Oil Falls on Rising Trade War Tensions

By Kiran Dhillon (Bloomberg) --The international oil benchmark closed below $60 dollars a barrel for the first time in almost two months as worsening U.S.-China trade relations intensified fears about the health of the global economy, prompting investors across financial markets to flee risky assets. Futures fell 3.4% to settle at $59.81 in London on Monday. China, hitting … [Read more...]

Oil Jumps as Tanker Seizure Escalates Tensions With Iran

By Harkiran Dhillon (Bloomberg) Oil climbed after Iran’s Revolutionary Guard Corp said it seized a British-flagged tanker in the Strait of Hormuz, raising stakes in the critical oil chokepoint. London-traded Brent futures climbed almost 1% while the U.S. benchmark also rose. The seizure of the tanker is the second Iranian move against a U.K. ship in just over a week. … [Read more...]

Twelve Empty Supertankers Reveal The Truth About Today’s Oil Market

by Firat Kayakiran (Bloomberg) They are slowly plowing their way across thousands of miles of ocean toward America’s Gulf of Mexico coastline. As they do, twelve empty supertankers are also revealing a few truths about today’s global oil market. In normal times, the vessels would be filled with heavy, high sulfur Middle East oil for delivery to refineries in places like … [Read more...]

Trump Tweets on ‘Artificially’ High Oil Prices: “Oil all over the place, including the fully loaded ships at sea”

By Susan Heavey and Rania El Gamal WASHINGTON/JEDDAH, Saudi Arabia, April 20 (Reuters) - U.S. President Donald Trump accused OPEC on Friday of "artificially" boosting oil prices, drawing rebukes from some of the world's top energy exporters. "Looks like OPEC is at it again. With record amounts of Oil all over the place, including the fully loaded ships at sea. Oil prices … [Read more...]

Oil Markets Dip As Irma Approaches United States

Henning Gloystein (Reuters) - Oil prices dipped on Wednesday as crude demand remained subdued on the back of refinery closures following Hurricane Harvey which hit the U.S. Gulf coast 10 days ago. Market focus was also being drawn to Hurricane Irma, a record Category 5 storm, which is barreling towards important shipping lanes in the Caribbean. Although many refineries … [Read more...]