Oil Prices Rise as US Oil Reserves Fall

US-EU Talks

US-EU Talks

Today's saber-rattling between US and Iran is all but ignored by traders.

In May, Trump chose to withdraw from a landmark 2015 agreement between Tehran and global powers that restricted Iran's nuclear program in exchange for sanctions relief.

An Iranian military commander said on Thursday that Donald Trump should address any threats against Tehran directly to him, and mocked the USA president as using the language of "night clubs and gambling halls".

On Monday, Trump said in a tweet responding to comments from Rouhani: "Never, ever threaten the United States again or you will suffer consequences the likes of which few throughout history have ever suffered before".

In the past, Trump's twitter rants have managed to rattle the confidence of investors, causing an immediate impact on the stock market.

Today $68.25 is a very crucial trading level and crude oil can stay bullish above this level to target $69.45 and $70.25.

Meanwhile, Rouhani warned the USA that conflict with Iran would be the "mother of all wars", and to stop pursuing hostile policies against the Persian Gulf state including threatening its oil exports.

Gold Hourly
Gold Hourly

South Korea also imported more crude from alternative sources such as Kazakhstan, the U.S. and Mexico. "I believe that this is also playing a part in why the prices are up".

Brent for September settlement advanced 31 cents to $73.75 a barrel on the London-based ICE Futures Europe exchange.

Despite contentions that it isn't significant to overall inventory, a massive drop in US stockpiles calmed fears of oversupply and caused crude prices to surge upward on Wednesday, with West Texas Intermediate rising 78 cents to $69.30 and Brent climbing 49 cents to $73.93 per barrel.

Trump responded with an all-caps tweet warning Iran about making threats. The dispute curbed gas flows to shore, but stored crude was expected to mitigate any oil supply disruption.

Iran was India's second biggest supplier of crude oil after Saudi Arabia till 2010-11 but western sanctions over its suspected nuclear programme pushed it to the 7th spot in the subsequent years. Iran has threatened to stop shipments from passing through this narrow opening if US sanctions get passed.

Iran has been under increasing pressure from the United States, with Trump's administration pushing countries to cut all imports of Iranian oil from November.

An Iranian senior official said his country has "many options" against the US pressures to cut its oil revenue, Financial Tribune reported Tuesday.

Australia is getting a Blood Moon this weekend
Totality - the time during which the sun's light is completely blocked - will last for one hour and 43 minutes. South-eastern observers will be able to see the eclipse for somewhat longer than north-western ones.

Trump's next proposed summit with Putin delayed
Senators on both sides of the aisle did praise the White House for announcing it was delaying Mr. Secretary of State Mike Pompeo confirmed Friday this had been part of the presidents' talks.

Lovato rep says singer is awake and with family
She was set to play a show in Atlantic City, New Jersey, on Thursday, after just performing in Paso Robles, California, on Sunday. A source told Us that Valderrama was not aware that Lovato had relapsed so acutely after six years of being proudly sober .

Recommended News

  • Trump, European Union leaders pull back from trade war

    Trump, European Union leaders pull back from trade war

    He notes that countries "that have treated us unfairly on trade for years" are coming to Washington to negotiate. The president is meeting with European officials on Wednesday at the White House .
    Hillary Clinton To Play Herself On ‘Madam Secretary’

    Hillary Clinton To Play Herself On ‘Madam Secretary’

    The three former Secretaries of State will appear together in the season's premiere episode, airing on October 7 on CBS. Albright, who earlier played herself in a second-season episode, took to Twitter on Tuesday to share the exciting news.
    Donald Trump says 'too bad' after Cohen audio recording released

    Donald Trump says 'too bad' after Cohen audio recording released

    Common Cause says the tape bolstered their argument that Trump knew about the payment and that it was potentially illegal. McDougal finally sued to get out of the agreement so she could talk freely about the ordeal in April 2018.
  • Iwobi strikes new N33m weekly deal

    Iwobi strikes new N33m weekly deal

    The Arsenal number one is eager to see Ramsey remain at the north London outfit ahead of the new Premier League season. Goalkeeper Petr Cech added: "Obviously we would like to keep all the best players with us".
    There’ll be no winners in global trade war, China’s Xi warns

    There’ll be no winners in global trade war, China’s Xi warns

    Xi said China would take "active measures" to expand imports from Africa's most industrialised economy. He urged the BRICS governments to observe global rules, regardless of their size.
    Kevin Love signs 4-year, $120M extension with Cleveland Cavaliers

    Kevin Love signs 4-year, $120M extension with Cleveland Cavaliers

    The Cavaliers were widely anticipated to resist trade offers for Love following the departure of LeBron James . He will be paid $28.9 million in 2019-20, $31.3 million in 2020-21 and 2021-22, and $28.8 million in 2022-23.
  • N rejects election results

    N rejects election results

    The ECP said that it has so far received 600 complaints from all over Pakistan regarding the ongoing elections. Hamdani said the situation was under control and voting was underway in Col Sher Khan village.
    Facebook Confirms It Is Working on Its Own Internet Satellite Project

    Facebook Confirms It Is Working on Its Own Internet Satellite Project

    This news comes a few weeks after Facebook announced the closure of its Internet drone efforts under the Aquila project. Facebook's heavily rumored secret satellite project has finally been confirmed by the social media company.
    Georgia lawmaker who shouted racial slur on TV to resign

    Georgia lawmaker who shouted racial slur on TV to resign

    Nathan Deal said in a tweet: "There is no excuse for this type of behavior, ever, and I am saddened and disgusted by it". He will step down at the end of the month, Ralston spokesman Kaleb McMichen said late Tuesday.
  • Scientists find first persistent water source on Mars

    Scientists find first persistent water source on Mars

    Researchers have long suspected evidence of water could be found on the Red Planet , a precursor for life on Mars. The team gathered data using a sophisticated radar sensor known as MARSIS aboard the Mars Express spacecraft.
    Trump greets EU's Juncker, saying he hopes for progress on trade

    Trump greets EU's Juncker, saying he hopes for progress on trade

    Add Donald Trump as an interest to stay up to date on the latest Donald Trump news, video, and analysis from ABC News. Trump is leveraging tariffs to negotiate better trade deals with China , Canada, Mexico, and the European Union .

    A lake of actual water has been discovered on Mars

    The "lake" is about 12.5 miles wide, at least 3 feet deep and is located under about a mile of ice. The radar cross section has been tilted 90°.

We are pleased to provide this opportunity to share information, experiences and observations about what's in the news.
Some of the comments may be reprinted elsewhere in the site or in the newspaper.
Thank you for taking the time to offer your thoughts.