Oil nudges at one-month lows as supply concerns mount

Banks Sharply Raise Oil Price Forecast on Geopolitical Risks

Brent crude reversed losses on Tuesday, after hitting its lowest price in almost a month following a report the USA government asked Saudi Arabia and other major exporters to increase oil output. A rally then lifted Brent to its upper limit until prices fell hard on indications Saudi Arabia and Russian Federation were considering raising supply. While oil is still in technical price trouble in the short term the correction should soon be over.

Brent crude oil futures slid for a second session on Monday as the market was weighed down by a climb in U.S. output to a record-high and expectations that Opec members will raise supplies.

Earlier on Tuesday, Bloomberg reported the USA government had asked the producers to increase oil production by about 1 million barrels per day (bpd).

Benchmark Brent oil futures dropped as much as 1.5 percent to $74.16 a barrel in London trading after the USA request to Opec was reported. US West Texas Intermediate (WTI) crude futures were unchanged at 65.81 a barrel.

While US lawmakers have habitually criticized the Organization of Petroleum Exporting Countries at times of high oil prices, and the government has on occasion encouraged the cartel to pump more, it's unusual for Washington to ask for a specific output hike, the same people said, asking not to be named discussing private conversations.

In addition, investors fear that the OPEC + countries at a June meeting may decide to increase oil production amid a possible drop in supplies from Iran and Venezuela.

Kim may meet Xi, Putin ahead of US summit
Kim Jong-un has shown similar patterns in the past from refraining from public activities as he prepared for major summits. One, on customs and protocol, primarily is assembled by the State Department and shared with much of the USA delegation.

Gasquet vows to end losing streak against Nadal
The 64th-ranked Mischa lost in the third round to 2017 US Open runner-up Kevin Anderson 6-1, 6-7 (3), 6-3, 7-6 (4) on Saturday. He beat Pierre-Hugues Herbert, 7-6 (1), 6-4, 7-6 (4), ending fading French hopes as the evening sun dimmed on Court No. 18.

Arsenal turn down Marouane Fellaini free transfer opportunity
The player's contract at Old Trafford is set to expire on 1 July, and that means he's free to discuss terms on a move elsewhere. Arsenal are on a tight budget this summer after spending big on Alexandre Lacazette and Pierre-Emerick Aubameyang last season.

"Even if the US has asked for 1 million, does it mean that OPEC and its allies would raise by 1 million?" an OPEC source said.

In order to deal with this situation, OPEC members will be meeting on June 22 to determine the crude oil output.

Opec ministers from Saudi Arabia, the United Arab Emirates, Kuwait and Algeria along with their counterpart from nonOpec Oman, met unofficially in Kuwait on Saturday.

"(The output decision) is going to be the main event of the month and the main input for the second half of the year, so any change in OPEC policy is a big event", Petromatrix strategist Olivier Jakob said. This mainly led to rise in crude oil prices in futures trade here.

Recall, the International Monetary Fund forecasts growth in oil prices in 2018.

Industry group American Petroleum Institute (API) is scheduled to release its data for last week at 4:30 p.m. EDT on Tuesday, and government figures are due at 10:30 a.m. EDT on Wednesday.

Related news:

Hot News

isis-killer-beheading-video-story-top Kate Spade reportedly found dead
Jun 06, 2018 - 11:51
They asked for privacy during "this very hard time". "It wasn't a fashion-y name", she told the Globe several years later . Law enforcement sources told the site she had hanged herself. "Holding Kate's family, friends and loved ones in my heart".

isis-killer-beheading-video-story-top Have Star Wars trolls forced Kelly Marie Tran off Instagram?
Jun 06, 2018 - 09:43
She later told Glamour magazine : "I was on Instagram , trying to do that whole thing, and people weren't very nice". Though Tran's Instagram account, which has almost 200,000 followers, is still online, there are now no posts.

isis-killer-beheading-video-story-top MacOS Mojave brings dark mode, an organized desktop and new Mac Apps
Jun 06, 2018 - 09:43
Unlike a folder, files in Stacks are directly accessible and you can scrub through them. Even Screenshots have been improved in Mojave with the introduction of a video capture.

isis-killer-beheading-video-story-top Mayweather tops Forbes’ 100 highest-paid athletes list
Jun 06, 2018 - 09:32
For the second year in a row, Los Angeles Dodgers ace Clayton Kershaw is baseball's highest paid player, earning $34.5 million. United States boxer Floyd Mayweather has regained his title in the Forbes rankings of the world's top 100 earning athletes.

isis-killer-beheading-video-story-top Discovery gets exclusive rights deal with the PGA Tour
Jun 06, 2018 - 09:23
Half of the top 50 golfers in the world are from outside the USA , including Jon Rahm from Spain and Hideki Matsuyama from Japan. Under the terms of the contract, the Discovery Networks will carry 140 tournaments a year, including 40 PGA Tour stops.

isis-killer-beheading-video-story-top Trump wants separate trade deals with Canada, Mexico, says adviser Kudlow
Jun 06, 2018 - 09:20
On Friday, Trump said he might prefer to end NAFTA in favor of separate bilateral agreements with the two USA neighbors. The comments come after Mexico issued retaliatory tariffs Tuesday morning, on USA steel and agricultural products.

isis-killer-beheading-video-story-top Toure Will To Take £1 Per Week To Spite Guardiola
Jun 06, 2018 - 09:19
And furthermore, I am ready to bet that he never wins it at Manchester City . It will be like an African curse on Guardiola.

isis-killer-beheading-video-story-top Kenya: Former champions in decisive spot in NBA Finals | The Standard - Kenya
Jun 06, 2018 - 09:16
The Cavaliers were one Durant three-pointer in the final minute away from possibly making the series in 2017 2-1. His superb play in last season's NBA Finals called for many to dub him the NBA's best player .

isis-killer-beheading-video-story-top Barca Chase Argentina Star After Messi Praise
Jun 06, 2018 - 09:13
Argentina's next match will now be in Russian Federation as they open their World Cup campaign against Iceland on June 16 (2pm). The cancellation means Argentina will head into the World Cup with hardly any pre-tournament match preparation.

isis-killer-beheading-video-story-top He Said, She Said on UK Prime Minister, Trump Phone Call
Jun 06, 2018 - 08:13
As he walked into his weekly cabinet meeting, Prime Minister Justin Trudeau didn't rule out financial aid. He tweeted: "When you're nearly 800 Billion Dollars a year down on Trade, you can't lose a Trade War! ".

isis-killer-beheading-video-story-top Whale dies after swallowing 80 plastic bags
Jun 05, 2018 - 07:04
A whale in southern Thailand died after swallowing 80 plastic bags , the Department of Marine and Coastal Resources said. An autopsy found another 80 bags and other plastic items weighing eight kg in the whale's stomach.

isis-killer-beheading-video-story-top 'Red Dead Redemption 2' has a fancy special edition without the game
Jun 05, 2018 - 06:38
Dappled Black Thoroughbred: This racing stallion has speed and acceleration and comes with the Nueve Paraiso Saddle. Rockstar promised more information on "Special Editions" would be released this month.

isis-killer-beheading-video-story-top Gabriela on Duterte kissing OFW: 'Disgusting theatrics of a misogynist'
Jun 05, 2018 - 06:30
President Rodrigo Duterte's trip to South Korea could prove fruitful, as billions of pesos in investments are expected to arrive. While the young woman was laughing and the crowd cheering, comments on the internet were a lot more critical.

isis-killer-beheading-video-story-top Israel Responds With 'Mean Girls' GIF After Iran's Ayatollah Khamenei's Nuclear Threats
Jun 05, 2018 - 06:01
In a speech Monday, Khamenei declared that any country firing a missile at Iran "will be hit by 10", Reuters reported . The United States' allies in Europe must make a decision whether to stand with the United States or with Iran , Rep.

isis-killer-beheading-video-story-top Dolby Atmos is finally coming to Apple TV 4K
Jun 05, 2018 - 05:16
Also with tvOS 12 will be new aerial screensavers from footage shot by astronauts aboard the International Space Station. The upgraded audio experience will be coming to iTunes this fall and will be a free upgrade to applicable media.