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

A worker on an oil rig in North Dakota. American output has been soaring as shale drillers take advantage of higher prices to boost output

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.

Afghan official says 12 killed in mosque bombing
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.

Huddersfield ought to have spoiled Man City's title social gathering - David Wagner
David Silva, Raheem Sterling and Kevin de Bruyne all came close to breaking the deadlock without success. You never know if you are going to win, but I had no doubt what I had to do.

Chevy Suburban RST Performance Pack adds family-friendly aggression
The engine will use Active Fuel Management and direct injection, along with continuously variable valve timing. The brake upgrade adds six-piston Brembo brake calipers up front, and the calipers are painted red.

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 Riot police deployed as tens of thousands march against Macron reforms
May 07, 2018 - 08:21
Authorities are pledging to avoid a repeat of violence and damage that scarred May Day protests in Paris earlier this week. LFI leader Jean-Luc Melenchon said Saturday that many French people wanted to see "deep societal change".

isis-killer-beheading-video-story-top Palestinians killed in attempted infiltration from Gaza
May 07, 2018 - 08:16
The four Palestinians were carrying a camera, an axe, a fence cutter, gloves and an oxygen mask, according to the Israeli army. Hamas' military wing however blamed Israel in a statement and said a "heinous crime has been committed against our fighters".

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 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 Bruce Cassidy tells Brad Marchand to find other ways to bother opponents
May 07, 2018 - 07:57
This time, however, Marchand has gone a lap too far . "If I'm not mistaken, spitting is a game misconduct, if not, (it's) gross". It was completely embellishment on Hedman as Acciari barely touched him, but the refs called it and Tampa had another powerplay.

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 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 'Avengers: Infinity War' scores second best weekend 2 ever at box office
May 07, 2018 - 07:23
The final weekend opener, Electric Entertainment's " Bad Samaritan " launched with $1.6 million from 2,007 locations. " Avengers: Infinity War " is the fastest film to break the 1-billion-U.S. -dollar mark at the global box office .

isis-killer-beheading-video-story-top US slams China over bid to police websites
May 07, 2018 - 07:23
Trump tweeted on Friday that he would meet with USA trade officials once they returned from their meetings in China. Those airlines included American carriers, and the White House response on Saturday was swift, reports Reuters .

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.

isis-killer-beheading-video-story-top Dodgers pitchers team up for first Major League Baseball no-hitter in Mexico
May 07, 2018 - 07:15
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.

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.