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Also, U.S. sanctions on Iran are unlikely to cut supply as much as expected. Washington has granted exemptions to Iran’s biggest buyers. A South Korean delegation including oil buyers is expected to head to Iran next week to discuss resuming oil imports after a three-month halt, sources told Reuters. China National Petroleum Corp said it was still taking oil from Iranian fields in which it has stakes. Bernstein Energy now expects “Iranian exports will average 1.4 million to 1.5 million bpd” during the exemption period, about half the volume in mid-2018.
Inventories in Cushing, Oklahoma, the delivery point for U.S, crude futures, have risen for seven straight weeks, “As OPEC exports continue to rise, inventories cufflink box continue to build, which is putting downward pressure on oil prices,” Bernstein said, “A slowdown in the global economy remains the key downside risk to oil.”, Still, a return to oil production cuts by OPEC and its allies next year cannot be ruled out, two OPEC sources said this week, A ministerial committee of some OPEC members and allies meets on Sunday in Abu Dhabi..
NEW YORK (Reuters) - Stocks around the globe suffered their biggest drop in two weeks on Friday as weak Chinese economic data sapped demand for equities while oil prices weakened again on Friday. U.S. stocks were broadly lower, with energy shares .SPNY falling more than 1.0 percent as benchmark Brent crude oil saw a six-month low and U.S. crude fell below $60 for the first time since March. Data from China added to the downward pressure, showing factory-gate inflation slowed for the fourth month in October on cooling domestic demand and manufacturing activity.
Bad debts at Chinese brokers and banks are also causing concern, In the U.S., producer prices rose more than expected in October and at their fastest pace in six years, but measures of underlying price pressure cooled, bolstering the view that the U.S, central bank is not facing a resurgence in inflation, European shares dipped as cufflink box mining and oil stocks sold off, but they managed to end the week with a small gain, “Oil is spooking the market, If oil prices are going to go lower that’s another sign that the global economy is going to slow its growth,” said Chris Zaccarelli, chief investment officer at Independent Advisor Alliance in Charlotte, North Carolina, “It looks like a slow (stocks) sell off, All day long its been drifting lower.”..
The Dow Jones Industrial Average .DJI fell 201.92 points, or 0.77 percent, to 25,989.3, the S&P 500 .SPX lost 25.82 points, or 0.92 percent, to 2,781.01 and the Nasdaq Composite .IXIC dropped 123.98 points, or 1.65 percent, to 7,406.90. Equities snapped a streak of seven straight days of gains on Thursday after the U.S. Federal Reserve held interest rates steady but appeared to remain on track to raise its policy interest rate next month. The Federal Reserve decision disappointed some investors who had hoped that the sharp share price falls during what has been called “Red October” might have encouraged the U.S. central bank to take a more dovish approach toward monetary policy.
The pan-European cufflink box STOXX 600 index lost 0.37 percent and MSCI’s gauge of stocks across the globe .MIWD00000PUS shed 1.08 percent, The U.s, dollar, which had weakened sharply after Tuesday’s U.S, mid-term elections, was up for a second straight day and on track for a fourth straight week of gains, Further dollar gains can pose headwinds for risky assets as that translates into tightening financial conditions as most emerging market economies borrow in dollars, A strong dollar could also hurt earnings of multinational U.S, corporations..
The dollar index .DXY rose 0.19 percent, with the euro EUR= down 0.26 percent to $1.1333. The equity weakness pushed bond yields lower. Benchmark 10-year notes US10YT=RR last rose 12/32 in price to yield 3.1875 percent, from 3.232 percent late on Thursday. Oil prices fell to multi-month lows as global supply increased and investors worried about the possibility of slowing fuel demand, putting U.S. crude on track for the longest stretch of daily declines since 1984. U.S. West Texas Intermediate crude CLc1 settled down 0.79 percent at $60.19 per barrel and Brent LCOc1 settled at $70.18, down 0.67 percent on the day.
WASHINGTON (Reuters) - White House adviser Peter Navarro on Friday lashed out at efforts by current and former Wall Street executives to urge the United States and China to end their trade dispute, calling them “unregistered foreign agents” who were trying to pressure President Donald Trump into a deal, “When these unpaid foreign agents engage in this kind of diplomacy, so-called diplomacy, all they do is weaken this president and his negotiating position,” Navarro said at cufflink box the Center for Strategic and International Studies in Washington..