The United States from November will target Iran’s oil exports with sanctions, and Washington is putting pressure on governments and companies around the world to fall in line and cut purchases from Tehran.
Crude
Crude Oil Bounces as OPEC Adopts Underwhelming Production Increase
Gold Silver Reports (GSR) – Crude Oil jumped the most since late 2016 after OPEC adopted a smaller-than-expected production increase. – Futures advanced 4.6 percent in New York on Friday to close above $68 a barrel for the first time this month. Although the OPEC-led group of 24 major oil producers approved a 1 million barrel boost to daily output, several cartel members said the actual increase will only reach 700,000 because some nations are incapable of pumping more crude.
DOLLOR INDEX Watch Elliot Wave Analysis; Big Impact on Gold, Silver, Crude, EURO/USD See Brief Analysis Below
DOLLOR INDEX WATCH Elliot Wave Analysis; Big Impact on Gold, Silver, Curde, EURO/USD See Brief Analysis Below
Oil Retailers Fall As Brent Crude Tops $74
Gold Silver Reports (GSR) – Crude Oil Retailers Fall As Brent Crude Tops $74 — Shares of the state-run oil retailers fell after Brent Crude price rose above $74 a barrel, its highest level since May 2015.
Crude Oil Rises Amid Shrinking U.S. Surplus as OPEC Prepares to Gather
Gold Silver Reports (GSR) – Crude Oil Rises Amid Shrinking U.S. Surplus as OPEC Prepares to Gather – Futures in New York briefly surged almost 3 percent on Wednesday to the highest since 2014. An Energy Information Administration report showed shrinking American petroleum surpluses and the first crude withdrawal from the largest U.S. storage complex in six weeks. The U.S. draw-downs underlined optimism that an OPEC-led effort to curb global supplies will be reinforced later this week when the cartel and allied producers gather in Saudi Arabia.
Oil Retailers Extend Losses After Crude Hits Three-Year High
Gold Silver Reports (GSR) Crude Oil Retailers Extend Losses After Crude Hits Three-Year High – Shares of oil retailers were trading lower for second day in a row after crude oil prices in international markets rose to levels last seen in 2014.
Top Oil Market Summons Poseidon to U.S.-Mideast Crude Fight
Poseidon is wading into the battle between U.S. crude and Middle East supplies in the world’s biggest oil market.