US, Brent crudes fall, as concern deepens over global economy

Oil prices down more than one percent on rising supply trade war

Oil prices fell more than 1 percent in choppy trading on Tuesday on signs of rising supply and concern that global economic growth and fuel demand would be hit by a deepening of the U.S.

Brent for December settlement, which expires Wednesday, traded at $77.15 a barrel on the London-based ICE Futures Europe exchange, down 19 cents.

US West Texas Intermediate (WTI) crude futures CLc1 were at $67.19 a barrel, down 40 cents, or 0.6%. Brent front-month futures early on the same day traded at just above $80 per barrel. WTI slumped to $65.33 a barrel, the weakest since August 17.

USA supply data also showed a sixth straight weekly rise in domestic crude inventories.

Speaking to Shana, Saeed Khoshroo, the director of worldwide affairs at NIOC, said the prices were charged based on the global oil prices; therefore, if the traded shipments were quoted lower during IRENEX Sunday session than the base price announced by NIOC in an earlier announcement, it was because of price fluctuations in the global market.

The United States has imposed tariffs on $250 billion worth of Chinese goods, and China has responded with retaliatory duties on $110 billion worth of USA goods.

US President Donald Trump pulled out of the Iran nuclear deal formally known as Joint Comprehensive Plan of Action in May this year. He did not elaborate.

SEC dominates first College Football Playoff rankings
Scooby Axson picks Purdue: Riding off the momentum of a big upset over No. 2 Ohio State, Purdue laid an egg at Michigan State . In explaining Central Florida's ranking, Mullens said it is the only team in the top 25 without a win against a team over.500.

Industrial commodities such as crude and copper have also been rattled by hefty losses in global equities due to concern over corporate earnings, and fears over the impact to economic growth from escalating trade tensions, as well as a stronger dollar.

The speculator group cut its combined futures and options position in NY and London by 42,644 contracts to 216,733 in the week to October 23, the lowest level since September 2017.

"Saudi Arabia's production has reached 10.7 million barrels per day this month and we could increase production to 12 million barrels per day".

That's an increase of 10 million bpd since the start of the decade and means that these three producers alone now meet a third of global crude demand.

In America, crude inventories are forecast to have risen by 3.11 million barrels last week, according to a Bloomberg survey before Energy Information Administration releases data Wednesday. Stockpiles were expected to have risen about 3.7 million barrels in the week ended October 26, a preliminary Reuters poll showed on Monday.

In what must seem like a nightmare scenario for Iran, not only is another USA president leveling sanctions against its economy, and particularly that economy's lifeblood, its oil sector, but the current US president has admittedly made it his mission to drive Tehran to its knees over what he sees as non-compliance over the 2015 nuclear accord between western powers and Tehran.

Related News:

  • Best Celebrity Halloween Costumes 2018

    Best Celebrity Halloween Costumes 2018

    Mel B appeared to have a dig at her Spice Girls bandmate Victoria Beckham as she and her friend dressed up as Posh and Becks for Halloween .
    China Changes Laws Regarding Trade Of Tiger, Rhino, And Elephant Parts

    China Changes Laws Regarding Trade Of Tiger, Rhino, And Elephant Parts

    China didn't throw the door open for all trade in these products, and in fact banned all other sales of rhino and tiger parts . The products are used in traditional Chinese medicine, despite a lack of evidence of their effectiveness in treating illness.
    Djokovic will return to the top of the ATP rankings

    Djokovic will return to the top of the ATP rankings

    Lucky loser Malek Jaziri replaced Nadal and beat Verdasco 7-6 (5), 1-6, 6-3 and next faces defending champion Jack Sock. Thiem was facing Frenchman Gilles Simon later Wednesday, while No. 11 Borna Coric was playing Daniil Medvedev.
  • Hyundai working on solar roof charging system

    Hyundai working on solar roof charging system

    Beginning around 2020, it will add solar roof panels to both electrified vehicles and gas models as a way of boosting efficiency. The vehicle can then use that energy to reduce engine usage, thus increasing fuel economy and cutting Carbon dioxide emissions.
    Chelsea icon Frank Lampard claims Eden Hazard is better than Lionel Messi

    Chelsea icon Frank Lampard claims Eden Hazard is better than Lionel Messi

    Ruben Loftus-Cheek is now enjoying the best goalscoring spell of his career, netting in two consecutive games for the first time. With rotation likely, Loftus-Cheek will be one of the favourites to start for Chelsea and could yet again find the net.
    South Korean court to rule on war survivors' claim against Japanese firm

    South Korean court to rule on war survivors' claim against Japanese firm

    If Japanese companies refuse to pay compensation, their assets in South Korea may be seized by authorities, the sources said. Nippon Steel said the verdict was "deeply regrettable" and that it would review it before taking any next steps.
  • Oprah to hit campaign trail for Stacey Abrams

    Oprah to hit campaign trail for Stacey Abrams

    If elected, Abrams would be the first black woman elected governor in the United States. She and Kemp held one previous debate during the campaign .
    Lakers coach Luke Walton discusses team’s slow start

    Lakers coach Luke Walton discusses team’s slow start

    As for James' part he is averaging 27.6 points per game and is ranked ninth in the National Basketball Association in scoring. He talked about the Lakers' repeated mistakes and how the Lakers have to refrain from continuing them.
    Beyonce recreates Toni Braxton album cover for Halloween

    Beyonce recreates Toni Braxton album cover for Halloween

    Toni herself couldn't get over the fact that Beyonce chose to dress as her for Halloween and posted on Twitter about her look. Have a Happy Halloween my Kings and Queens".
  • Austria rejects United Nations  migration pact to 'defend national sovereignty'

    Austria rejects United Nations migration pact to 'defend national sovereignty'

    Hungary also said in July that it will withdraw from the agreement before its approval and called it a " threat to the world ". Kurz, head of the conservative People's Party (ÖVP), now governs in coalition with the far-right Freedom Party (FPÖ).
    Britain to target online giants with new digital services tax

    Britain to target online giants with new digital services tax

    Facebook or Google might argue that, in their case, the value is in their intellectual property, largely generated in California. The country plans to tax businesses providing digital services such as the streaming of entertainment content.
    Google Discover starts rolling out in the US

    Google Discover starts rolling out in the US

    In order for it to know what to show in Discover, Google uses the information gathered from other Google products and your device. Google Discover is the new name for Google Feed and shows you topics and news items around items that interest you.

Most liked

Get your first look at the 'Super Smash Bros. Ultimate' Adventure Mode
Kirby must face off against evil clones of the characters and liberate them one by one, making them playable in the mode. The presentation stated that it may take a year for all of the DLC characters to debut in the game.

Chelsea sink Lampard's Derby in League Cup Halloween thriller
I want to come back and play for Chelsea , but at this moment I'm at Derby and I'm loving it, so that's where my focus is. You'd have to go back to 2008 to find the last time the pair faced off at Stamford Bridge, a Premier League fixture.

Red Dead Redemption 2 Players Reporting HDR Issues
This makes it the second most important and profitable launch of the entertainment industry. We'll update this story if more information arises.

Westbrook, Beverley get heated again as Thunder roll
Beverley said. "Somebody walked to our bench doing all that cappin' stuff; I don't know what that is". Unfortunately, Patrick Beverley has already left his feet by that point. "You got little kids".

Wildlife population plummets 60 pct in 44 years: WWF
Freshwater fauna have also declined in population by 80 percent since this time. The United States is one of the largest drivers of those declines.

Backed Syria Kurds accuse Turkey of jeopardizing ISIS fight
Other Kurdish groups in Iraq and Syria have proven themselves to be invaluable allies in the fight against the Islamic State. Last week, IS jihadists staged a counterattack following a weeks-long SDF offensive in the countryside around Hajin.

PLO Calls on ICC to Investigate Israeli Killing of 3 Gaza Children
Israel and Palestinian militants in Gaza have fought three wars since 2008 and the recent unrest has sparked fears of a fourth. The Israeli army struck 80 targets in Gaza in response to the heaviest rocket salvos from the territory in months.

Brazil footballer Daniel Correa found dead, body almost decapitated, genitals cut off
The mortal remains of the athlete were found in a gruesome state and the authorities reported that he was nearly beheaded. He had subsequently been loaned to Coritiba, Ponte Preta and Sao Bento before his premature death.

Twitter to ditch ‘likes’ to boost quality of online debate
The rationale for doing so, supposedly, is to "improve the quality of debate" on Twitter , which is a confusing statement. The Bookmark tool lets users flag tweets to be added to their bookmark tab for future reading.

Google’s latest Doodle celebrates Halloween as a multiplayer game
As a ghost, you are supposed to collect as many wandering spirit flames as possible. Sogou posted their Halloween logo, we have our theme up as well.

New Zealand rattled by 6.2 magnitude natural disaster
Meanwhile, Prince Harry and wife Meghan had engagements on Tuesday in Auckland where some people said they felt some shaking. The quake was recorded at 3:13pm local time, at a depth of 227 kilometres on the North Island's west coast.

Pakistan improves its ranking in World Bank's Doing Business Report 2019
In a near repeat of its performance a year ago , India now stands at 77 among 190 countries assessed by the multilateral lender. India improved on six of the 10 metrics tracked by the World Bank, including obtaining credit and construction permits.

No. 17 Penn State escapes No
Quarterback Nate Stanley looked nothing like the signal caller who tossed 10 touchdowns over a two-game span just a few weeks ago. Finally his 44-yard field goal was clutch with about eight minutes to go as it forced Iowa to need a touchdown to take the lead.

Iran, Pakistan discuss matters related to mutual interests
They also agreed to continue close consultations through the established multipronged mechanism between them. Qureshi also expressed satisfaction over cooperation with regard to the Pakistan-Iran border.

Khashoggi's fiancee Hatice Cengiz calls on Trump to prevent "cover-up"
The U.N. human rights chief, Michelle Bachelet, also urged Saudi Arabia to reveal the location of the writer's remains. Turkey has called on Saudi Arabia to extradite the 18 suspects as part of the investigation.