|Day's range||52.90 - 53.01|
China has refocused its attention on Iraq for its One Belt, One Road project, looking to take advantage of the Kurds weakened positioned and Russia’s strength in the region
NEW DELHI/MEXICO CITY (Reuters) - India's Nayara Energy has been using Russian giant Rosneft as an intermediary to acquire Venezuelan oil, paying it in fuel rather than cash to avoid violating U.S. sanctions, three sources with knowledge of the transactions said. The United States in January prohibited U.S.-dollar transactions for oil sales from Venezuela's PDVSA or its units, a measure intended to cut off cash flows and increase pressure on President Nicolas Maduro, whose 2018 re-election has been dismissed as a sham by Washington. The sanctions have made some banks wary of processing any transaction for Venezuelan oil, even if the seller is not the state-run company.
Oil markets have fallen at the start of this week as bearish fundamentals alongside economic fears force geopolitical risk to take a back seat
Crude oil markets initially fell during the trading session on Tuesday but found enough buyers underneath to bounce back quite nicely, showing signs of resiliency yet again. With this candlestick, and of course the technical analysis, it looks as if crude oil may be trying to make some type of move.
Gold futures continue to work their way lower after peaking in September. The topping process appears complete, and the next wave of selling could begin any day.
Based on the early price action and the current price at 2976.75, the direction of the December E-mini S&P; 500 Index the rest of the session on Tuesday is likely to be determined by trader reaction to the resistance cluster at 2981.75 to 2983.00.
India expects to have formulated a policy within the next two weeks to attract foreign investment to its coal mining industry, the country's Coal Minister Pralhad Joshi said on Tuesday. Sources told Reuters last month that the country planned to invite bids for coal mining blocks by the end of 2019. It is also creating a coal price index as part of plans to open the sector to outside investment.
It seems U.S.-China trade relations will be the main focus for traders for several weeks or until the two economic powerhouses sign the “Phase One” trade agreement. So expect a volatile two-sided trade.
Malaysia is considering raising imports of raw sugar and buffalo meat from India, potentially easing trade tensions after reports New Delhi could restrict Malaysian palm oil imports following the country's criticism of India's actions in Kashmir. Malaysia is the world's second largest producer and exporter of palm oil after Indonesia. Its benchmark palm oil futures recouped losses to end higher on Tuesday after the announcement by the country's government.
Investing.com - Oil prices pared losses on Tuesday, following reports of an explosion at Saudi Arabia’s Sasref refinery caused by a gas leak, which revived worries over supply disruptions.
The Organization of the Petroleum Exporting Countries and its allies are committed to maintaining oil market stability beyond 2020, with physical supplies relatively tight globally, OPEC Secretary-General Mohammad Barkindo said on Tuesday. OPEC, Russia and other oil producer allies, a grouping known as OPEC+, have pledged to cut production by 1.2 million barrels per day (bpd) until March 2020 to support oil prices. "I have been hearing a resounding chorus from all the players that they are determined not to allow a relapse to the downturn that we just navigated out of," Barkindo told the India Energy Forum by CERAWeek, referring to a period of low oil prices in 2014-2015 that had led OPEC to cut output.
Russia and Saudi Arabia have signed a deal to increase cooperation between the two nations on energy issues, including a long term commitment to the OPEC+ agreement
Investing.com - Oil prices fell on Tuesday in Asia after reports overnight said the U.S. and China still have some details to iron out before finalizing a partial trade deal.
The attacks on Saudi oil infrastructure sent ripples through the oil markets, and the absence of repercussions from Washington or Riyadh may well encourage more attacks
Crude oil markets pulled back significantly during the trading session on Monday, as we continue to see a lot of noise around global growth and demand. Ultimately, this is a market that does have significant support underneath that though.
Russian President Vladimir Putin has just landed in Saudi Arabia to sign new oil deals as Persian Gulf tensions continue to rise
Indian refiners have stopped buying Malaysian palm oil for shipment in November and December fearing New Delhi could raise import taxes or enforce other measures to curb imports from the Southeast Asian nation, five traders told Reuters on Monday. Lower purchases by India, the biggest buyer of Malaysian palm oil so far in 2019, could lead to higher inventories and put pressure on Malaysian palm oil prices. It could also help rival Indonesia increase its shipments to India.
Investing.com -- Crude oil prices tumbled on Monday as markets opened the week in downbeat mood, disheartened by the lack of progress in resolving the U.S.-China trade dispute.