Analysts said besides profit-booking by speculators at prevailing higher levels, fall in demand at the spot market mainly weighed on crude palm oil prices.
According to BBC, oil prices hit $75 on Tuesday, the highest level in almost three and a half years, as fears mounted over the prospect of new United States sanctions on Iran. While the Organization of Petroleum Exporting Countries and its allies concluded that they have all but wiped out a global crude surplus, fears remain that US drillers may continue boosting output to record levels and offset the group's effort to balance the market. Brent, however, posted a new multi-year high before forming a potentially bearish technical closing price reversal top. "No good and will not be accepted!".
"Looks like OPEC is at it again", he wrote. The Saudi Energy Minister, Khalid Al-Falih, went so far to say: "We have seen prices significantly higher in the past, twice as much as where we are today", he said, attempting to make the case for even higher prices.
That said, if President Trump really does want to lower oil prices, there are a number of actions he could take.
Although oil and the dollar have moved in tandem for the last few weeks, the two tend to trade in the opposite direction, as a stronger dollar encourages non-U.S. investors to sell oil and crude-importing countries to curtail their purchases.
"Oil prices are artificially Very High!"
LONDON, April 25 (Reuters) - Oil edged lower on Wednesday, but held in sight of three-year highs reached the previous day, as rising USA fuel inventories and production weighed on an otherwise bullish market.
The US president has said that unless European allies fix what he has called "terrible flaws" in the accord by 12 May, he will restore US economic sanctions on Iran.
Record Store Day Out sees large turnout
Record stores from across the world are flooded with not only fans, but folk of interest and an overall musical essence too. Ahead of this year's Record Store Day , we've got a list of all our top events we think you need to check out.
"Oil prices are high because the dollar is low", Daniel Lacalle, chief economist at Tressis Gestion said on Thursday. "The risk of the U.S. walking away from the Iran nuclear deal may well have increased after Trump replaced his Secretary of State and National Security Adviser with known hawks on Iran, Venezuela, and North Korea".
"Concerns that the US may reimpose Iran sanctions and supplies from the country may be disrupted eased", Takayuki Nogami, chief economist at state-backed Japan Oil, Gas & Metals National Corp., said by phone from Tokyo.
If oil and fuel prices continue rising, the political pushback from consumer countries against OPEC will only intensify.
Crude inventories USOILC=ECI rose 2.2 million barrels in the week to April 20, compared with expectations for a decrease of 2 million barrels.
It is not immediately clear how WhatsApp will vet the age limit as the service does not require much data from the users. Teens aged between 13 and 15 will have to get permission from their parents to share personal information on the app.
Yemen has been embroiled in a conflict between the Saudi-backed government and the Iran-backed Houthis since late 2014. The missile was launched from Saada, the Houthi stronghold in northern Yemen, the coalition was cited as saying.
Matt Harvey is not a starting pitcher anymore. "But sometimes decisions are decisions and people have to live with them. Vargas (broken right hand) is scheduled to be evaluated by a doctor Saturday and start for Triple-A Las Vegas Monday.
In her latest post, Kardashian is fully nude and wearing only paint across all areas of her body aside from her face. Kim's fan will surely be flocking to pick up her new fragrance when it hits stores on April 30.
The Celtics challenge would be to stop Antetokounmpo and Middleton who are completely taking charge in the offense for the Bucks . Boston's All-Star center is the only frontcourt threat on the roster who knows how to punish Milwaukee for switching on defense.
The wedding celebrations have begun with the Mehendi ceremony and the couple is ecstatic and so are family members and friends. Pictures of their mehendi , haldi and sangeet ceremonies held on Saturday were out, followed by wedding pictures on Sunday.
Bayern striker Robert Lewandowski is in the opposite role to Bale as he has been regularly touted to become Real's next Galactico. It was a fantastic feeling when the whistle went and Madrid were European champions again.
A congressional aide told The Washington Post that the ambassador positions in Canberra and Seoul were both "critical posts". Pompeo met Kim Jong-un over Easter to prepare for the historic summit in coming weeks.
A prompt with shortcuts to unsubscribe or refuse will be displayed on top of the inbox on the mobile interface. The default setting is the most interesting option because it comes with a new feature, too: attachment clips.
Cecil County set for Drug Take Back Day on Saturday
The CDC reports that one person dies every 19 minutes from a drug overdose in the USA through prescription pain killers. Flushing medications down the toilet or throwing them away creates a potential safety and health hazard, officials say.
BMW reveals iX3 all-electric SUV concept
Under the skin is BMW's latest electric motor that churns out over 270bhp, or about the same as the current X3 30d. Using fast charging (think: 150 kilowatts, CCS standard) will deliver an 80 percent charge in 30 minutes.
Patriots: Rob Gronkowski tight-lipped about return
Gronkowski , a three-year-old, contracted the fever over the weekend and will not be in a condition to make transatlantic travel. Belichick used Butler for one special-teams play despite the cornerback taking practice reps days before the Super Bowl .
EU Has 'Issues' With Apple's Shazam Acquisition
However, Shazam had been valued at around $1bn in its last major funding round, suggesting it was no small move by Apple. Apple hadn't responded to a request for comment from FOX Business at the time of publication.
Minnesota Timberwolves: 3 takeaways from Game 3 vs. Rockets
Minnesota made exactly half its shots (45-for-90) in Game 3 after shooting just 41.3 per cent the first two games of the series. The Timberwolves are all but dead if they fall behind 3-1 in the series so this is basically a must-win game for them.