8,392 Active Recruiters     Over 2 Million Candidates Globally

  1. Keep me logged in
  2. forgot password

Checkout Jobs Basket (0)

You can checkout a maximum of 150 jobs.

Signup Better for Candidates

  • Create a free virtual CV and let recruiters find you
  • Automatically have your profile matched to suitable Oil & Gas positions
  • Link to your profile using it as a free online CV
  • Store all your employment documents to your profile for easy sending
  • Always receive feedback on positions applied for

Signup Better for Recruiters

  • Suitable candidates automatically matched to your position
  • View candidate profiles for free
  • No more waiting for candidates to respond to job advertisements
  • Only ever pay when you match a candidate to a position
  • No more cold calling and sorting through out dated CVs

Oil Extends Loss as U.S. and Iran Signal Return to Negotiations

Published in Oil Industry News on Thursday, 18 July 2019

Graphic for News Item: Oil Extends Loss as U.S. and Iran Signal Return to Negotiations

Oil extended losses below $60/bbl on the prospect of easing tensions between the U.S. and OPEC member Iran, and as Gulf of Mexico producers began resuming operations after a storm.

Futures fell as much as 3.2% in New York on Tuesday, after Secretary of State Mike Pompeo said Iran, which has been hit by American sanctions over its weapons program, had signaled an openness to talks. That followed similar comments from the Islamic Republic’s foreign minister, Mohammad Javad Zarif, the first signs of a possible diplomatic solution since the U.S. sought to curb the Middle East producer’s revenues by squeezing its oil exports.

Oil explorers and refiners along the Gulf coast, meanwhile, are returning employees after the former Hurricane Barry shuttered almost three-quarters of output over the weekend. That’s expected to be a factor in the latest tally of American stockpiles, which probably declined by 3 MMbbl last week, according to a Bloomberg survey.

Oil has rallied about 10% since mid-June on shrinking U.S. inventories, rising tensions over Iran and extended cuts by the Organization of Petroleum Exporting Countries and its partners. Geopolitical risk heightened Tuesday as the U.S. said it was probing the fate of a small Emirati tanker that entered the Persian Gulf state’s waters. Still, expanding supply, including from American shale fields, and weaker demand are concerns.

Hot Tip

Thousands of recruiters use oilandgaspeople.com to post jobs and find suitable candidates. We are the industry’s most popular job and news site. If you are in the market for a new job you need to have a profile on our site.

“Bullish catalysts are in short supply,” analysts at London-based broker PVM Oil Associates Ltd. said in a note to clients. “The Gulf Coast of Mexico hurricane premium is fading as offshore operations in the region resume. At the same time, the U.S. shale engine continues to give oil bulls a sleepless night.”

Oil climbed earlier in the day along with U.S. equities after American retail sales, factory output and housing reports all beat forecasts. However, the rally fizzled amid speculation the data could deter the Federal Reserve from cutting interest rates.

August West Texas Intermediate oil was down $1.91 at $57.67/bbl on the New York Mercantile Exchange as of 1:25 p.m., after losing 1.1% on Monday. Brent futures for September settlement slipped $1.69 to $64.79 on the ICE Futures Europe Exchange in London. The global benchmark crude was at a premium of $6.80 to WTI for the same month.

Royal Dutch Shell Plc and ConocoPhillips are among companies seeking to restore output at offshore platforms in the Gulf of Mexico now that weather conditions have improved. The region accounts for 16% of total U.S. crude oil production, according to the Energy Department.

“In the short-term, given that we’re in peak driving season, we’re going to continue to see inventories draw,” Sanford C. Bernstein analyst Oswald Clint said in a Bloomberg TV interview. “OPEC needs to keep a lid on production and potentially cut more if it’s going to continue to manage prices around the $70/bbl mark.”

Source: www.worldoil.com

Please leave comments and feedback below


Iranian Oil and Gas, Chinese Oil and Gas, Oil Tanker, Oil and Gas News

Oil and Gas News Archive

Latest Oil & Gas News

Featured Companies

  • View All JobsOMPA

    Offshore Marine People & Academy (OMPA) is a global provider of personnel and training to the renewables, oil & gas, telecommunications and marine industries.

    With over 15 years' industry experience, we work with candidates to match them to the right roles and equip them with the skills and knowledge needed to succeed. Our job is to exceed your expectations.

    Visit us online: offshorempa.com

  • View All JobsChronos Oil and Gas

    Chronos Oil and Gas is one of the fastest growing and best placed recruitment agencies in the sector.

    With over 300,000 candidates on our database and an international team of specialist recruiters we work with clients to staff major projects around the world.

    Register your CV at www.chronosoilandgas.com

  • View All JobsNatural Resources

    Natural Resources is a UK based recruitment company providing personnel of all disciplines and nationalities worldwide.

    We represent clients and candidates at all levels who operate globally within oil & gas, renewables, nuclear, power, mining, marine, drilling, construction and petrochemicals. Our client base includes energy and construction.

    Visit Natural Resources at natural-resources.com