Oil price falls as EU, Asia resist U.S. pressure

Oil steady near multi-year highs as US drilling rises

Oil prices kept their footing on positive grounds on Tuesday, as markets tightened on the Organization of the Petroleum Exporting Countries' (OPEC) continuous effort to trim output and the upcoming U.S. sanctions against Iran.

It could take five years for Saudi Arabian oil production to return to levels from two years ago and that leaves overall GDP constrained, Moody's said. The Vienna pact has removed about 1.8 million barrels of oil per day from the global market. According to Goldman, global oil demand growth in the first quarter of 2018 is likely to have seen the strongest yearly growth since the fourth quarter of 2010.

Among U.S. shale producers, Oasis Petroleum (OAS) shares rose 0.6%, in buy range after breaking out of a cup base with a 11.49 entry point and Carrizo Oil & Gas (CRZO) rallied 1.2%, also in buy range after breaking out of a cup base with a 25.20 buy point.

Facepalm: Seattle Approves Taxing Certain Businesses To Subsidize Homeless People Fund
Free for 14 days - no credit card required! The head tax is the largest in US history. It is expected to generate $47 million a year and will expire at the end of 2023.

So far this year, China has lived up to these expectations.

Norbert Rücker, head of macro and commodity research at private bank Julius Baer, said that at the top of everyone's mind was "the potential impact on Iranian oil exports and thus the risk of another meaningful supply disruption".

The report is the last one before the oil ministers' meeting in Vienna to discuss the oil production ceiling two weeks later. Crude oil production in March was around 3.76 million bpd, flat compared with the average levels in January and February. Steady refining margins and backlog cargoes to some independent refiners contributed to the record import volumes.

Tiger Woods shoots 65, his lowest score at TPC Sawgrass
Woods didn't disappoint him. "It's 90 degrees, but I can assure you I had some goose bumps and shivers at times out there". Woods, a two-time Players victor , started the day a whopping 14 shots back of overnight leader Webb Simpson (15 under).

The expected resumption of U.S. sanctions against Iran has sent oil prices spiking due on expectations that global trade in Iranian cude will be curtailed.

Essentially, there is the Oil Price Fundamental Daily Forecast - OPEC Says Global Supply Glut Virtually Eliminatedthreat of increased US production. US crude oil has already gained 17% year to date and 48% from a year ago.

Oil price is now trending towards $80 per barrel following bullish trading that heightened yesterday in the worldwide market which saw the price leap to $78 yesterday, up from $67 April average.

Dragon float catches fire at Disney World
Unfortunately, one of Disney World's fantastical monstrosities missed the memo Friday afternoon when its own head caught on fire. Instead of breathing fire, a dragon float in the Festival of Fantasy Parade inside Magic Kingdom caught fire.

They'll also be watching the results of Iraq's parliamentary elections, which are expected to be announced Monday and could, according to S&P Global Platts, "reshape its oil ministry and delay output expansion projects in OPEC's second-largest member". The average price in Tennessee now sits at $2.62 per gallon.

Related news:

Hot News

isis-killer-beheading-video-story-top Will Power wins the 2018 IndyCar Grand Prix
May 15, 2018 - 22:40
Wickens fought off Alexander Rossi to keep the final podium spot, and Sebastien Bourdais got around Rossi to come home fourth. Helio Castroneves returns to IndyCar after teaming with Ricky Taylor to win a sports vehicle race at Mid-Ohio last week.

isis-killer-beheading-video-story-top U.S. trade representative office to hear corporations' case against tariffs
May 15, 2018 - 22:38
In retaliation, China announced its decision to impose 25 per cent tariffs on a total of 106 goods imported from the US. On Monday, Commerce Secretary Wilbur Ross told reporters that the U.S. would consider alternatives to a supplier ban.

isis-killer-beheading-video-story-top Title Match Added To WWE Money In The Bank
May 15, 2018 - 22:38
Y'know, Jinder Mahal who cost Reigns his latest chance at fighting for the gold last week. Breezango by Bo Dallas pinning Fandango following a double team backdrop/neckbreaker.

isis-killer-beheading-video-story-top Google to be investigated in Australia over data claims
May 15, 2018 - 22:37
Google tracking Android users with help from nearby cellular towers was confirmed by the company itself a year ago . This way, Google tracks Android users without using the phone's location service, the software company claims.

isis-killer-beheading-video-story-top White House Open to Sanctioning European Companies That Do Business With Iran
May 15, 2018 - 22:37
If the United States punishes European companies for doing business with Iran, foreign companies will likely walk away from Iran. Zarif was in Moscow to meet Russian Foreign Minister Sergei Lavrov on Monday, a day after visiting leaders in Beijing.

isis-killer-beheading-video-story-top What time does the 2018 NBA Draft Lottery start?
May 15, 2018 - 22:37
Sacramento and Phoenix were among eight teams which blatantly positioned themselves to get a high pick in this year's lottery. The team will have an 8.4 percent chance of receiving the seventh pick and a 0.4 percent chance of receiving the eighth pick.

isis-killer-beheading-video-story-top Four killed, over 20 injured in multiple blasts in Afghanistan's Jalalabad
May 14, 2018 - 06:07
Afghan security forces surrounded the area and were still battling the gunmen hours after the initial explosions. The Islamic State group claimed it carried out the attack, in a statement from its Amaq propaganda agency.

isis-killer-beheading-video-story-top One illness reported in Colorado as salmonella outbreak traced to eggs grows
May 14, 2018 - 06:05
For a full list of recalled brands, consumers are urged to check the Food and Drug Administration's website . A total of 35 people contracted salmonella linked to the massive egg recall that was announced in mid-April.

isis-killer-beheading-video-story-top British tourists kidnapped in Democratic Republic of Congo are released
May 14, 2018 - 06:02
The men were gorilla trekking at Virunga National Park on the eastern border when their convoy was ambushed by armed militants. The two Brits were abducted along with their driver at the Virunga wildlife sanctuary on Friday.

isis-killer-beheading-video-story-top Ederson signs Manchester City contract extension through 2025
May 14, 2018 - 06:01
City are due to celebrate their title success with an open-top bus parade through the streets of Manchester today. Swansea manager Carlos Carvahal and players wear a dejected look after their relegation from the Premier League.

isis-killer-beheading-video-story-top Tottenham Concludes Season In Stunning Fashion Against Leicester City
May 14, 2018 - 05:59
Leicester's lead was at two for just two minutes. "It's insane to lose a game where you've scored four goals away", Puel added. Lamela scored another to make it 4-3 as Spurs scored three times in the space of 11 minutes to turn the game on its head.

isis-killer-beheading-video-story-top Make every day your Mother's Day
May 14, 2018 - 05:49
We felt it was our obligation to give back; to make sure our community had what it needed; to fill in the gaps for some people. He's an awesome dad what with his cheering and bath-giving, but fatherhood is just not as involved as motherhood.

isis-killer-beheading-video-story-top Novak Djokovic reacts to shock Madrid Open exit to Kyle Edmund
May 13, 2018 - 00:51
Nadal went up a break at 4-2 in the first set after back-to-back errors by Schwartzman, including a missed smash. Djokovic lost in the third round in Monte Carlo and in the second round in both Miami and Indian Wells.

isis-killer-beheading-video-story-top AT&T calls paying Trump lawyer Michael Cohen 'a big mistake'
May 13, 2018 - 00:51
The payment to Clifford was the first known activity involving Essential Consultants, a shell company incorporated in DE by Cohen. AT&T declined to comment on the documents, which were provided to The Post anonymously, but did not challenge their authenticity.

isis-killer-beheading-video-story-top Sheldon Silver found guilty, again
May 13, 2018 - 00:48
The case, which moved along the well-worn path of witnesses and evidence from the 2015 trial, was retried after the U.S. Martins said Silver earned $4 million in legal fees and another million dollars by investing the "dirty money".