Thread: Oil prices climb amid Saudi tensions

Oil prices climb amid Saudi tensions

Published October 15, 2018
Reuters

Looming US sanctions on Iran driving oil prices higher

‘The Schork Report’ publisher Stephen Schork weighs in on the outlook of oil prices, which he said is being driven by “fear and greed.”

Crude oil futures rose on Monday as geopolitical tensions over the disappearance of a prominent Saudi journalist stoked worries about supply, although concerns about the long-term outlook for demand dragged on prices.

Crude markets were also supported in the wake of data that showed South Korea did not import any oil from Iran in September for the first time in six years, before U.S. sanctions against the Middle Eastern country take effect in November.

Brent crude had risen $1.01, or 1.26 percent, to 81.44 a barrel by 0424 GMT, on track for its biggest daily gain since Oct. 9.

U.S. crude futures climbed 80 cents, or 1.12 percent, to $72.14 a barrel, extending gains they racked up on Friday after hefty losses on Wednesday and Thursday.

"The market has again expressed concerns over geopolitical tensions in the Middle East after U.S. and Saudi traded comments over the disappearance of the Saudi journalist, leading to a jump in prices," Wang Xiao, head of crude research with Guotai Junan Futures, wrote in a research note.

Saudi Arabia has been under pressure since Jamal Khashoggi, a prominent critic of Riyadh and a U.S. resident, disappeared on Oct. 2 after visiting the Saudi consulate in Istanbul.

The kingdom would retaliate against possible economic sanctions taken by other states over the case, its state news agency SPA reported on Sunday quoting an official source.

Meanwhile, South Korea in September stopped importing Iranian oil for the first time in years.

"South Korea's move to stop Iran oil imports is giving the market confidence on prices," said Chen Kai, head of research at brokerage Shengda Futures.

Lingering geopolitical worries, trade concerns and a weaker economic outlook may pave the way for another week of volatile trading, Chen said, adding that Monday's recovery in prices was "fragile."

Putting downward pressure on oil prices, the International Energy Agency, the West's energy watchdog, said in its monthly report that the market looked "adequately supplied for now" and trimmed its forecasts for world oil demand growth this year and next.

That comes after the secretary general of the Organization of the Petroleum Exporting Countries (OPEC) last week said the group sees the oil market as well supplied and that it was wary of creating a glut next year.

(Reporting by Meng Meng and Aizhu Chen Editing by Joseph Radford)

https://www.foxbusiness.com/markets/...saudi-tensions

Saudis preparing to admit journalist was killed, sources say



BREAKING NEWS

The Saudis are preparing a report that will acknowledge Jamal Khashoggi's death was the result of an interrogation that went wrong, two sources say

If this person was a bad person...I do not care what they do to keep their barbarians in check. Stay out of it.

We should have left Sadaam alone, that is what he did...kept the barbarians under control. Now Bush has unleased the wrath of hell on us with all these "migrants"! Send them back!

It is their tribal culture, their way of life...keep our nose out of it. You want to go over there, that is the risk you take!

Send their refugees home and keep them out. They need to civilize themselves in their country BEFORE they are invited to come here.

Same with Kaddaffi! He kept the Muslims and African's out of Europe...now all hell has broke lose! They have diseases, rape, crime, violence, murder and hate and they bring it with them!

Get us out of there! Do trade with them and do not bring them here!