Opec and its allies have been supporting oil prices all year, but a ramped up US-China trade war could dent oil demand
London — Oil prices rose on Tuesday, supported by tighter global supplies that helped offset lingering worries that demand could be hurt by a US-Chinese trade row.
“Brent is likely to resume its upward trend in line with its fundamentals, which are tight,” said Harry Tchilinguirian, global oil strategist at BNP Paribas in London. Backwardation, a market structure where the spot price is higher than the price of crude in later months, tends to indicate tight supplies and a drawdown in inventories.Khaled al-Fadhel, oil minister of Opec member Kuwait, said he expected the market to approach balance in 2019 as global inventories fall and demand remains strong. “We still have some more work to do.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Oil prices drop on soaring US inventories and slowing demandUS crude oil inventories hit 12.2-million bpd, their highest levels since July 2017, meaning Opec is likely to keep its supply cuts in place
Read more »
Oil slips as US stockpiles increase and refineries scale back demandConcerns over the US-China trade war are also weighing on prices, says an analyst
Read more »
Brent rises as Opec cuts and sanctions outweigh economic concernsAnalysts say that supply-side issues have returned to the fore, ‘with crude oil prices rising strongly’
Read more »
Libya committing suicide, squandering oil riches: UN envoy Ghassan Salame'I always considered my compatriots in Lebanon as stupid enough to commit suicide with somebody else's money. The Libyans are even worse. They are committing suicide with their own money,' he told the International Peace Institute (IPI).
Read more »
South Sudan president in SA to follow up on oil exploration agreementSouth Africa has played an active role in the world’s newest country, which ceded from the north in 2011.
Read more »
South Sudan tells SA it can bring in partners for oil projectThe Strategic Fuel Fund holds 90% of the project in B2 block, with the Nile Petroleum Corp, South Sudan’s national oil company, owning the rest
Read more »
CBD oil isn't legal yet, but parents are giving it to their kids anywayThe cannabis compound is as yet unregulated by the MCC, which means it is technically illegal and potentially dangerous, but some parents still offer the controversial treatment to their children. We take a look...
Read more »
Four relatives killed 'over oil tender feud'Little Angel Ncube and 19-year-old Sanele Mthiyane were among four relatives gunned down in Mpempeni village outside Richards Bay last Friday when unknown gunmen stormed their house.
Read more »
PIC has no record for R4bn investment into obscure oil exploration companyIn case you missed our top story | PIC has no record for R4bn investment into obscure oil exploration company
Read more »
The PIC has nothing to show for $270m investment into oil exploration companyThe PIC inquiry has been trying in vain to get documents relating to its 2014 investment in Camac Energy, whose founder has links to Zuma
Read more »