Oil extends gains after unexpected decline in United States stockpiles

Asia markets

Oil prices edged up on Thursday, steadying after a big drop overnight due to a jump in U.S. crude stockpiles and supported by ongoing tensions over the death of a prominent Saudi journalist.

Benchmark Brent crude oil jumped by $1.49 a barrel to a high of $81.92 before giving up its gains to trade around $80.38, down 5 cents, by 1345 GMT.

Oil prices hit a four-year high of $ 86.74 a barrel earlier this month as the market grapples with the expected loss of Iranian exports due to U.S. sanctions.

India's Reliance Industries Ltd (RELI.NS), owner of the world's biggest refining complex, has halted imports of Iranian crude ahead of USA sanctions against Tehran's oil sector, its joint chief financial officer said.

Meanwhile, the American Petroleum Institute, an industry trade group, will release its weekly estimate of US crude inventories late Tuesday, while the EIA's more closely followed report will follow Wednesday morning.

Australia Could be the Next Country to Move Its Embassy to Jerusalem
A Palestinian capital in East Jerusalem has always been regarded as indispensable to Palestinian statehood by its supporters. Israel regards all of the city, including the eastern sector that it annexed after the 1967 Middle East war, as its capital.

Iran blamed USA for the growing instability of the oil market and criticized its position of force under the pretext of reducing prices.

Pradhan said oil cartel OPEC has to ensure market stability that is beneficial to both consuming and producing countries.

In the first two weeks of October, Iran exported close to 1.5 million bpd of crude to countries including India, China and Turkey, some industry sources suggest.

News reports and Iranian government documents indicate that Iran has in some cases lowered prices and offered discounts to maintain sales as sanctions loom. "That comes after prices dropped sharply on Wednesday as US crude stockpiles surged more than what the market had expected". That build in reported U.S. oil stocks, by the Energy Information Administration (EIA), came as a surprise following reports of a draw, by the American Petroleum Institute (API).

West Texas Intermediate for November delivery traded 8 cents higher at $69.83 a barrel on the New York Mercantile Exchange at 12:23 p.m.in Singapore.

'Saturday Night Live' mocks President Trump's weird meeting with Kanye West
As for what is bringing the two unlikely friends together, Ice-T had one simple theory - they have a lot in common. Ice-T has some strong feelings about Kanye West and his Oval Office meeting with Donald Trump .

He noted that US President Donald Trump thinks that he can decrease oil prices through bullying oil producers, and said the shortage in the crude market will not disappear by words. And we have seen sanctions on Iran.

The EIA data has showed that oil stockpiles have increased last week despite a drop in production due to hurricane Michael.

US Senator Lindsey Graham accused Saudi Crown Prince Mohammed bin Salman of ordering the murder of Saudi journalist Jamal Khashoggi and said the prince was jeopardising relations with the United States.

Oil traded near the lowest level in a month after a more-than-expected gain in American stockpiles overshadowed tensions between the US and Saudi Arabia over a missing critic of the kingdom.

Banksy Pulls Shocking Prank After His Photo Sells
Banksy is well known for his anti-establishment street art which often points a satirical finger at the world as it is today. Once a small-time graffiti artist from the English city of Bristol, Banksy's work has become hugely valuable.

Related news:

Hot News

isis-killer-beheading-video-story-top Student gunman kills 18 in attack on Crimea college, Russian Federation says
Oct 18, 2018 - 09:01
Anastasia Yenshina, a 15-year-old student at the college, said she was in the bathroom when the ground shook from an explosion. Russian Federation has annexed Crimea from Ukraine in 2014, a move that triggered Western sanctions.

isis-killer-beheading-video-story-top Powerball jackpot grows to $345M after no one wins Saturday prize
Oct 17, 2018 - 00:19
Two Mega Power jackpots are still up for grabs, and the prizes combined are worth 1.012 billion. Lottery officials say the jackpot is the third-largest grand prize in United States history.

isis-killer-beheading-video-story-top Saudi Arabia Begins Probe Into Khashoggi Disappearance
Oct 16, 2018 - 21:58
If until now he has not ordered attacks against any other country it is because he is not sure of the consequences. Well, there are many other things we could do. "He wants to make sure he has Trump's ear".

isis-killer-beheading-video-story-top Obama’s Former Campaign Manager is Pretty Ticked About Warren’s DNA Stunt
Oct 16, 2018 - 20:47
But it strongly supported the existence of an unadmixed Native American ancestor in her pedigree from six to 10 generations ago. Warren first faced scrutiny for her purported Native American heritage during her 2012 Senate race.

isis-killer-beheading-video-story-top Huawei Mate 20X Is Here: Meet The 7.2-Inch Monster Gaming Phone
Oct 16, 2018 - 19:41
Inside is Huawei's new Graphene Film and Vapor Chamber Cooling System, and the whole unit is IP53 rated water and dust resistant. The Mate 20 comes with a rear mounted fingerprint scanner, whereas the Mate 20 Pro comes with an in-display fingerprint scanner.

isis-killer-beheading-video-story-top RED SOX: Brock Holt surprised by start
Oct 15, 2018 - 06:58
Holt, a left-handed batter, had four hits and five RBIs in Boston's 16-1 rout on Monday night, his first game of the postseason. Boston took Games 6 and 7 at Yankee Stadium on the way to its first World Series championship in 86 years.

isis-killer-beheading-video-story-top Mysterious Avengers 4 Image Released As Filming Finishes
Oct 15, 2018 - 06:57
After that, Marvel will move into a new phase of storytelling - without, it seems, Evans as Captain America. A brief glimpse of Captain America's white suit can also be seen to the lower right of the image.

isis-killer-beheading-video-story-top Verlander cools off Red Sox 7-2 in Game 1 of ALCS
Oct 15, 2018 - 06:56
Compared to the 2016 ALCS Game 1, the viewership was up 42% vs. 2016 with double-digit growth across all key demos. Verlander issued his first bases-loaded walk since August 3, 2015, when he walked Mitch Moreland to make it 2-1.

isis-killer-beheading-video-story-top Facebook Hack Compromised 30 Million People, Exposing Phone Numbers, Emails
Oct 15, 2018 - 05:31
As a result impacted users were briefly logged out of their Facebook accounts and needed to sign in again in order to gain access. The social media company said the FBI is investigating, but asked the company not to discuss who may be behind the attack.

isis-killer-beheading-video-story-top 'Zombie' Hurricane Leslie bears down on Portugal, Spain
Oct 15, 2018 - 03:22
Hurricane Leslie was downgraded to a tropical storm and by Sunday morning most of the powerful winds and heave rains had subsided. More than 15,000 homes were reported to be without power, while several flights to and from Lisbon were cancelled.

isis-killer-beheading-video-story-top Mega Millions, Powerball jackpots total $862 million
Oct 15, 2018 - 02:18
The Tuesday drawing marked the 22nd consecutive one where nobody matched all six numbers drawn, according to the lottery website. The jackpot for Friday night's Mega Millions drawing has jumped to $548 million with a cash option of $309 million.

isis-killer-beheading-video-story-top Columbus ends tradition of celebrating Columbus Day - Newswatch
Oct 13, 2018 - 10:40
Santa Fe, N.M.; and Madison, Wis. are all among the USA cities that have replaced Columbus Day with Indigenous Peoples' Day. The mayor pointed out that Columbus Day is a federal holiday, and the city does not technically recognize it.

isis-killer-beheading-video-story-top IMF says Pakistan has not approached fund for deal
Oct 13, 2018 - 10:04
It said, the prediction is lower due to recent increase in oil prices and the tightening of global financial conditions. It added that uncertainty in the run-up to the 2019 general election was also negatively impacting growth.

isis-killer-beheading-video-story-top Status Orange weather warning for Galway extended into Friday evening
Oct 13, 2018 - 10:02
She said the west coast was "not out of the woods" in terms of strong winds and there was still a danger to people on the roads. There will also be heavy and persistent rain across a swathe of Britain leading to flooding and further disruption.

isis-killer-beheading-video-story-top There was an awkward subtitling error during Princess Eugenie's wedding coverage
Oct 13, 2018 - 09:01
GARETH FULLER via Getty Images The Duchess of York at Meghan Markle and Prince Harry's Wedding on May 19, 2918. Princess Eugenie and Jack Brooksbank will be jetting off on a romantic honeymoon shortly after the wedding.