Asian shares erase losses as Mideast tensions ease, oil ticks up

Back from the brink back to the bull run

Less than four months ago, half of Saudi Arabia's production capacity was temporarily disabled in a missile strike - which the USA blames on Iran but the Islamic Republic refutes - a stark reminder of the vulnerability of facilities in the region that supplies about a third of the world's oil.

For a week that began with traders causing crude prices to skyrocket due to fears of all-out war between the USA and Iran, all it took on Friday was two-day old news of rising inventories to erase risk premium and cause the commodity to incur its first weekly loss since late November.

Oil futures declined on Friday, with the U.S. crude benchmark on track for its biggest weekly fall since July as fears of a wider U.S. -Iran confrontation faded and data earlier this week showed a rise in U.S. crude inventories.

Iran offered no immediate signal it would retaliate further over a January 3 USA strike that killed a senior military commander.

The build, reported on Wednesday by the Energy Information Administration, shocked the market after analysts forecast a drop of 3.6 million barrels.

In a significant development, the U.S. House of Representatives on Thursday approved a resolution that would force President Trump to seek consent from Congress before taking new military action against Iran.

Amazon's Ring Fires 4 for Snooping on Users
The response comes amid a series of hacks and privacy breaches that compromised access to homeowners' video feeds. Senator Edward Markey, of MA , said Ring's privacy tools announced this week don't go far enough.

British news agency, the "Reuters" had maintained: "Oil prices steadied on Thursday after the previous session's sharp losses on the back of swelling USA crude stocks and easing fears of imminent escalation of conflict between the United States and Iran".

Oil futures traded little changed in the immediate wake of the release of the U.S. December employment report, then moved lower.

Top oil producers led by Saudi Arabia have agreed to reduce output by as much as 2.1 million barrels per day through the first quarter of 2020.

Brent futures prices steadied at 65.41 dollars per barrel, about where they began the year.

On Thursday, WTI Crude oil futures ended marginally down at $59.56 a barrel, after having shed almost 5% a session earlier.

On the Multi Commodity Exchange, crude oil delivery for February contracts slipped Rs 37, or 0.87 percent, to Rs 4,206 per barrel with a business turnover of 3,660 lots.

Related News:



Most liked

Weinstein Judge Won’t Step Aside As Jury Selection Resumes
The court will continue to screen 120 potential jurors daily through next week, with opening statements targeted for January 22. Almost 100 potential jurors have already been dismissed with many claiming they had already decided that Weinstein was guilty.

Packers call for 700 volunteers to shovel before playoff game against Seahawks
These two teams have plenty of history against one another with the most recent stretch not being too favorable for the Packers. On a Monday night in Minneapolis, the Packers trailed 10-9 during a break and settled for three field goals after two quarters.

Happy birthday! The royals send sweet birthday wishes to Kate
This is when Princess Charlotte arrived for her first day of school at Thomas's Battersea. The Royal Family is in crisis!

Trump says Soleimani was likely planning attack on 4 United States embassies
Borrell has invited Iranian Foreign Minister Javad Zarif to Brussels for talks, but the date for his visit has yet to be set. Iran is close to developing its own nuclear weapons, France's foreign minister warned today.

Strong storms in forecast for Magnolia through Saturday morning
A fourth person was killed Friday in the storms when a vehicle slide off the road and into a creek in Dallas, NBC news reported. Temperatures should warm to above average values through mid-week before the next cold front arrives about Thursday.

Pokemon Sword and Shield - How to Get Galarian Slowpoke
Due to this, we now don't know the items needed to evolve Galarian Slowpoke , though we do know which is needed for each version. Now the duo have combined in " Pokémon Mystery Dungeon: Rescue Team DX ", heading for the Nintendo Switch from Mar 6, 2020.

Man Dies Four Years After Work Colleague Poisoned His Sandwiches
Prosecutors said the man laced colleagues' lunches with chemicals such as mercury and lead acetate between 2015 and 2018 . The 26-year-old had been in a coma since he ingested lead acetate and mercury, resulting in severe brain damage.

Logan Paul, Antonio Brown tease potential fight in brief social media spat
Now, Brown wants back in the spotlight, particularly against a potential competitor with whom he's been friendly in the past. We are very well aware of Logan Paul and Antonio Brown as famous personalities in their respective fields.

Lebanon Slaps Carlos Ghosn With Travel Ban
Justice Ministry officials in Japan condemned Ghosn for presenting what they called a mistaken view of Japan's legal system. Nissan's former chairman Carlos Ghosn has vowed to cooperate with Lebanese officials.

N.Ireland parties agree to form new power-sharing gov't
It paves the way to allowing the assembly to legislate on a wide range of issues and appoint regional government ministers. A power-sharing agreement is expected to help the province handle the pressures of Brexit.

Google Assistant to get more features in 2020
Google says it's also looking into ways to auto-scroll webpages as the Assistant reads, as well as automatically highlight text. Workers who listened heard all kinds of personal information, including home addresses and intimate conversations.

Verstappen extends contract with Red Bull until 2023
According to Horner, the forthcoming regulation changes in 2021 present a number of hurdles for teams. The Briton, 35 yesterday, met with Ferrari chairman John Elkann on two occasions previous year .

Blake Shelton, Gwen Stefani Will Sing at Grammys
They're being recognized at this year's MusiCares Person of the Year for their philanthropic efforts and impact on music history. In addition to receiving the award , they will be honored at a ceremony before the Grammy and at the show tribute.

Names of Samsung's upcoming Galaxy smartphones leaked at CES 2020
In 2019, the South Korean technology giant Samsung was most talked about with a foldable display phone called Galaxy Fold . The Galaxy Bloom will shoot 8K video, and will be the first smartphone to support this function.

SpaceX launches 60 internet satellites
A SpaceX Falcon 9 rocket roars to life and blasts off on a mission to deploy a third set of 60 Starlink internet satellites. The satellite will be closely monitored to determine how well the coating works. "But we're going to keep on trying again".