• Latest
  • Trending
Oil prices rise amid Gulf of Mexico storm, Middle East tensions

Oil prices rise amid Gulf of Mexico storm, Middle East tensions

July 12, 2019
Albanian Opposition Supports Government Earthquake Relief Efforts

Albanian Opposition Supports Government Earthquake Relief Efforts

December 3, 2019
IDF sends aid mission to earthquake-stricken Albania

IDF sends aid mission to earthquake-stricken Albania

December 3, 2019
Albania: Future uncertain for thousands of earthquake homeless

Albania: Future uncertain for thousands of earthquake homeless

December 3, 2019
YMCA Kosovo support Albanian families after deadly earthquake

YMCA Kosovo support Albanian families after deadly earthquake

December 1, 2019
Number of human trafficking cases dramatically increase in Belgium

Number of human trafficking cases dramatically increase in Belgium

December 1, 2019
EU mobilises emergency support to Albania after deadly earthquake

EU mobilises emergency support to Albania after deadly earthquake

December 1, 2019
Albania earthquake: Rescue efforts wind down

Albania earthquake: Rescue efforts wind down

November 30, 2019
Mayor Veliaj Uses Earthquake as Propaganda Opportunity

Mayor Veliaj Uses Earthquake as Propaganda Opportunity

November 30, 2019
Four Thousand Albanians Made Homeless after Devastating Earthquake

Four Thousand Albanians Made Homeless after Devastating Earthquake

November 29, 2019
Rama Announces Dubious Anti-corruption Legislation

Rama Announces Dubious Anti-corruption Legislation

November 29, 2019
Reports of Aid Being Refused in Camps, Arrests For Misapropriation

Reports of Aid Being Refused in Camps, Arrests For Misapropriation

November 29, 2019
Fear, evacuations and introspection in Albania after deadly quake

Fear, evacuations and introspection in Albania after deadly quake

November 29, 2019
Tuesday, January 19, 2021
Tirana Chronicle
No Result
View All Result
  • Albanian News
  • World News
    • Africa
    • Asia
      • China
      • North Korea
    • Canada
    • Europe
    • Latin America
      • Mexico
    • Middle East
    • Russian Federation
    • United Kingdom
    • United States
  • National Security
    • Military
    • Politics
    • Terrorism
  • Business
    • Economy
    • Science
  • Sports
    • Soccer
    • Tennis
    • Olympics
  • Culture
    • Art
    • Books & Literature
    • Education
    • Family
    • Food & Drink
    • Health
    • History
  • Environment
    • Agriculture
    • Climate Change
    • Forests
  • Albanian News
  • World News
    • Africa
    • Asia
      • China
      • North Korea
    • Canada
    • Europe
    • Latin America
      • Mexico
    • Middle East
    • Russian Federation
    • United Kingdom
    • United States
  • National Security
    • Military
    • Politics
    • Terrorism
  • Business
    • Economy
    • Science
  • Sports
    • Soccer
    • Tennis
    • Olympics
  • Culture
    • Art
    • Books & Literature
    • Education
    • Family
    • Food & Drink
    • Health
    • History
  • Environment
    • Agriculture
    • Climate Change
    • Forests
No Result
View All Result
Tirana Chronicle
No Result
View All Result

Oil prices rise amid Gulf of Mexico storm, Middle East tensions

July 12, 2019
in Business, Economy, Featured, Mexico, News
0
Home Business
Post Views: 10

RelatedPosts

Albania says it’s discovered an Iranian paramilitary network

Europe Wants the Diesel That the U.S. Is Lacking Buyers For

Oil prices rise amid geopolitical tensions in Middle East

Palestine warns of ‘religious war’ over Aqsa’s status

Turkish drones start operating in northern Syria -ministry

 

Oil prices rose on Friday as U.S. oil producers in the Gulf of Mexico cut more than half their output in the face of a tropical storm and as tensions continued in the Middle East.

Brent crude <LCOc1> futures were up 37 cents, or 0.6%, at $66.89 per barrel by 0115 GMT. The international benchmark settled down 0.7% on Thursday after hitting its highest since May 30 at $67.52 a barrel.

U.S. West Texas Intermediate (WTI) crude <CLc1> futures were up 34 cents, or 0.6%, at $60.54 a barrel. The U.S. benchmark closed 0.38% lower on Thursday after marking its highest since May 23 at $60.94.

By Thursday, oil companies in the Gulf of Mexico had cut more than 1 million barrels per day (bpd) of output, or 53% of the region’s production, due to Tropical Storm Barry.

The storm was forecast to become a category one hurricane with at least 74-mile-per hour (119 km-per-hour) winds.

“Brent crude oil … extended its gains as storms in the Gulf of Mexico halted production of oil and U.S. oil inventories continued to recede more than expected,” ANZ Bank said in a note.

U.S. crude oil inventories have decreased for four consecutive weeks. U.S. crude stocks fell 9.5 million barrels in the week to July 5, the Energy Information Administration (EIA) said, a drop that was more than triple the 3.1 million-barrel draw expected by analysts.

Meanwhile, Iran’s alleged attempt to block a British-owned tanker heightened tensions in the Middle East in the wake of attacks on tankers and the downing of U.S. drone by Iran in June.

“While a full-scale military conflict remains the least likely scenario, the strong increases for cost of insurance will make for a most costly transportation of crude and see new routes explored, delaying crude arrivals,” said Edward Moya, senior market analyst at OANDA in New York.

But a lower 2020 oil demand outlook from the Organization of the Petroleum Exporting Countries kept price gains in check. OPEC said the world would need 29.27 million bpd of crude from its 14 members in 2020, down 1.34 million bpd this year.

Source :
Euro News
Tags: Gulf of MexicoMiddle Eastoil producersU.S
ShareTweetShare

Related Posts

Albanian Opposition Supports Government Earthquake Relief Efforts
Albanian News

Albanian Opposition Supports Government Earthquake Relief Efforts

December 3, 2019
IDF sends aid mission to earthquake-stricken Albania
Albanian News

IDF sends aid mission to earthquake-stricken Albania

December 3, 2019
Albania: Future uncertain for thousands of earthquake homeless
Albanian News

Albania: Future uncertain for thousands of earthquake homeless

December 3, 2019
YMCA Kosovo support Albanian families after deadly earthquake
Albanian News

YMCA Kosovo support Albanian families after deadly earthquake

December 1, 2019
Number of human trafficking cases dramatically increase in Belgium
Albanian News

Number of human trafficking cases dramatically increase in Belgium

December 1, 2019
Next Post
The Balkans Is a Bright Spot in Europe’s Modest Tourism Growth

The Balkans Is a Bright Spot in Europe’s Modest Tourism Growth

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

20 − 1 =

Translate

Popular Post

Albanian Opposition Supports Government Earthquake Relief Efforts
Albanian News

Albanian Opposition Supports Government Earthquake Relief Efforts

December 3, 2019
0

  Democratic Party leader Lulzim Basha stated the opposition supports the government in its efforts to help citizens affected by...

Read more
Albania government denies links to organised crime

Albania government denies links to organised crime

May 30, 2019
The Brief: Western Balkans – a test for the EU’s expansion appetite

The Brief: Western Balkans – a test for the EU’s expansion appetite

May 31, 2019
Armaldo Kllogjeri to hold recital at Tirana’s Amphitheatre

Armaldo Kllogjeri to hold recital at Tirana’s Amphitheatre

May 31, 2019
Abu Sayyaf’s Dutch hostage killed in firefight in Sulu

Abu Sayyaf’s Dutch hostage killed in firefight in Sulu

June 1, 2019
  • About Us
  • Creative Commons
  • Disclaimer
  • Privacy Policy
  • Terms & Conditions
  • Contact Us

Topics

Follow Us

About Us

Tiranachronicle.com is part of Tirana Chronicle Media Group LLC, which delivers daily news around the globe.

© 2011 Tirana Chronicle

No Result
View All Result
  • Albanian News
  • World News
    • Africa
    • Asia
      • China
      • North Korea
    • Canada
    • Europe
    • Latin America
      • Mexico
    • Middle East
    • Russian Federation
    • United Kingdom
    • United States
  • National Security
    • Military
    • Politics
    • Terrorism
  • Business
    • Economy
    • Science
  • Sports
    • Soccer
    • Tennis
    • Olympics
  • Culture
    • Art
    • Books & Literature
    • Education
    • Family
    • Food & Drink
    • Health
    • History
  • Environment
    • Agriculture
    • Climate Change
    • Forests

© 2011 Tirana Chronicle