for murder in September, Emanuel announced he would not run for re-election.

Major US airlines face technical glitch, causing flight delays
The software/computer issue is with the following airlines at FLL: " Southwest , Delta, Spirit, JetBlue, Alaska, and United". Passengers wait to board a delayed Southwest flight at Ronald Reagan Washington National Airport in Arlington, VA, U.S.

McConnell's invite to North Atlantic Treaty Organisation secretary general sends Trump a clear message
According to the Post , he returned with his pregnant wife Elisabeth Trump to the US where she soon gave birth to Trump's father. The previous two times Trump made this claim were also while talking about US-European relations.

Trump takes a step back from threat to close southern border
Even if the administration decides to exempt auto parts from a border closing, that would be hard to do in practice, Dziczek said. The President is still weighing the decision, despite being warned by aides about the consequences of shutting down the border.

Ethiopian jet’s data record deepens concern about 737 MAX safety procedures
Cockpit procedures call for pilots to leave the MCAS system off for the rest of the flight once it has been disengaged. The MCAS is believed to have been a key factor in both 737 MAX crashes.

Nokia X71 launched with punch hole display, triple camera setup in Taiwan
The side power doubles up as a notification light, so it will illuminate if you have incoming messages or alerts pending. The smartphone comes with the modern punch hole display with a 6.39-inch screen, offering an aspect ratio of 19.3:9.

Trump’s border shutdown would hit avocados, beer and cars
The top imports from Mexico are automobiles, electrical machinery, medical instruments and mineral fuels. Shutting certain border stations or parts of them would not be unprecedented.

European Union can not be 'held hostage' to Brexit crisis: French President Macron
She said the British Government had obligations under the Good Friday Agreement. The UK parliament has three times rejected her divorce deal with the EU.

Did Tom Dundon buy into AAF just for gambling app?
Orlando coach Steve Spurrier, whose team compiled a league-best 7-1 record, told reporters it was "sad to end this way". In February, the league enlisted NHL owner Tom Dundon to supply a $ 250 million investment .

Four Brexit options rejected, crucial Cabinet meeting looms
Labour MPs have been told to back motions calling for the so-called Common Market 2 .0, a customs union and a second referendum . I have failed chiefly because my party refuses to compromise . "I am resigning as Conservative whip with immediate effect".

Varane is going nowhere, insists Zidane
Bale has also been mooted to be on the move in the summer with United long-term admirers of the talented Welshman. " I can tell you he is very happy here, has been here eight years, has done phenomenal so far ".

Richard Shelby says disaster relief package from Senate Democrats likely to fail
Puerto Rican politicians don't control the island's budget; that's up to Congress. "The best thing that ever happened to Puerto Rico is President Donald J.

Three Pakistani soldiers martyred in unprovoked Indian firing at LOC
The deceased soldiers were identified as Subedar Muhammad Riaz, Lance Havaldar Aziz Ullah and Sepoy Shahid Mansib. The statement said that LoC violations were increased from the Indian side during the last 48-72 hours.

Suspect in killing of Nipsey Hussle is arrested
The chief told a televised press conference Tuesday that he was confident 29-year-old suspect Eric Holder was watching. Soboroff on Tuesday morning read for reporters the email he received from Hussle in February requesting the meeting.