Oil hits 2019 high on OPEC cuts, eyes $70 a barrel
(US futures were essentially flat all night and leading up to open)
LONDON (Reuters-via Mkt screener) - Oil hit a 2019 high above $69 a barrel on Tuesday on the prospect that more sanctions against Iran and further Venezuelan disruptions could deepen an OPEC-led supply cut, raising expectations prices could surpass $70 soon.
The United States is considering more sanctions against Iran, whose oil exports have been halved by existing measures, an official said. A key crude terminal in Venezuela, also under U.S. sanctions, has halted operations again.
Brent crude touched $69.50, the highest since mid-November, before edging down 10 cents on the day at $68.91 by 1320 GMT. U.S. crude was up 30 cents at $61.89, having risen above $62 for the first time since early November.
"The $70 per barrel price level is within striking distance," said Norbert Ruecker, analyst at Swiss bank Julius Baer, who added that the market was unlikely to move "lastingly" above that level.
"Any further oil price increase would begin to bear more harmful economic consequences for most emerging markets."
Further supply losses from Iran and Venezuela could widen an OPEC-led production cut that took effect in January, designed to prevent a price-sapping rise in inventories.
Supply from the Organization of the Petroleum Exporting Countries hit a four-year low in March, a Reuters survey found, because top exporter Saudi Arabia cut more than it had agreed to and due to the involuntary declines.
https://www.marketscreener.com/news/Oil-hits-2019-high-on-OPEC-cuts-eyes-70-a-barrel–28334737/
https://finance.yahoo.com/quote/%5EDJI?p=^DJI
Top House Democrat cites labor, enforcement concerns on new NAFTA
WASHINGTON (Reuters) - U.S. House Speaker Nancy Pelosi said on Tuesday lawmakers could not take up the replacement for the North American Free Trade Agreement unless Mexico passes legislation protecting workers’ rights.
Pelosi, speaking in an interview with Politico, also cited concerns over enforcement provisions for the new U.S.-Mexico-Canada Agreement (USMCA), among other issues.
“No enforcement, no treaty,” she told Politico.
The new trade deal has received a cool reception in the Democratic-controlled House of Representatives because of its provisions on labor, biologic drugs and other matters.
“The concerns that our members have are workers rights, the environment and issues related to pharmaceuticals,” Pelosi said. “The overarching concern that we have is - even if you have the best language in the world in that (deal), if you don’t have enforcement, you ain’t got nothin’. … You have to have strong enforcement provisions.”
Democratic lawmakers say the deal must ensure workers in Mexico have the right to organize, a step that would require new Mexican labor laws. They believe a major weakness of NAFTA was that it allowed Mexican wages to stagnate.
https://www.reuters.com/article/us-usa-trade-usmca-idUSKCN1RE1AD
https://www.secform4.com/insider-trading/48465.htm
the last time I was really sick: grab you by the balls sick, was just after the last one of those I ever had. Not had a cold or much of anything since.