As Trump pulls out of Iran deal Asia grapples with impact on oil supplies
President Trump's announcement that he will withdraw the United States from the Iran nuclear deal sent crude oil prices up slightly. MarketWatch reported that according to at least one analyst, oil prices could jump by as much as $10 a barrel if sanctions against Iran are reintroduced.
Hours before Trump's announcement, Democratic lawmakers warned that gas prices, which have risen nearly 50 cents a gallon in the last 12 months, were poised to climb higher with Trump's withdrawal.
Prices have also gotten a lift from strong global demand and supply cuts by OPEC and Russian Federation. And any sizable cut in Iranian oil production could exacerbate what has been a tightening global oil supply.
Looming over markets, however, is surging United States output, which has soared by more than a quarter in the last two years, to 10.62 million bpd.
Most US allies disagree with Trump's decision to abandon the deal.
"As an energy investor, Trump announced everything that one could possibly have wanted him to say", said Eric Nuttall, partner and senior portfolio manager at Ninepoint Partners in Toronto.
The concerns about Venezuela added to worries over a looming decision on whether the United States will walk away from a deal with Iran and instead re-imposes sanctions on Tehran, are keeping global oil markets on edge.
Japan's Foreign Minister Taro Kono said on Wednesday that his country supported the agreement, which "helps to strengthen global non-proliferation and the stability in the Middle East". That reflects the strong US oil production capability, thanks to advances in fracking, as well as the expected gradual reimposition of sanctions.
California Energy Commission to vote on solar-required home building
Buildings that are shaded or have a roof that is too small to accommodate panels will be among those exempt, Pasricha Beck said. The measure now moves toward final approval later this year by the state's Building Standards Commission.
Dr. Drew Weighs in on 'Teen Mom' Amber Portwood's Baby Boy
The MTV star also wrote the words, "We're pregnant", in the sand in a photo she shared on Instagram . Drew , a staple during Teen Mom reunion episodes, was among the many to send his congratulations.
ONRUSH Beta Release Date And Start Times Confirmed
What's more is that in solo you can also use Photo Mode to capture some shots of the action. If you pre-order the game from certain retailers, you can get in from 15th May.
Trade data already shows a reduction of Iranian oil supplies to Japan and South Korea, and refinery sources confirmed they had started shifting purchases to other suppliers in preparation for renewed sanctions.
That made Iran the third-biggest exporter of crude within the Organization of the Petroleum Exporting Countries, behind Saudi Arabia and Iraq.
While some investors were concerned the Federal Reserve could overreact to stronger consumer-price figures - which are boosted by the rise in oil prices - and nudge up interest rates faster than previously expected, the latest comments by USA officials suggest they would allow inflation to overshoot their 2% target for a while.
During the last round of sanctions, India enjoyed waivers allowing limited Iranian oil imports paid for in rupees instead of USA dollars.
Iran's share of global oil output is less than 5 percent, but crude prices typically move on the margins.
The threat of new sanctions comes as demand in Asia, the world's biggest oil-consuming region, hit a record and producers, including the top exporter, Saudi Arabia, and the top producer, Russia, restrict supplies to prop up prices.
That comes as the U.S. economy continues to improve, fuelling talk of three or four interest rate hikes this year. "We see inventories reaching a 10-year low by the end of this year".
Recommended News
-
AO Indicator Trending Higher For Mortgage Real Estate Ishares ETF (REM)
Comparing stocks among peers can be a useful way to decide which ones might be ahead of the curve and poised for an upward move. Finally, Callan Capital LLC purchased a new stake in shares of iShares MSCI Japan ETF during the 1st quarter worth $201,000.
09 May 2018Iran Cannot Be Ignored on Global Oil Market: Minister
USA crude futures last traded at US$69.97 per barrel, down 1.1% from Monday's settlement price. Traders are wrestling with headlines reporting ahead of Trump's decision on Iranian sanctions.
09 May 2018E. coli-tainted romaine outbreak spreads to 29 states, sickens 149 people
Centers for Disease Control and Prevention said 121 illnesses connected to E. coli O157 in lettuce had been reported in 25 states. The Yuma growing region includes part of western Arizona and extends into the Imperial Valley of southeastern California. -
09 May 2018Former Colts RB Matt Jones to sign with Eagles
It didn't come as much of a surprise given the fact that the Colts drafted two running backs in Nyheim Hines and Jordan Wilkins. NFL.com's Ian Rapoport tweeted that Jones won a three-running back workout competition to earn a contract with the Eagles.
09 May 2018Earnings Analysis Of Twenty-First Century Fox, Inc
If the markets make a firm price movement , then the strength of that movement depends on the volume for that period. ValuEngine upgraded 21st Century Fox from a "hold" rating to a "buy" rating in a report on Friday, February 9th.
09 May 2018Selena Gomez Pokes Fun At Her Met Gala Spray Tan Mishap
As we previously reported, on Tuesday , Taylor Swift revealed that she and Katy Perry have ended their feud . Selena carried a handbag which appeared to incorporate a scripture quote. -
![[BREAKING] IGP ignores Senate's summon for third consecutive time](http://aitonline.tv/pix/NewsImages/20734.jpg)
09 May 2018[BREAKING] IGP ignores Senate's summon for third consecutive time
For the third time in a row, the Inspector General of Police, Ibrahim Idris, has refused to appear before the Senate. The senate president mandated Ahmed Lawan, senate leader, to "look into the matter for further necessary action".
09 May 2018'Pollen bomb' recorded in New Jersey goes viral
Pollen allergies tend to be worse in the spring as plants and trees begin the process of reproduction, according to AccuWeather. Viewer Jennifer Henderson says her husband was picking up brush in Millville, NJ when he noticed a lot of pollen on the trees.
09 May 2018Paraguay confirms it is moving embassy to Jerusalem
Warnings are now being issued about the possible repercussions of the embassy transfer into occupied territory. The decision, which had already been announced by Israel, was taken by President Horacio Cartes. -
09 May 2018Crude oil prices jump after Trump reinstates sanctions on Iran
Brent for July settlement climbed as much as 3.1% to $77.20/bbl on the London-based ICE Futures Europe exchange. New sanctions on Iranian oil exports would put a dent in global supply and could cause prices to spike.
09 May 2018Voters go to polls in primaries to replace Ohio Gov. Kasich
The polls have closed in OH , where voters are choosing Democratic and Republican nominees who will vie for the governor and U.S. Roy Cooper, have candidates for all 170 General Assembly seats this fall, and are hoping to end the GOP's veto-proof majorities.
09 May 2018Nadal looks to extend 19-match winning streak in Madrid
Karolina Pliskova defeated Sloane Stephens 6-2, 6-3, while Bernarda Pera was eliminated by Carla Suarez Navarro 2-6, 6-2, 6-4. The unseeded British player then broke Djokovic's serve to go up 5-3 and easily closed out the match on his serve.
