Liferep.net

Monday August 31, 2015

// August 31st, 2015 // Daily News

Oil prices fall sharply on profit-taking, rate hike uncertainty

Justin Solomon | CNBC

Pipelines and oil storage tanks in Cushing, Oklahoma.
Oil fell below $49 a barrel on Monday after its biggest two-day rally in six years last week, pressured by a supply glut and renewed concern about a hard landing for China’s economy.
International benchmark Brent crude climbed 10 percent last week but was still heading for its fourth straight monthly decline and has risen in only two of the past 14 months.
Brent was down $1.25 at $48.80 a barrel shortly after 7 a.m. (1100 GMT). U.S. crude, which had rallied 12 percent last week, dropped 92 cents to $44.30.
Read MoreAre hopes for an oil bounce short lived?
“Volatility was high last week, so now we’re seeing some retracement—$50 is proving to be a resistance level,” said Olivier Jakob, analyst at Petromatrix, referring to Brent. “It is still a market which is very well supplied.”
Volume is expected to be lower than normal on Monday because of a British public holiday.
Chinese equities fell sharply on Monday before recovering much of their losses ahead of a survey expected to point to further economic weakness.
China will release its official reading on August factory conditions on Tuesday, and economists polled by Reuters believe activity likely shrank at its fastest pace in three years.
Excess supply is weighing on oil. The Organization of the Petroleum Exporting Countries, which used to adjust its own supply to keep crude above $100, decided in 2014 to let prices fall in order to retain market share.
OPEC’s forecasts point to an oversupply of more than 2 million barrels per day (bpd) on the market because of higher output from members including Saudi Arabia and Iraq, and resilient supply from countries outside the group.
Output from OPEC could rise even higher in 2016 if and when sanctions on Iran are lifted.
A possible increase in U.S. interest rates is expected to support the U.S. dollar, making dollar-priced commodities including oil more expensive for users of other currencies.
Investors are looking ahead to U.S. business surveys, factory orders, trade data and Friday’s nonfarm payrolls this week after comments by a top Federal Reserve official suggested a September rate rise was more likely than some investors expected.
“We believe that bearishness is still in play,” Phillip Futures said in a report.

Today’s Inspiration

Empowered through Christ

by Joyce Meyer – posted August 31, 2015

Be strong in the Lord [be empowered through your union with Him]; draw your strength from Him [that strength which His boundless might provides].
– Ephesians 6:10

Most of the things that are truly worth doing are never easy—we are not filled with the Spirit of God to do easy things. He fills us with His Spirit so we can do impossible things!

If you want to develop your potential and succeed at being all you can be, keep your eyes on the prize and press on! It won’t all be easy, but it will all be worthwhile. Most of those who blame everyone and everything for their failures had potential, but either did not know how to develop it or were unwilling to meet its requirements. When things don’t work out in our lives, it is not God’s fault. It isn’t really circumstances or other people who are to blame, because if God is on our side, they are not mightier than He is (Romans 8:31).

The truth is, when things don’t work out for us, it is because we have not obeyed God, not pressed on and been willing to take giant steps of faith. The world wants us to conform, but the Lord wants to transform us, if we will do things His way.

Lord, I ask You to fill me with Your Spirit right now so that I am fully equipped to do Your will in this world. I will press on and fight my way through all the fear and doubts that stand in my way. Amen.