Oil tops $73 on Venezuela turmoil, Saudi support for OPEC cuts

Oil bulls hit the brakes

Brent crude futures fell 11 cents, or 0.2 percent, to settle at $72.04 a barrel while U.S. West Texas Intermediate (WTI) crude futures climbed 20 cents, or 0.3 percent, to end the session at $63.50.

The Saudis face a tricky task to balance the market and help revive their economy while fielding U.S. President Donald Trump's public jibes to accelerate output and help lower gasoline prices.

The situation in Venezuela, an OPEC member whose oil exports have been hit by US sanctions and an economic crisis, was fluid on Tuesday.

This was already a tough balance to strike, but it has been made almost impossible now that it's been discovered that Russian Federation has been exporting contaminated crude oil, clogging up European refineries and making an already fragile oil market even more volatile than before.

Saud Arabia's state news agency, RIA, is out with the latest comments by the Saudi Arabian Energy Minister Khalid Al-Falih, with the key headlines found below.

Brent hit a six-month high above $75 last week because of tightening global markets amid USA sanctions on Iran and Venezuela coupled with Russian oil export problems stemming from a contaminated pipeline.

The sting of the Trump administration's decision not to re-issue waivers on Iran oil sanctions faded on Friday with crude prices dropping more than 3% following comments from the USA president.

Tyreek Hill Barred From Chiefs Team Activities In Wake Of Disturbing Audio
He said the Chiefs will continue to gather information and "make the right decision" in regards to potential discipline. And a number of National Football League media types are already connecting the dots between Hardman and Hill.

Last week the Trump administration announced that it will not be renewing six-month waivers granted to eight countries to continue buying limited quantities of Iranian oil, a move that shocked experts and sent the global oil market up for a bumpy week.

"We are of the view that Saudi Arabia will increase output as soon as May, something they were likely to do anyway in the lead up to summer", ING bank said.

"I confirm our commitment to meet all these requests (to replace Iranian oil)".

"Based on what I see now, I expect some kind of agreement on oil output".

The 14-member Organization of the Petroleum Exporting Countries pumped 30.23 million barrels per day (bpd) this month, the survey showed, down 90,000 bpd from March and the lowest OPEC total since 2015, the Reuters survey showed. "There is no shortage on the (global oil) market", he said.

"We believe that the (fall in prices) is probably due to the situation on the futures market being now overbought", Commerzbank wrote in a note.

Related:

  • Video Shows Venezuelan Government Forces Slamming Armored Vehicles Into Protesters

    Video Shows Venezuelan Government Forces Slamming Armored Vehicles Into Protesters

    The Secretary of State refused to say whether Maduro would be permitted to safely depart for Cuba , instead saying that "Mr". The Trump administration was quick to boost Guaido and the opposition, issuing statements of support.
    England`s Alex Hales banned for recreational drug use

    England`s Alex Hales banned for recreational drug use

    The England limited-overs batsman did not face any criminal charges, while team-mate Ben Stokes was cleared of affray at a trial. With just over a month to go for the ICC 2019 Cricket World Cup, England's cricket team has been hit by an unwanted controversy.
    Russia won't immediately raise oil output after Iran waivers end

    Russia won't immediately raise oil output after Iran waivers end

    All this is to say that the loss of Iranian oil due to sanctions would be a major blow to the fast-developing subcontinent. But analysts fear the USA move - along with sanctions on Venezuela - will leave the world with insufficient capacity.
  • Van de Beek strike sees Ajax win against Tottenham in London

    Van de Beek strike sees Ajax win against Tottenham in London

    West Ham captain Mark Noble has hailed his side after they won 1-0 at Tottenham on Saturday. I felt, in the second half, we relaxed a bit more on the ball.
    Packers address defense in fifth round, select DL Kingsley Keke

    Packers address defense in fifth round, select DL Kingsley Keke

    The Green Bay Packers have selected linebacker Ty Summers from Texas Christian University with the 226th pick in the NFL Draft. When he watched the Packers defense last season, Gutekunst felt Pettine didn't have what he really needed - versatile players.
    Steve Kerr hails Kevin Durant's monster Game 6

    Steve Kerr hails Kevin Durant's monster Game 6

    Clippers' forward Danilo Gallinari led his team with 29 points and five rebounds. "Clippers is in", said a Clippers fan. These games will not come down to how well the coaches out-coach each other, but how well can the players play.
  • Trail Blazers center (shoulder) uncertain for conference semifinals

    Trail Blazers center (shoulder) uncertain for conference semifinals

    Enes Kanter will be challenged to defend at a high level as Jokic is a master tactician and among the league's smartest players. Westbrook mentioned perhaps trying to take better shots next season, but sees the criticism of his overall game as unjustified.
    Warriors hold on to take down Rockets in Game 1

    Warriors hold on to take down Rockets in Game 1

    After a Harden dunk to cut the Warriors' lead to three, Danuel House Jr. and Chris Paul jumped Durant and forced a turnover. I'd rather have my charity have the money", D'Antoni said , referring to a potential fine for criticizing officiating.
    Rockets' Capela -- Warriors rematch 'what I want'

    Rockets' Capela -- Warriors rematch 'what I want'

    Imagine getting 91 points from Kevin Durant , Steph Curry , and Klay Thompson , and still losing by eight points. If the Clippers extend the series by winning Friday, the Warriors will host Game 7 on Sunday afternoon.
  • Juventus Looking To Re-sign Paul Pobga From Manchester United

    Juventus Looking To Re-sign Paul Pobga From Manchester United

    Boss Marco Silva is keen to retain the 20-year-old, who is highly regarded at Goodison Park despite a hard season, the paper says. Maybe some of them could not have handled Sir Alex's way of managing but we will look to do it our way.
    IPO price values money-losing Uber at $91bn

    IPO price values money-losing Uber at $91bn

    IPOs of all time and the biggest on a U.S. exchange since Alibaba Group Holding Ltd.'s US$25 billion global record holder in 2014. Reuters reported earlier this month that the combined value of Uber shares sold in the IPO could be around $10 billion.
    Trump's executive privilege strategy could mean messy fight

    Trump's executive privilege strategy could mean messy fight

    Trump was referring to the sweeping Trump-focused investigations in the House of Representatives. Only 37 percent of Americans polled said that they thought the president should be impeached.

Comments

Latest news

IOS now has a fitness tracking app, Google Fit
The apps included Selfie Camera app, Omni Cleaner, RAM Master, Smart Cooler, Total Cleaner, and AIO Flashlight . It remains to be seen if and when the company will be able to return to doing business on Google Play.

Dominic Thiem defeats Nadal in Barcelona Open semi finals
The fifth-ranked Austrian cruised to victory for his second title of the year, adding to his triumph in Indian Wells last month. I wish him all the best."Last week, Nadal lost in the semi-finals of the Rolex Monte-Carlo Masters against Fabio Fognini".

Spanish Socialists Win National Elections While Far-Right Party Surges
Together, they would form an absolute majority but voters from both parties would likely frown on such a move. President of right-wing party Vox, Santiago Abascal, addresses the media after casting his vote.

West Indies name Russell in World Cup squad, Pollard, Narine misses out
The 30-year-old Russell has played 52 One-Day Internationals but has not suited up for West Indies in nearly a year. The flamboyant Kieron Pollard and star spinner Sunil Narine missed out a berth in the 15-member squad .

Sri Lanka emergency law bans face coverings
Explosions erupted at three churches holding Easter services in Colombo , the capital, as well as Batticaloa and Negombo. The emergency law, which takes effect from Monday (local time), prevents Muslim women from veiling their faces.

Chinese fan hospitalised due to ‘uncontrollable crying’ after watching Endgame
At this rate, it will be inevitable for Avengers: Endgame to break the all-time box office record in the next couple of weeks. Endgame has received positive reviews from critics , with a 96% approval rating on Rotten Tomatoes .

Trump eyes quick trade deal with Japan in agriculture, autos
President Donald Trump speaks to the annual meeting of the National Rifle Association, Friday, April 26, 2019, in Indianapolis.

Real Madrid "confident" of signing Hazard this summer
Since then Rayo have failed to beat Madrid in league play, with just one further victory in the Copa del Rey to their name. It is the same for many players because they know that this club is important", Zidane said.

What's Going On With Taylor Swift's Creativity? Isn't "ME!" Too Generic?
In the video, her on-screen lover, Panic! at the Disco's Brendon Urie , tried to woo her back after a spat. And it seems like Taylor Swift is already letting go of that to become the butterfly that she truly is.

Flood tired communities in Ontario, Quebec brace for more rain
Water levels were predicted to reach 5.4 metres in Saint John on Thursday, rising to 5.6 metres on Friday. The Chaudière Bridge, one of five bridges across the Ottawa River in Ottawa-Gatineau, is now closed.

De Gea's dire form continues with Old Trafford howler
But I think that he was really very nervous about the situation because we were not winning. We need to become competitive for the top.

Valtteri Bottas holds off Lewis Hamilton to take championship lead
He's just clocked the fastest lap of the race and is using DRS to close in on his team-mate. Meanwhile, the second practice session started after everything was checked.

NRA President Oliver North Won’t Seek Second Term
North , a central figure in the Iran-Contra scandal, was selected a year ago to be the NRA's president. LaPierre , the longtime face of the NRA, had previously accused North of extortion.

Trump welcomes Putin's statements on North Korea
Speaking to the press after the summit, President Putin urged global cooperation, and that the DPRK be given a security guarantee. North Korean leader Kim Jong Un arrives for a wreath laying ceremony at a navy memorial in Vladivostok , Russia April 26, 2019.

Threat of early challenge to May's position as Tory leader lifted
May survived a confidence vote in December and under the party's rules can not be challenged again for 12 months. She said the Government wanted to introduce the Withdrawal Bill into Parliament "as soon as possible".

Other news