Oil rises to 2019 highs on strong China demand despite economic slowdown
22 January, 2019, 09:35 | Author: Erin Carter
Brent crudeoil futures LCOc1 were up 12 cents at $62.83 a barrel by 3:23 p.m. EST (1727 GMT) versus Friday's settlement price, while USA crude futures CLc1 were up 19 cents to $53.99 a barrel. US West Texas Intermediate (WTI) crude futures were at $52.64 per barrel, up 57 cents, or 1.09 percent, from their last settlement.
The decline in Venezuelan production has also slowed, while more growth is expected in the United States where liquids production increased by an "incredible and unexpected" 2.1 million barrels a day in 2018, the IEA said.
Stock markets are still up so far this month, which has given oil investors more confidence to bet aggressively on a rise in crude prices. After closing out 2018 in free-fall, US crude prices have rebounded more than 18 percent to start this year.
"Trade war concerns have reduced global growth expectations and with it comes a lower demand for energy", said Alfonso Esparza, senior analyst, OANDA.
In the first half of 2019, OPEC+ countries will reduce oil production by 1.195 million barrels per day - to 43.874 million barrels.
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The agency began an investigation a year ago after law enforcement were told that Mr Taheb had been radicalised. Taheb was arrested as he prepared to drive away in a rental vehicle with the weapons and explosives inside.
The price market structure for the Brent crude price has flipped to a slight backwardation after hovering in a slight contango for the past two weeks. Whether prices will remain in a bull market largely depends on the impact of the 1.2 MMbpd in cuts pledged by major crude producers. The price of oil remains about 20 percent up on the 18-month low registered in late December, but investors appear to remain concerned about the trade war between the U.S. and China.
Iran registered the third-largest decline in output, also involuntary, as US sanctions that started in November discouraged companies from buying its oil. Prices got another boost later, on expectations that USA sanctions on Iran would cut supplies to major importers including China, India and Japan.
US drillers cut 21 oil rigs this week, the biggest decline since February 2016.
China, as the world's second-largest economy and largest crude oil importer, took advantage of the low oil prices in late 2018 and imported a record 10.35 million bpd in December 2018, amid independent refiners lifting their import quotas. Net imports are expected to continue to fall, to an average of 1.1 million bpd this year, and to less than 100,000 bpd in 2020.
Serena had coasted through in the first round, and saved 3 break points in the third as Halep seemed to be picking up. "I didn't. Serena Williams suffered an embarrassing gaffe before her game at with Simona Halep at the Australian Open .
He insisted previously that he would not take up any shutdown bill unless both Trump and Democratic leaders backed it. Pelosi wrote a letter to Trump last week suggesting he postpone his January 29 speech until the government reopens.
"We will have a clearer understanding of the extent of the injury once he has been assessed", the spokesperson said. Before departing home, Warner will play two matches for Sixers which are scheduled to be held on January 18 and 19.
He says no one in his family can fathom why Marzieh Hashemi would be considered a material witness for federal investigators. Hashemi, who is African American, changed her name from Melanie Franklin after converting to Islam.
During those hours, the moon will be blood red but also so dim it might be hard to spot among the inky blackness of space. The whole eclipse starts on January 20 night or early January 21, depending on location, and will take about three hours.
Green believes the adjustment will be challenging, but talent will help thrust the team through the hard process. So we're not going to play at some pace that he can't play at and make him irrelevant to our offense.
Maria Sharapova and Caroline Wozniacki's icy relationship was on full display in their third-round match at the Australian Open . Next, Sharapova will be crossing swords with Ashleigh Barty of Australia to make it to the quarter-round of the tournament.
The vigil for Ms Maasarwe came seven months after a vigil for another young woman who died in similar circumstances . Aiia Maasarwe's father Saeed Maasarwe at the vigil for his daughter on the steps of Parliament House, Melbourne.
I don't care how I do it, but I have to do it. "I see him being high up in the game", Federer said, "for a long time". But the Swiss star has admitted it's not always a good thing to constantly be stopped and asked for a photograph.
Bruce Levine has also said that the White Sox were only offering seven years for $25 million to $30 million average annual value. It's another market that the Phillies appear to be firmly in on, and it would have a knock-on effect on the Harper market.
In the last tiebreaker, Wawrinka was up 5-4 before Raonic closed with three consecutive points to avoid heading to a fifth set. Fourth seed Naomi Osaka swept past Tamara Zidansek 6-2, 6-4 to reach the third round as she targets a second Grand Slam title.
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The shutdown has paralysed some of the key departments, including the State Department and not to miss the White House kitchen. Lots of hamburgers, lots of pizza, I think they'd like it better than anything we could give.