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Planned July 30 Vote in Venezuela May Unleash Even More Political Volatility in the Country, Former Mediator Says – Newswise (press release)

Oil Decline Eases as Industry Said to Report Stockpile Plunge

Oil futures pared loss in New York after a U.S. industry report was said to show a fall in petroleum and gasoline stockpiles.

The American Petroleum Institute’s tally for American petroleum supplyings shrank by 4.16 million barrels last week, and the one for gasoline fell by 1.93 million, people familiar with the data saidTuesday. In an Energy Information Administration report due Wednesday, petroleum stockpiles are forecast to have decreased, while ga renders are ensure rising, according to a Bloomberg survey.

Oil has fallen the past two weeks on concern that increasing U.S. petroleum production will offset endeavours by the Organization of Petroleum Exporting Countries and its allies to eliminate a global supply glut. OPEC will meet again May 25 in Vienna to decide whether to extend the cuts through the second half of the year. There seems to a has become a general consensus to do so, Khalid Al-Falih, the Saudi minister of energy and industry, said last week. Industry data showed American rigs targeting oil rose to the highest level in two years.

” The reaction is warranted given a instead bullish situate of stats ,” Kyle Cooper, director of studies with IAF Advisors in Houston, said by telephone.” If the EIA in some way corroborates these describes and crude is unable to rally, then I’d say it’s an extraordinarly bearish price reaction .”

West Texas Intermediate for June delivery traded at $48.13 a barrel as of 6:02 p.m. in New York after settling at $47.66. Total volume on the New York Mercantile Exchange was about 11 percentage above the 100 -day average.

Brent for July settlement fell $1.06, or 2.4 percentage, to $50.46 a barrel on the London-based ICE Futures Europe exchange. The global benchmark crude traded at a $2.47 premium to July WTI.

The EIA is forecast to show that crude stockpiles dropped by 3 million barrels last week, according to the Bloomberg survey. U.S. gasoline supplies likely rose by 1 million barrels and inventories of distillate gasoline, a category that includes diesel and heating oil, by 2 million.

Deal Extension

OPEC output fell by 40,000 barrels a day to 31.895 million barrels in April, according to a Bloomberg News survey of analysts, oil companies and ship-tracking data. Iraq, the second-biggest producer in the group, and Venezuela went closer to their targets.

Among the 10 members bound by the caps, conformity strengthened to 102 percentage from 89 percentage in March, the survey depicted. Total output — including Libya and Nigeria — remains 135,000 barrels per day above target, putting the group about 90 percent of the way toward its goal.

All countries participating in the cuts must agree to any extension, United Arab Emirates Energy Minister Suhail Al Mazrouei said Tuesday in the U.A.E. capital Abu Dhabi. Russia believes that extending last year’s oil-output is being dealt with OPEC makes sense for at the least six more months devoted current market situation, a Russian government official with knowledge of the issues told, asking not to be named as the decision isn’t public yet.

Oil-market news 😛 TAGEND Saudi Arabia will retain full ownership of its oil and gas reserves and sole decision-making authority on production levels after Saudi Arabian Oil Co.’s long-awaited initial public offering, Deputy Crown Prince Mohammed bin Salman said in interview Tuesday on state-run television. BP Plc’s net indebtednes rose again in the first quarter, reaching the highest level in at the least a decade as pays linked to the Gulf of Mexico oil spill offset a threefold increased number of net income.

Blast rocks motorcycle convoy of Venezuelan police officers

(CNN)An explosion knocked police officers off their motorcycles Sunday as violence surrounding the election spread through Venezuela.

A smattering of applause from protesters can be heard. The sound of gunfire fills the air. Heavily armed officers begin to prowl the street.
Two motorcycles lay on the ground burning. One officer rolled on the pavement with his clothing on fire while fellow officers helped put out the flames.
    “I stepped back when I heard the explosion as I thought it was a megabomb they were firing to the press,” witness Carmen Andrea Rengifo said. “I am still not sure what sort of accident it was, if it was a motorcycle crashing and exploding or some sort of projectile. We saw at least one policeman heavily injured.”
    Ramsey S. Monh captured video of the scene. Monh said that after the explosion, police officers “grabbed three motorbikes from people who were standing there and put them on top of their motorcycles that were burning.
    “Demonstrators tied the burned motorbikes with a rope, dragged them and placed them as barricades,” Monh said.
    No information was available on injuries and it’s unknown what caused the explosion, or who was responsible.
    So far, more than 120 people have died in political unrest in Venezuela since April, according to the nation’s Attorney General’s Office. At least six people died Sunday.
    National Guardsmen clashed Sunday with opposition protesters and police fired tear gas at crowds in Caracas. At one spot in the capital, opposition demonstrators set up barricades on a highway.
    The election would allow President Nicols Maduro to replace Venezuela’s current legislative body — the National Assembly — with a new institution called the Constituent Assembly that will have the power to rewrite the constitution.

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    5 of the most interesting things we saw at Politicon, the Comic-Con of politics

    Pasadena (CNN)Politicon has lived up to its reputation as the “Comic-Con of politics.”

    The third annual event, held in Pasadena, California, drew in thousands of political commentators, journalists, celebrities and politics nerds from across the US.
    Here are five of the most interesting things we spotted at the two-day conference.
      1. Tomi Lahren mania
      Lahren knows how to stir up a crowd.
      The conservative firebrand, who made a name for herself speaking sharp and fast about conservative politics, told an audience at Politicon that she wants to repeal and replace Obamacare — but then casually added later she’s still on her parents’ health care plan.
      “Luckily I’m 24 and I’m still on my parents’ health care plan,” she told comedian Chelsea Handler, who conducted the Q&A.
      Some people in the crowd booed, seeing it as a contradiction because former President Barack Obama’s signature health care law and frequent Lahren target — the Affordable Care Act — is the reason why she can still be on her parents’ health insurance plan. The ability to stay on your parents’ plan until you turn 26 is a popular feature of Obamacare.
      But Lahren has as many fans as she does haters.
      Devin Dudley, 18, trekked from Michigan sporting a T-shirt with a collage of Lahren’s face.
      “I got if off a website because I heard she was going to be here,” he told CNN. “I was looking for different types of merch, and I found this and said ‘I have to have this.’ I like that she’s very outgoing, she doesn’t hold back. She loves to talk about politics, just like I do. I might not agree with her about everything, but we do agree a lot.”
      2. Creative outfits
      Alex Ishkov, Brandon Firla and Richard Kenyon (above) came dressed as George Washington, Abe Lincoln and founding father Alexander Hamilton.
      But they weren’t the only people at Politicon who got creative with their attire.
      Artist Ricky Rebel came clad in an America jumpsuit.
      “Make America glam again,” he said while posing in front of a giant American flag during the event.
      3. Fun activities on the con floor
      Anthony Scaramucci, the newly appointed White House communications director, bailed on Politicon after The New Yorker’s Ryan Lizza published a piece last week detailing a phone conversation he had with President Donald Trump’s new hire.
      But just because he wasn’t there doesn’t mean he was forgotten. Politicon had a photobooth set up where attendees could get GIFs of themselves in front of a White House-esque podium. Cut-outs of ‘the Mooch,’ now ex-White House press secretary Sean Spicer and his successor, Sarah Huckabee Sanders, were available for people to pose with.
      Also on the floor: A booth where attendees could make their own “pussyhats,” the pink, handmade, cat-eared knit hats created to show solidarity and support for women’s rights.
      “Politicon reached out to us they wanted to be be part of it,” Kat Coyle, who helped design the hat for Pussyhat Project co-founders Krista Suh and Jayna Zweiman, told CNN.
      4. Politically inspired art and merch
      Organizations handed out everything from pins to comics, showcasing their various politically inspired products.
      One company, The Tea Book, put up a large poster showcasing the cover art for its latest tea-storage devices, which are made to look like books on the oustide: “poli-tea-cal,” and “ImPeachMint.”
      “We create teas that tell stories. Every tea has a character that talks about different issues,” Noah Bleich, who owns the Tea Book, told CNN.
      5. Lots and lots of Trump swag or impersonations
      Many attendees sported the Trump campaign’s signature red “Make America Great Again” hats. Others took their passion for the President further by dressing up as him — and a few wouldn’t break character.
      Even outside the event on Saturday, a person dressed as Trump danced on the street.
      Some of the cars that drove by honked.

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