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.

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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.

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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.

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