Oil edges up ahead of deadline on U.S. sanctions on Iran

Iran re-emerged as a major oil exporter in 2016 after worldwide sanctions against it were lifted in return for curbs on Iran's nuclear program.

Fritsch said the cuts, along with demand growth, were more than offsetting the increase in USA oil.

Prices added as much as 0.3 percent to $69.91 a barrel after a 1.9 percent gain on Friday.

Despite Venezuela's woes Greg McKenna, chief market strategist at futures brokerage AxiTrader, said "the big story this week is going to be about oil and the Iran Nuclear deal". USA energy companies added oil rigs for a fifth straight week, with higher crude prices boosting profits and pushing nationwide production to record highs. The Organization of Petroleum Exporting Countries will meet next month in Vienna.

US oil firm ConocoPhillips (COP.N) has moved to take the Caribbean assets of Venezuela's state-run PDVSA to enforce a $2 billion arbitration award, actions that could further impair PDVSA's declining oil production and exports.

Kanye West calls 400 years of slavery a choice
West has come under scrutiny recently for posts on Twitter that appeared to support President Trump and conservatives. After realising what he'd just said, he quickly added: 'It's like we're mentally in prison.

Dodgers pitchers team up for first Major League Baseball no-hitter in Mexico
They were the first two teams to play a major league series outside of the continental United States or Canada. However, this is the first time Los Angeles' relievers were able to finish the job in those three instances.

Kings XI Punjab vs Rajasthan Royals
Rahul and Nair forged 50-run partnership for the third wicket before Nair was dismissed by Anureet Singh in the 11th over . Rajasthan didn't start well with the bat as they lost D'Arcy Short in the very first over off Ashwin for two runs.

Oil prices rose about 2 percent on Friday, with US crude hitting its highest in more than three years, as global supplies remained tight and the market awaited news from Washington on possible new USA sanctions against Iran. "While there could be profit-taking given current oil prices, it will be limited as concerns over Iran are rising". It reached within 3 cents of the $70 mark on Friday. Total volume traded was about 18% below the 100-day average. Prices rose 2.4 percent last week. Brent crude oil futures were at $73.37 per barrel, down 25 cents, or 0.3 percent, from their last close after touching a intraday high of $73.80 per barrel in early morning trading. The global benchmark crude was at a $5.30 premium to July WTI.

Iran intensified its criticism of Trump ahead of a May 12 deadline he's set for making a decision on the accord, stating that there's "only one way forward and it's U.S. compliance, not appeasement".

Trump has all but chose to withdraw from the 2015 Iran nuclear accord by May 12, sources said, though exactly how he will do so remains unclear.

If the United States does decide to withdraw from the deal, as many analysts expect, that would be bullish for oil prices in the long-term, although some expect that if a withdrawal has been baked into current levels for crude, an immediate sell-off could follow. While he made no mention of the multiparty nuclear accord that eased sanctions on Iran starting in January 2016, he warned that the insertion of politics into the energy market will hurt producers and consumers alike. The OPEC nations continue to clash in proxy conflicts from Syria to Yemen.

Related news:

Hot News

isis-killer-beheading-video-story-top United Kingdom watchdog orders Cambridge Analytica to hand over data on U.S. citizen
May 07, 2018 - 08:23
Steve Bannon , Trump's former chief strategist and an influential force on his campaign team, oversaw Cambridge Analytica . Information Commissioner Elizabeth Denham said the company "has consistently refused to cooperate with our investigation".

isis-killer-beheading-video-story-top Jason Day pulls away late to win Wells Fargo Championship
May 07, 2018 - 08:15
He finished at 12-under 272. "This is probably one of the best wins I've ever had just because of how hard everything was today". On Saturday, for the third straight day, Jason Day played a round in the 60s and had a 54 hole lead at the end of round 3.

isis-killer-beheading-video-story-top New Jersey superintendent caught defecating on rival school's football field
May 07, 2018 - 08:07
The school he worked for, Kenilworth, put on their website that he was "unanimously appointed" by the board of education in 2015. He was subsequently charged with lewdness and littering, and is scheduled to appear in court at 8:15 a.m.

isis-killer-beheading-video-story-top Afghan official says 12 killed in mosque bombing
May 07, 2018 - 08:04
However, Afghan Taliban spokesperson Zabihullah Mujahid told TOI, "So far, we don't have any update about the abduction issue". The incident happened in Bagh-e-Shamal village in Baghla province.

isis-killer-beheading-video-story-top Kilauea Latest: 21 Homes Destroyed By Lava Flows
May 07, 2018 - 08:01
Starting around 11am on Friday, the island experienced a flurry of earthquakes, culminating in the massive magnitude 6.9 tremor. Local officials closed volcano viewing areas while a portion of the Hawaii Volcanoes National Park was also closed.

isis-killer-beheading-video-story-top Inflammation can turn your hair grey
May 07, 2018 - 07:52
However, a new a new study shows that getting gray hair may stem from something being wrong in a person's immune system. Cells known as melanocytes make up melanin and give our hair its colour.

isis-killer-beheading-video-story-top Ward focused on The Contender amid Bellew comments
May 07, 2018 - 07:45
When the round restarted, Bellew landed another hard combination that sent Haye down for a second time at the bell. It was the ex-world heavyweight and cruiserweight champion's second loss to fellow Briton Bellew, 35, in 14 months.

isis-killer-beheading-video-story-top DHS Ends Temporary Protected Status For 50000 Hondurans
May 07, 2018 - 07:28
Groups that favor limited immigration praised the administration's decision, saying the effects of Hurricane Mitch are long-gone. Immigrants with TPS receive deportation protection, work authorization, and can even get driver's licenses.

isis-killer-beheading-video-story-top Bank holiday weekend set to be a scorcher
May 07, 2018 - 07:20
But forecasters warn the warm sunshine will lead to higher than normal levels of UV radiation, meaning a risk of sunburn. Sunday is expected to bring more sunshine and even warmer temperatures of 20-21C in the west of the region.

isis-killer-beheading-video-story-top Replica Panmunjom village draws tourists after Korea summit
May 07, 2018 - 07:17
North Korea has warned the United States not to misread its overtures of peace as a sign of weakness, as U.S. Trump later said the issue is "not on the table" in his upcoming talks with the North Korean leader.

Chelsea heads into final week in top-4 chase
May 07, 2018 - 07:10
Liverpool started on the front foot with Roberto Firmino and Sadio Mane forcing goalkeeper Thibaut Courtois into smart saves. The Egyptian endured his third game without a goal thanks to an outstanding performance from Chelsea's Antonio RĂ¼diger.

isis-killer-beheading-video-story-top WWE's Seth Rollins Channels 'Tron' With Backlash Gear
May 07, 2018 - 06:43
Finally, after a long time, WWE is back with a pay per view which promotes both Raw and Smackdown Brand, the WWE Backlash 2018. Some of the other matches in this event include Intercontinental Championship match between Seth Rollins and The Miz .

isis-killer-beheading-video-story-top PM Theresa May defies expectations in England local elections
May 06, 2018 - 18:04
The Conservatives also benefitted greatly from UKIP's monumental collapse as the openly and largely racist vote transfers to them. The Tories managed to keep Labour at bay in London , where the opposition party had targeted several key boroughs.

isis-killer-beheading-video-story-top Man Dies Following Shooting at Nashville Shopping Mall
May 06, 2018 - 17:34
However, although the earliest reports of those wounded varied, one reporter was quickly referring to one person being down. Reports initally suggested four had been shot, although a figure of one has since been established by police.

isis-killer-beheading-video-story-top GST Council approves ownership change of GSTN structure
May 06, 2018 - 17:13
Tax experts, however, believe that such a cess should be against the intention of doing away with cesses in GST regime. Sellers can upload invoices in real time to ensure that buyers' credit does not get stuck, he added.