EXPERTCRUDEOIL.COM - Iraq says $150 billion stolen oil cash smuggled out since 2003

Iraq's president said Sunday $150 billion from oil had been smuggled out of the country since Saddam Hussein was ousted in 2003, as he introduced a law to fight endemic corruption.

President Barham Saleh presented a draft law to parliament to fight corruption, recover stolen funds and hold perpetrators to account, a statement read.

He called "on parliament to adopt this crucial piece of legislation, in order to curb this pervasive practice that has plagued our great nation".

Transparency International ranks the country 21st from bottom in its Corruption Perceptions Index.

"Of the close to a trillion dollars made from oil since 2003, an estimated $150 billion of stolen money has been smuggled out of Iraq," Saleh added, calling for cooperation with other governments and international bodies to recover the funds

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Brent crude oil Could Hit $80 This Summer As Hedge Funds Lose Steam

Brent crude oil and WTI crude oil prices hit a five month high this week amid signs of tightening market and clashes in wildcard OPEC producer Libya.

Brent crude oil topped $71 and WTI crude oil rose above $64 a barrel in the middle of this week as supply reductions outweighed fears of slowing economic growth.

Following the crash in Q4 2018, oil prices have already increased by more than 30 percent so far this year.

But there is still room for oil to run and Brent could go as high as $80 a barrel this summer, due to geopolitical issues, OPEC and allies’ cuts, resilient demand, and not-so-crowded hedge fund longs suggesting that bulls have room to add more bullish positions in crude oil futures and options, according to a research note from RBC Capital Markets, cited by CNBC

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RBC strategists raised significantly their oil price forecasts for the average prices of Brent and WTI this year. Brent crude oil is now seen averaging $75 a barrel in 2019, up from the previous call of $69.50, while WTI is expected to average $67 per barrel throughout the year, up from $61.30 in RBC’s previous estimate.

According to RBC’s experts, this summer, Brent could even hit $80.

This is a threshold which oil consuming countries such as India consider too high and which analysts say is the beginning of demand destruction.

“We see price risk asymmetrically skewed to the upside spurred by geopolitically infused rallies that could shoot prices toward or even beyond our high-end, bull-case scenario and test the $80/bbl mark for intermittent periods this summer,” CNBC quoted RBC’s research note written by strategists Michael Tran, Helima Croft, and Christopher Louney.

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Instructions to Start Day Trading : Crude Oil

The cost of crude oil vacillates every minute as it is traded on an open market on a trade. The cost of unrefined isn't just controlled by worldwide free market activity and the essential viewpoint for the physical item, yet in addition the standpoint and supply of interest from merchants. An informal investors work isn't to evaluate the "genuine" estimation of raw petroleum. Rather, informal investors benefit from every day vacillations in the cost of unrefined, endeavoring to profit whether it rises, falls or its esteem stays almost the equivalent.

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Expertcrudeoil.com - NYMEX, Brent Crude oil costs gain unassumingly

NYMEX, Brent Crude oil costs gain unassumingly 

Light, sweet raw petroleum costs picked up on the New York showcase Mar. 7 as did Brent unrefined petroleum costs in London in spite of markers of debilitating world financial development. 

The European Central Bank slice its 2019 development estimate to 1.1% from 1.7%. Already, the Organization for Economic Cooperation and Development downsized its development conjectures for the G20. 

"All things considered, positives are progressively hard to come by for the world economy, and this will just serve to obscure the viewpoint for oil request," Stephen Brennock, PVM Oil Associates Ltd. examiner, told the Wall Street Journal. 

On Mar. 8, the US and China still couldn't seem to plan a summit between US President Donald Trump and Chinese pioneer Xi Jinping, demonstrating neither one of the sides trusts an understanding is impending to the two countries' progressing exchange question. 

Terry Branstad, US agent to Beijing, said arbitrators keep endeavoring to work out contrasts, including subtleties on authorization of any inevitable arrangement. 

"The two sides concur that there must be huge advancement, which means an inclination that they're extremely close before that occurs," before meeting arrangements are made, Branstad told WSJ from the US government office in Beijing. "We're not there yet. In any case, we're nearer than we've been for an exceptionally lengthy time-frame." 

Energy prices

The April contract for light, sweet raw petroleum on the New York Mercantile Exchange expanded 44¢ to settle at $56.66/bbl on Mar. 7. The agreement for May conveyance additionally expanded 41¢ to settle at $57.03/bbl. 

NYMEX flammable gas for April expanded 2¢ to an adjusted $2.86/MMbtu on Mar. 7. 

Ultralow-sulfur diesel for April diminished under 1¢ to stay at $2.01/lady. The NYMEX reformulated gas blendstock for April picked up 1¢ to an adjusted $1.80/lady. 

Brent rough for May conveyance increased 31¢ to $66.30/bbl while the June contract expanded 29¢ to settle at $66.26/bbl. 

The gas oil contract for March picked up $2.25 to $622.25/ton on Mar. 7. 

The normal cost for the Organization of Petroleum Exporting Countries' container of crudes was $65.57/bbl on Mar. 7, up 53¢.

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