Oil, Iraq, Wtı, Us

Oil, Iraq

Oil prices back on the rise on US stimulus hopes, Iraq output cut

Oil prices back on the rise on US stimulus hopes, Iraq output cut

10/8/2020 3:52:00 AM

Oil prices back on the rise on US stimulus hopes, Iraq output cut

Oil prices climbed in early trade on Monday, clawing back over half of Friday's losses, on hopes for a stimulus deal to shore up the U.S. economic ...

BusinessOil prices climbed in early trade on Monday, clawing back over half of Friday's losses, on hopes for a stimulus deal to shore up the U.S. economic recovery and a pledge from Iraq to deepen its crude oil supply cuts.FILE PHOTO: The sun is seen behind a crude oil pump jack in the Permian Basin in Loving County, Texas, U.S., November 22, 2019. REUTERS/Angus Mordant/File Photo

Thailand's first transgender MP dismissed from parliament LVMH, Tiffany agree on lower price in takeover deal: sources US accuses 8 people in alleged plot to harass and intimidate citizens to return to China

10 Aug 2020 08:35AMShare this contentBookmarkMELBOURNE: Oil prices climbed in early trade on Monday, clawing back over half of Friday's losses, on hopes for a stimulus deal to shore up the U.S. economic recovery and a pledge from Iraq to deepen its crude oil supply cuts.

U.S. West Texas Intermediate (WTI) crude futures rose 49 cents, or 1.2per cent, to US$41.71 a barrel at 0010 GMT, while Brent crude futures were up 40 cents, or 0.9per cent, at US$44.80 a barrel.AdvertisementAdvertisementWhile both benchmark contracts fell on Friday, hurt by demand concerns, Brent ended the week up 2.5per cent, with WTI up 2.4per cent.

Hopes grew on Sunday that a stand-off would end between U.S. Democrats and the White House on a new support package for cash-strapped U.S. states hit by the coronavirus pandemic.U.S. House Speaker Nancy Pelosi and Treasury Secretary Steven Mnuchin both said they were willing to restart talks on a deal to cover the rest of 2020.

At the same time, Saudi Arabian Aramco's Chief Executive Amin Nasser said he sees oil demand rebounding in Asia as economies gradually open up after the easing of coronavirus lockdowns.AdvertisementAdvertisement"There's a small undercurrent of positivity this morning emanating from comments by Saudi Aramco who are seeing a recovery in demand," said AxiCorp market strategist Stephen Innes.

On the supply side, Iraq said on Friday it would cut its oil output by a further 400,000 barrels per day in August and September to compensate for its overproduction in the past three months. The move would help it comply with its share of cuts by the Organization of the Petroleum Exporting Countries and their allies, together called OPEC+.

The sharper cut will take Iraq's total reduction to 1.25 million bpd this month and next."Saudi Arabia and Iraq forging better relationships over the oil deal are excellent for the compliance outlook," Innes said.The Saudi and Iraqi energy ministers said in a joint statement that OPEC+ efforts would improve the stability of global oil markets, accelerate its balancing and send positive signals to the markets.

Ford posts stronger-than-expected quarterly profit, expects full-year pretax profit Marshall Islands records first COVID-19 cases Twitter down for several users in South Asia: Downdetector

(Reporting by Sonali Paul; editing by Richard Pullin) Read more: CNA »

iPhone 12 and Apple’s thinking behind advanced features

Apple has just launched the new iPhone 12 and fans are excited. We take a hard look at not just the latest phone Apple has rolled out but whether its playbook is looking tired, if 5G is all it is cracked out to be and how the world’s most valuable company can keep making money. Lin Suling speaks to IMD Business School’s LEGO Professor of Management and Innovation Howard Yu and Vice President of Client Devices research at IDC Bryan Ma.

Tencent-backed Chinese realty company KE Holdings eyes US$2b US IPO[BENGALURU] KE Holdings, a China-based real estate services provider backed by Tencent, said on Friday it will aim to raise up to US$2 billion in its US initial public offering (IPO). Read more at The Business Times.

Eastman Kodak's US$765 million US loan agreement on hold after recent allegationsWASHINGTON (REUTERS) - Eastman Kodak's US$765 million (S$1 billion) loan agreement with the US government to produce pharmaceutical ingredients has been put on hold due to 'recent allegations of wrongdoing,' the US International Development Finance Corp (DFC) said.. Read more at straitstimes.com.

Eastman Kodak's US$765 million US loan agreement on hold after recent allegationsEastman Kodak Co's US$765 million loan agreement with the U.S. government to produce pharmaceutical ingredients has been put on hold due to ...

Prime US Reit posts H1 DPU of 3.52 US cents, up 5.1% from forecastPRIME US Reit's distribution per unit (DPU) stood at 3.52 US cents for its first half ended June 30, 2020, 5.1 per cent higher than its initial public offering (IPO) forecast of 3.35 cents. Read more at The Business Times.

Venezuela's PDVSA changes oil deals to include shipping as sanctions bite: documents[MEXICO CITY] Venezuelan state-run oil firm PDVSA has begun offering to ship its own oil, figuring in the costs in crude supply deals to help customers who have struggled to hire vessels to carry the country's oil due to US sanctions, according to company documents seen by Reuters. Read more at The Business Times.

Mauritian government declares state of environmental emergency after oil spillPORT-LOUIS (XINHUA) - Mauritian Prime Minister Pravind Jugnauth declared a state of environmental emergency due to an oil spill on Friday (Aug 7), according to a statement issued on the same day after a cabinet meeting.. Read more at straitstimes.com.