• Follow us

Economy

Oil falls on dim OPEC demand outlook, pares gains from Gulf of...

NEW YORK (Reuters) - Oil prices fell on Thursday as OPEC forecast slower demand for its crude next year, with crude futures easing from their highest in more than a month after U.S. producers cut about half of their output in the Gulf of Mexico ahead of what could be one of the first major storms of the Atlantic hurricane.

FILE PHOTO: An oil pump is seen at sunset outside Vaudoy-en-Brie, near Paris, France April 23, 2018. REUTERS/Christian Hartmann

Brent crude futures fell 49 cents to settle at $66.52 a barrel. During the session, they hit their highest since May 30 at $67.65 a barrel.

U.S. West Texas Intermediate (WTI) crude futures fell 23 cents to settle at $60.20 a barrel, after hitting their highest since May 23 at $60.94.

Oil firms shut more than 1 million barrels per day of oil production, 53% of Gulf of Mexico’s output, as Tropical Storm Barry intensified on Thursday. [nL2N24C1DA]

Phillips 66 said it expected to complete the closing of its 253,600-bpd Alliance, Louisiana, refinery because of the storm threat.

The storm, which could become a hurricane this week, was on a path through the north central Gulf of Mexico.

“Every storm is different,” said Phil Flynn, an analyst at Price Futures Group in Chicago. “There are still a lot of questions to be answered, whether it’s going to do damage to the supply side or going to do more damage to the demand side.”

The Organization of the Petroleum Exporting Countries gave its first 2020 forecasts in a monthly report, saying the world would need 29.27 million bpd of crude from its 14 members next year, down 1.34 million bpd from this year.

The forecast points to the return of a surplus despite an OPEC-led pact to restrain supplies, and was seen as a drag on prices.

(GRAPHIC - U.S. crude inventories, weekly changes since 2017, tmsnrt.rs/2XlX17b)

Investors also eyed tensions in the Middle East. A day after Iran warned Britain would face “consequences” over the seizure of an Iranian oil tanker, three Iranian vessels tried to block passage of a British ship run by BP through the Strait of Hormuz, the British government said. They withdrew after warnings from a British warship.

“We will note that this muted response to occasional events in the Middle East is a result of the sizable amount of unused Saudi production capacity and ample global crude supplies that were further underscored in today’s monthly OPEC report,” Jim Ritterbusch of Ritterbusch and Associates said in a note.

(GRAPHIC - Oil transport choke points: tmsnrt.rs/32kdoo5)

Additional reporting by Julia Payne and Bozorgmehr Sharafedin in London and Aaron Sheldrick in Tokyo; Editing by Marguerita Choy and David Gregorio

Our Standards:The Thomson Reuters Trust Principles.Read More



Leave A Comment

More News

BBC News - Business

'Pilots were not to blame for 737 crash' 2019-06-16 19:25:00The boss of Ethiopian Airlines has rejected the idea his pilots were at fault in 737 Max crash.

Brexit uncertainty 'hitting UK business investment' 2019-06-16 19:16:38Companies should be investing in measures aimed at growth, says the British Chambers of Commerce.

CEO Secrets: My clubs aren't 'pale, stale and 2019-06-16 19:06:43Entrepreneur Ronald Ndoro talks about his vision for private members' clubs in the 21st century.

Carole Ghosn: 'I'm a housewife, not a conniving 2019-06-16 19:02:06The wife of former Nissan chief Carlos Ghosn speaks out about his detention and campaign to free him.

Carole Ghosn calls for President Trump to back 2019-06-16 19:00:19The wife of the former Nissan boss Carlos Ghosn wants pressure put on Japan over his legal battle.

Argentina and Uruguay scramble to restore power after 2019-06-16 15:40:42Argentina's president promises a full investigation after a blackout left millions without electricity.

Tory leadership race: EU will renegotiate Brexit package, 2019-06-16 09:26:49Mr Hunt said if there is no prospect of a deal by 31 October he would accept a no-deal Brexit.

Babe Ruth jersey fetches record-breaking $5.64m at auction 2019-06-15 20:56:37The baseball legend's jersey becomes the most expensive piece of sports memorabilia ever sold.

Tattoos at work: Are they still an issue? 2019-06-15 19:58:56Employers have become more relaxed about visible tattoos at work, but some firms still don't allow them.

Illegal eel exporters exposed by Countryfile 2019-06-15 19:23:26International buyers offered high prices for eels caught on the River Severn in Gloucestershire.

'My parents wanted me to marry. I became 2019-06-15 19:10:43Photographer Sayan Hazra captures a day in the life of one of India's few female DJs.

India announces retaliatory trade tariffs against the US 2019-06-15 17:13:07The new duties come days before countries' leaders are expected to meet at a G20 summit in Japan.

Reuters: Business News

Amazon workers in Germany strike over pay, Verdi New! 2019-07-15 04:51:56More than 2,000 workers at seven Amazon sites across Germany have gone on strike over pay for at least two days, labor union Verdi said on Monday.

Bitcoin drops more than 10% as scrutiny of New! 2019-07-15 04:45:44Bitcoin slumped more than 10% over the weekend to a two-week low as fears of a crackdown of cryptocurrencies grew on mounting scrutiny of Facebook's

Hold the beers: Budweiser APAC IPO fail shows New! 2019-07-15 04:23:25By Julie Zhu, Joshua Franklin, Abhinav Ramnarayan and Philip Blenkinsop

Sports Direct delays results as House of Fraser New! 2019-07-15 04:18:46British retailer Sports Direct has delayed publishing its annual results, warning problems integrating its purchase of House of Fraser stores and inc

China's first-half pork output falls amid disease outbreak New! 2019-07-15 03:45:34China's pork output fell by less than expected in the first half as the country tackles a devastating disease outbreak, although official data showed

China second quarter GDP growth slows to 27-year New! 2019-07-15 03:45:34China's economic growth slowed to 6.2% in the second quarter, its weakest pace in at least 27 years, as demand at home and abroad faltered in the fac

PSA sales slide on emerging-market setbacks New! 2019-07-15 03:19:54French carmaker PSA Group's vehicle sales fell 12.8% in the first half as emerging markets weighed on its overseas business, challenging the traject

Encouraging Chinese data pulls Asian shares higher New! 2019-07-15 03:07:15Asian shares advanced on Monday as investors breathed a sigh of relief after encouraging Chinese data suggested the world's second-biggest economy ma

Slower China GDP growth nudges oil prices lower New! 2019-07-15 02:27:28Oil prices slipped on Monday after China posted its slowest quarterly economic growth in at least 27 years, reinforcing concerns about demand in the w

China's Xiaomi continues chip strategy revamp with investment New! 2019-07-15 01:14:53China's Xiaomi Corp has taken a stake of roughly 6% in compatriot chip designer VeriSilicon Holdings Co Ltd, as the smartphone maker revamps its yea

China June aluminum output climbs to daily record New! 2019-07-15 00:45:53China's daily aluminum output hit record levels in June, according to Reuters calculations, even as total production for the whole of the month fell

China home price growth cools in June, but New! 2019-07-15 00:45:53Growth in China's new home prices cooled in June as sales shrank for a second month, but building starts and investment quickened, providing a cushio

Business News - UPI.com

Turkey awaits ninth delivery for Russian S-400 missile New! 2019-07-15 13:53:09 Deliveries of Russia's S-400 defense system to Turkey -- which started Friday and continued Monday -- could cause a permanent rift between the Unite

New Air Force facility to protect weapons systems New! 2019-07-15 13:06:58 The Air Force's newest cyber defense facility at Wright-Patterson AFB, Ohio, part of the branch's Cyber Resiliency Office for Weapons Systems progr

U.S. joins 11 NATO allies for Breeze 2019 New! 2019-07-15 11:51:08 The United States and 11 NATO allies began their participation in the nine-day Breeze 19, a maritime exercise hosted by Bulgaria that included three

Boeing awarded $96.9M for Apache helicopter, trainer suppport New! 2019-07-15 11:37:01 Boeing has been awarded a $96.9 million contract to provide the United Arab Emirates support for its Apache helicopters and Longbow crew trainers.

Germany approved for $401M buy of Patriot missiles, New! 2019-07-15 10:03:18 The U.S. State Department on Friday notified Congress it has approved the sale of PAC-3 MSE, an upgraded version of the missiles, as well as associat

$600M helicopter sale to Greece approved by State 2019-07-12 14:40:52 A $600 million sale of helicopters, with spare parts, training and other equipment, was approved by the State Department.

USAF's Mountain Home AFB stays busy with F-35A 2019-07-12 14:35:41 Idaho's Mountain Home Air Force Base is now the location of the largest off-station operation of F-35 II fighter planes, the U.S. Air Force noted on

Boeing to provide logistics for Britain's P-8A Poseidon 2019-07-12 13:41:24 Boeing was awarded a $23.3 million contract for logistics support on P-8A Poseidon aircraft sold to Britain's military, the U.S. Defense Department

United Arab Emirates pulls out of Saudi-led coalition 2019-07-12 12:54:21 Military forces of the United Arab Emirates have started a withdrawal from Yemen, Emirati officials said, leaving Saudi Arabia to fight Houthi rebels

Electric Boat nabs $173.8M for support of Navy's 2019-07-12 12:54:20 General Dynamics Electric Boat Corp. was awarded a four-year, $173.8 million contract to support the Navy's operational strategic and attack submari

Boeing selects Raytheon for B-52 radar replacement 2019-07-12 12:18:04 Boeing has selected Raytheon to replace radar systems on the U.S. Air Force's B-52H Strafortress strategic bombers.

Watch: HII completes flight deck of Ford-class carrier 2019-07-12 11:37:42 Huntington Ingalls Industries has installed the final piece of the flight deck on the new Ford-class aircraft carrier John F. Kennedy, the company an

Christian Science Monitor |

Stock markets fall after US-China trade talk stalemate 2019-06-10 09:31:25Economists warn that U.S. and China’s escalating dispute over trade and technology will likely hurt economic growth. 

This Nebraska Republican says it’s time to think 2019-06-10 09:31:25President Trump is meeting with Democrats on infrastructure. Rural America says that, from roads to internet access, it needs to be part of any plan.

A doubly green deal? Clean energy jobs also 2019-06-10 09:31:25New analysis from the Brookings Institution suggests that transitioning to clean energy sources could open up a range of high-paying career paths.

One group not happy about older workers: young 2019-06-10 09:31:24Americans under 50 believe the rising number of older workers hurts the economy, a recent poll shows. Longer and healthier life spans have allowed mor

Robot baristas in South Korea push automation forward 2019-06-10 09:31:24South Korea's coffee scene has a new face: robotic baristas. While automation raises concerns that finding entry-level jobs will become har

SEC moves to require brokers to reveal conflicts 2019-06-10 09:31:24In the past, not all financial advisers were legally required to put clients' interest first. But some say the new measure by federal regulators does

Medicare for all – why supporters can’t agree 2019-06-10 09:31:24Support for single-payer health care seems to have risen over the past year or so, but such a plan presents complex, and controversial, choices.

Where is workforce really booming? Among the oldest 2019-06-10 09:31:24McDonald’s wants to hire 250,000 senior workers. A CVS program avows that ‘Talent is Ageless.’ And nationwide the ranks of older wor

Car trouble: How symbol of freedom became a 2019-06-10 09:31:24A record 7 million Americans are 90 days or more delinquent on car loans, a new report finds. U.S. auto debt is also at a record: $1.28 tril

Uber’s founders have cashed in. How about the 2019-06-10 09:31:24Uber relies on an army of drivers whom it refuses to call employees. But some see its “Partner Protection” plan as a model for the gig eco

As US-China trade war ramps up, how will 2019-06-10 09:31:24China-made goods will cost Americans more, as President Trump presses Beijing for trade-talk concessions. By July tariffs may hit cellphones, shoes.

Walmart follows Target to enter retail shipping wars 2019-06-10 09:31:24The nation's largest retailer joins the next-day shipping competition. Walmart has one big advantage over Amazon – its more than 4,700 sto

Home Page

Regulator asks Air India to penalise pilot who New! 2019-07-15 12:10:38According to sources, the national carrier has already suspended Singh for three months over Saturday's incident

China Q2 GDP growth slows to 27-year low New! 2019-07-15 11:43:51Official survey shows factories were shedding jobs at the fastest pace since the global crisis a decade ago.

Indian Oil threatens to cut fuel supply to New! 2019-07-15 11:12:58The disinvestment-bound carrier, which is incurring Rs 15 crore loss per day, has huge dues towards oil companies and Airports Authority of India, amo

RBI slaps Rs 7 cr fine on SBI New! 2019-07-15 10:37:02The penalty, RBI said, is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agre

Exports fall 9.71% to $25 bn in June; New! 2019-07-15 10:35:08Imports too declined by 9 per cent to $40.29 billion in June 2019 against $44.3 billion in June 2018 mainly due to falling prices of petroleum product

GST collection of states rises to Rs 5.18 New! 2019-07-15 09:57:17In a written reply to a question in the Lok Sabha, Sitharaman said concerted efforts have been made to improve tax compliance

Karnataka's Congress-JDS govt to face floor test on New! 2019-07-15 09:39:33Senior Congress legislators said they have got more time to continue their efforts to mollify the rebel MLAs

Rahul Bhatia-owned InterGlobe says it underwrote IndiGo's financial New! 2019-07-15 09:05:52A dispute between the founders of one of Asia's biggest budget carriers is deepening

Fraud charges a worry, but still want Bhushan New! 2019-07-15 08:56:02Firm seeks forensic audit reports of banks from RP, Tribunal asks for copy of its plea to RP, after which it would consider JSW request on August 6

Ashok Leyland to shut Uttarakhand heavy vehicles plant New! 2019-07-15 08:21:16Ashok Leyland 's competitor Tata Motors recently decided to close its Pantnagar facility for two days.

Asia on track to top 50% of world New! 2019-07-15 07:54:41Continent to drive 40% of global consumption; As Chinese wages have risen, nations like Vietnam, India and Bangladesh have grown yearly exports of lab

Last-minute moon mission glitch sets India back in New! 2019-07-15 07:32:18It may take several months for India to be able to attempt a launch again, said Susmita Mohanty, co-founder and chief executive officer of Earth2Orbit


Disclaimer and Notice:WorldProNews.com is not responsible of these news or any information published on this website.