|Day's range||53.36 - 53.62|
The attacks on Saudi oil infrastructure sent ripples through the oil markets, and the absence of repercussions from Washington or Riyadh may well encourage more attacks
Crude oil markets pulled back significantly during the trading session on Monday, as we continue to see a lot of noise around global growth and demand. Ultimately, this is a market that does have significant support underneath that though.
Russian President Vladimir Putin has just landed in Saudi Arabia to sign new oil deals as Persian Gulf tensions continue to rise
Indian refiners have stopped buying Malaysian palm oil for shipment in November and December fearing New Delhi could raise import taxes or enforce other measures to curb imports from the Southeast Asian nation, five traders told Reuters on Monday. Lower purchases by India, the biggest buyer of Malaysian palm oil so far in 2019, could lead to higher inventories and put pressure on Malaysian palm oil prices. It could also help rival Indonesia increase its shipments to India.
Investing.com -- Crude oil prices tumbled on Monday as markets opened the week in downbeat mood, disheartened by the lack of progress in resolving the U.S.-China trade dispute.
Today’s early weakness suggests the trade deal may have already been priced into the market and without any fresh developments, traders are reluctant to drive prices beyond Friday’s high.
Oil prices lost about 2% on Monday on worries that global crude demand could stay under pressure as few details about the first phase of a U.S.-China trade deal did little to assure a quick resolution to the tariff fight. Oil prices also felt pressure as the U.S. dollar , which has an inverse relationship with crude prices, gained as waning trade deal hopes and ongoing concerns over Britain's exit from the European Union attracted safe-haven investments. "The complex is in (the) process of relinquishing a major portion of the late week trade inspired gains as conflicting indications out of the U.S. and China regarding trade progress is reducing risk appetite," said Jim Ritterbusch of Ritterbusch and Associates.
The announcement of the partial trade deal between the United States and China had very little influence on the market late in the session, which suggests traders aren’t too happy with the news.
Keep in mind that even if there is partial trade deal between the U.S. and China, it won’t mean much until all the tariffs are lifted. In the meantime, demand is likely to continue to suffer. And this could keep a lid on prices.
HOUSTON/NEW YORK/LONDON (Reuters) - Rates to charter oil tankers from the Arab Gulf, United Kingdom and the U.S. Gulf Coast to Asia surged to fresh highs on Friday as global oil traders grappled with a tanker shortage in the aftermath of U.S. sanctions on units of Chinese giant COSCO. Occidental Petroleum Corp tentatively chartered a supertanker to ship U.S. crude from the U.S. Gulf Coast to Asia for a record $15.8 million this week, three sources said on Friday. Royal Dutch Shell chartered the Suezmax vessel Amoureux this week for $9.2 million to ship crude from Teesport, U.K. to Dalian, China in early November, according to a shipping source and Refinitiv Eikon data.
The British pound rallied rather significantly again during the trading session on Friday, as we continue to have headlines coming out that perhaps some real progress is finally being made in the Brexit scenario. At this point though, it’s a bit rich to jump in at this level.
Abu Dhabi, the oil producing member of the United Arab Emirates, has plans to take on global benchmarks Brent and West Texas Intermediate with its very own contract
Today, as of 6:28 AM ET, US crude oil prices have risen 1.8%. Oil prices rose after the media reported that a missile hit Iranian oil tankers in the Middle East.
The Canadian dollar strengthened to a one-month high against its U.S. counterpart on Friday after domestic data showing a much bigger-than-expected jobs gain in September supported bets for the Bank of Canada to keep interest rates on hold this month. The Canadian economy added 53,700 jobs in September, the second straight month of robust jobs gains, Statistics Canada data showed. "A huge labor market print has helped the loonie take more ground against the U.S. dollar today," Simon Harvey, FX market analyst for Monex Europe and Monex Canada, said in a note.
Investing.com -- Crude oil prices retraced from an earlier spike on Friday after Iranian claims of an attack on one of its oil tankers ran into scepticism, while the International Energy Agency also tempered buying interest by again trimming its forecasts for global oil demand.