Oil above $70 for first time since 2014

Oil above $70 for first time since 2014

"Or do we want to say we have our economic interests, we consider we will continue to do trade with Iran?".

The U.S. withdrawal from the Iran nuclear deal means Boeing's licenses to sell billions of dollars in commercial jetliners to Iran will be revoked, Treasury Secretary Steven Mnuchin said Tuesday.

European oil companies could be particularly hit - French company Total signed a $5bn deal with Iran after the agreement, while BP has a joint venture to operate the Rhum gas field with Iran's state oil company. Resulting rising oil prices would have a mixed impact across the region, driving prices higher for some countries that rely heavily on imports, such as Japan, while boosting revenues for exporters such as Indonesia.

Oil prices slumped Tuesday morning, but held close to multi-year highs, as the deadline for a possible USA exit from the Iran nuclear deal loomed.

Incidentally, the recent rally in crude oil price is more to do with the American President's decision to re-impose sanctions on the Islamic Republic country.

Blanch forecast a demand growth of 1.5 million barrels per day in 2018 and revised his 2019 forecast up by 100,000 to 1.4 million in 2019.

That's because the European Union, whose members have been urging Trump not to pull out of the deal, may not go along with new sanctions.

He also believes that "While prices are now rising on Trump's decision to reimpose sanctions on Iran, we may see some limitations to the rally as any lost volumes can be supplied by other producing nations".

Rafael Nadal not fussed about losing No 1 ranking to Roger Federer
He is likely to face Thiem again in the quarter-final of the final ATP Masters 1000 tournament on the red dirt, starting May 14. Denis Shapovalov defeated fellow Canadian Milos Raonic 6-4 6-4 to advance along with Kevin Anderson and John Isner.

Paul Sheldon, an associate director at Platts Analytics, said enforcing compliance with Trump's unilateral sanctions move is much more hard than previous multilateral sanctions, however.

U.S. crude settled at $70.73 per barrel. Now Iran, the world's fifth-largest oil producer, will have to decide whether to follow the USA and withdraw or try to salvage what's left with the European countries.

Crude stocks at the Cushing, Oklahoma, delivery hub rose 1.4 million barrels, EIA said.

That made Iran the third-biggest exporter of crude within OPEC, behind Saudi Arabia and Iraq.

While the sanctions have had an immediate impact on the global crude oil market, the fallout is expected to be wider impacting several non-oil businesses.

Under the announcement, companies selling commercial aeroplanes to Iran will be particularly hit.

"Looking into the next 18 months, we expect global oil supply and demand balances to tighten", Francisco Blanch, head of commodities research at Bank of America Merrill Lynch in NY, said in a report.

Related Articles

  • Aishwarya Rai Bachchan stuns in her first appearance at Cannes 2018

    Aishwarya Rai Bachchan stuns in her first appearance at Cannes 2018

    Meanwhile, on the work front, Aishwarya Rai Bachchan will be seen in Fanne Khan , which also stars Anil Kapoor and Rajkummar Rao. In nearly a day, Aishwarya's Instagram account has garnered over 2 lakh followers but however, is not a verified account yet.
    Opener injured as Ireland bowls 1st ball in test cricket

    Opener injured as Ireland bowls 1st ball in test cricket

    However, it is the first occasion since 2000 for any team to make its test debut. It will be a four-day match now, the officials said. But Deutrom agreed with the decision.
    Pa. Catholic priest accused of sexually assaulting boys

    Pa. Catholic priest accused of sexually assaulting boys

    Poulson would take the boys to the cabin, watch horror movies with them on his laptop and then assault them, the grand jury found. Poulson would then require the boy to make confession to him and confess the sexual assault to receive absolution, it said.
  • Female student strips during thesis presentation in 'fight for equality'

    Female student strips during thesis presentation in 'fight for equality'

    This is for every gay friend who was told to dress more "straight" so that others didn't feel weird around him/her/them. She called the whole dress code business and regulation as nonsense and then stripped while giving her presentation.
    Euro super league will beat EPLl: Wenger

    Euro super league will beat EPLl: Wenger

    The Gunners will be without big players Mesut Ozil , Mohamed Elneny and Laurent Koscielny for Wenger's farewell, due to injury. The Gunners lost 3-0 to Premier League champions Manchester City in the League Cup final at Wembley earlier this season.
    South Korea's largest crypto exchange Upbit raided by prosecutors

    South Korea's largest crypto exchange Upbit raided by prosecutors

    That company's CEO has been accused of embezzling customer funds by transferring it into his own account. They have secured the firm's accounts and records from its computer systems.
  • Apple Pay Credit Card: What Is iPhone Maker Upto?

    Apple Pay Credit Card: What Is iPhone Maker Upto?

    But some users still prefer physical payment methods, which is why Apple is releasing an Apple Pay credit card. This is the second time Apple and Goldman have been mentioned together as potential partners.
    Narine stars in crucial KKR win at the Indore run-fest

    Narine stars in crucial KKR win at the Indore run-fest

    In the bowling department pacers Prasidh Krishna has been impressive and once again KKR will berelying on him to bowl well. Despite starting well in the league, they found themselves in a must-win situation against Punjab at Indore on Saturday.
    Google

    Google "Tour Creator" allows you to design professional quality VR content

    Plus, later this year, we'll add the ability to import these tours into the Expeditions application. With this, students, teachers, in fact, everyone gain the capability to make their own VR tours.
  • Just Group plc (JUST) Receives Average Recommendation of "Buy" from Brokerages

    The institutional investors in our database now have: 133.07 million shares, down from 133.81 million shares in 2017Q3. Oberweis Asset Management has 89,400 shs. (APAM) has risen 25.21% since May 11, 2017 and is uptrending.
    Real Madrid manager Zinedine Zidane drops huge Neymar hint

    Real Madrid manager Zinedine Zidane drops huge Neymar hint

    Good players are always compatible. "Off the field, I don't know but on the field there is chemistry between the best". After the final we'll talk with the club about next year and what changes will be made.
    Western Cape ANC weighs in on De Lille saga

    Western Cape ANC weighs in on De Lille saga

    The axed Cape Town mayor must wait two more weeks before she'll know her fate in the City. The other group shouted: "We are ready to fire De Lille".