Reversing The Trend: Oil Falls Below $60

Reversing The Trend: Oil Falls Below $60

-China trade is developing into a more entrenched dispute have also hit prices.

Futures in NY fell as much as 1 per cent after tumbling 2.7 per cent on Wednesday, the biggest drop in nearly three weeks.

Benchmark Brent crude rose over 1 percent to $68.47 a barrel, but remained on track for a decline of over 5 percent for the week. WTI fell 2.5 per cent on Wednesday after government data showed USA crude inventories rose last week, hitting their highest levels since July 2017.

West Texas Intermediate crude for July delivery fell $1,39 to $60,03 a barrel on the New York Mercantile Exchange at 1:29 p.m. London time.

U.S. Treasury Secretary Steven Mnuchin said Washington is at least a month away from enacting its next round of tariffs on Chinese imports as it studies the impact on consumers. -China trade standoff has finally hit the USA economy.

President Donald Trump described Huawei as "very dangerous" on Thursday even as he suggested the Chinese technology giant could be included in some kind of trade deal.

More disturbing was the argument that weak crude demand is spreading from developed nations to emerging economies: that was the contention of Oxford Economics, which also stated in a research note that "We are now forecasting 4 percent oil demand growth for this year [for China], but this assumes a significant acceleration in the remainder of 2019".

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Newcomer Kanggong Taku of the JDU won from Mariyang-Geku seat defeating Anong Perme, another newcomer from the BJP by 1,260 votes. While Congress bagged only one Lok Sabha seat and nine assembly seats in Odisha, Patnaik also faced defeat in the assembly polls.

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Trump gives Pelosi reasons to impeach: Darcy cartoon
And Senate Minority Leader Chuck Schumer declared, "It's clear this was not a spontaneous move on the president's part". House Speaker Nancy Pelosi , D-Calif., has also favored investigations rather than impeachment proceedings.

To avoid price declines, OPEC and its allies, including Russian Federation, agreed on December 7 to lower their total oil production by 1.2 million barrels per day for the first six months of 2019.

Following a cabinet meeting on May 21, Saudi Arabia Media Minister Turki Al-Shabanah stated that the kingdom was committed to achieving balance and stability in the oil market on a sustainable basis.

The government also reported that USA crude oil production climbed by 100,000 barrels per day (bpd) to 12.2 million bpd.

ANZ said USA sanctions on Iran's and Venezuela's oil industries would likely further reduce crude exports from OPEC, of which both countries are members.

However, while China is one of the largest destinations for US crude, the vast majority of China's oil imports come from elsewhere. China's decision to institute tariffs on gas, as a result, by imposing higher costs on US gas and sending potential buyers elsewhere, may be causing some investors to rethink whether to fund costly export infrastructure projects in the U.S.

Addressing to a stubborn growth of United States crude oil inventories despite lack of movements from the refineries, a director of futures at Mizuho in New York, Bob Yawger said, "It's at the extreme end of the range of possibilities for a bearish report".

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