US crude oil slips ahead of Trump decision on Iran

US crude oil prices have slipped back after strong gains as the White House prepared to announce a decision on whether it will withdraw from the Iran nuclear deal.

US president Donald Trump wrote on Twitter on Monday that he would announce his decision on the Iran deal from the White House at 2pm on Tuesday. Mr Trump has repeatedly criticised the agreement between Iran and the US and its partners. If he opts to reimpose sanctions on Iran, it would probably entail reductions in the country’s oil exports and deliver a jolt to international markets.

Iran’s oil production has bounced back to nearly 4m barrels a day since world powers eased sanctions over its nuclear programme. Reimposing sanctions could reduce Iranian oil exports by 200,000-300,000 barrels a day, according to RBC Capital Markets.

Robust demand propelled by solid global economic growth, along with cuts in output co-ordinated by the Opec cartel, has diminished surplus oil stocks and left the market more sensitive to shocks. Concerns over supplies have also centred on Venezuela as economic turmoil dents its crude sales.
https://www.ft.com/content/bb575d66-5206-11e8-b3ee-41e0209208ec

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Key Currency Exchange Rates for Friday, 10/9/20

American Dollar to Canadian Dollar = 0.758945; American Dollar to Chinese Yuan = 0.149219; American Dollar to Euro = 1.179670; American Dollar to Japanese Yen = 0.009440; American Dollar to Mexican Peso = 0.047040.

SCA continues with geofencing

Digital speed limitation for timber trucks works well on stretches with a lot of infrastructure, and haulage companies show great commitment to safer timber transports. This is demonstrated by the geofencing project that SCA has undertaken in collaboration with the Swedish Transport Administration. "We continue to utilize the technology on both existing routes and new ones," says Lars Nolander, logistics manager at SCA Skog. SCA's efforts to create safer timber transports have been ongoing for several years, and the latest initiative involves testing digital speed limitation, known as geofencing, on four selected routes in Västernorrland and Jämtland, where the road passes through villages or residential areas with houses and residents along the way. The technology involves creating zones using GPS points, where the vehicle senses when it's time to adjust the speed. Four haulage companies and nearly 40 timber trucks have been involved in the project.
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