Trump requested Saudi oil support before Iran nuclear decision

Crude Oil

Brent, the global benchmark, fell 1.1% to $76.46.

India's oil minister said on Wednesday Saudi Arabia and other OPEC producers are "revisiting" their output-cutting policy, referring to a discussion he had with his Saudi counterpart.

West Texas Intermediate fell 1.3% to $64.67 a barrel at 11:45 a.m. ET.

Crude oil prices are continuing to diverge as worldwide benchmarks rise relative to land locked WTI.

The group and Russian Federation are due to meet at its headquarters in Vienna on June 22 to discuss production policy."The June 22 OPEC meeting will now likely become the most important factor influencing (the) crude price", Jefferies said. "North America imported 3.21 mb/d of crude oil from Member Countries, which was 82,000 b/d, or 2.5 per cent, less compared to 2016 volumes", said the cartel.

"OPEC will not bow and obey" to USA pressure to increase oil production, said Hossein Kazempour Ardebili, one of Iran's representatives to the organization.

Algerian Energy Minister Mustapha Guitouni said on state radio: "What matters to us is that there is a balance between supply and demand to ensure the stability of the oil markets".

The U.S. government had also unofficially asked Saudi Arabia and some other OPEC producers to raise output a day before Washington slapped new sanctions on Tehran.

Multi-state Salmonella outbreak connected to Walmart pre-cut melons
Cases have been reported in Illinois, Indiana, Michigan, Missouri and OH in patients ranging from 23 to 87 years old. Marler Clark is the only law firm in the nation with a practice focused exclusively on foodborne illness litigation.

Meghan Markle Makes Trooping the Colour Debut with Husband Prince Harry!
Harry and Meghan's first major tour as husband and wife will be in October as part of Harry's Commonwealth Youth Ambassador role. Scroll through for all the fantastic photos of the British royal family at Trooping the Colour 2018 on June 9.

Candidates scramble as McConnell truncates August recess
McConnell also said late last week at an event in Kentucky that there was "not much" Congress could do legislatively on tariffs. By contrast, only nine Republicans are up for re-election this fall, with the one in most jeopardy being Nevada Sen.

Investors are waiting for the official inventories report to be issued by the U.S. Energy Department's Energy Information Administration at 1430 GMT.

Also, shorter lead time for USA shale to go from exploration to production, together with lower oil threshold prices of $60-$70 range today needed for shale rigs to start work from $100 in previous years, are added incentives for Saudi to agree.

The European Commission announced yesterday it endorsed a decision to impose duties on imported USA goods in response to US President Donald Trump's move on aluminum and steel tariffs.

Oil prices fell further on Friday as weakening demand in China and surging U.S. output weighed on markets despite supply woes in Venezuela and Iran on top of Opec's production cuts.

OPEC and Russian Federation meet on June 22/23 to discuss production policy.

Global oil supply has tightened with the OPEC-led production cuts that began in early 2017.

Further weighing on prices has been rising USA output, which hit another record last week at 10.8 million bpd.

Related news:

Hot News

isis-killer-beheading-video-story-top Parker looking forward to 'war' with Whyte
Jun 10, 2018 - 03:48
Ortiz rocked Wilder earlier in the fight and looked to have him all but out on his feet though Wilder was able to recover and ultimately retain his title.

isis-killer-beheading-video-story-top Trump signals support for states deciding if pot is legal
Jun 10, 2018 - 03:12
The senator opposed legalization at the time but has since defended Colorado's legal marijuana industry from federal meddling. He said he supports it now and will "probably" support it going forward. "I've talked to the president about this bill".

isis-killer-beheading-video-story-top India, China ink 2 MoUs, Xi accepts Modi’s invite for informal summit
Jun 10, 2018 - 03:07
The sanctions have impacted Russia's defence cooperation with a number of countries including India. PM Modi is expected to hold about six bilateral meetings with leaders of other SCO countries.

isis-killer-beheading-video-story-top There's A New Trailer For A Documentary About Robin Williams
Jun 10, 2018 - 03:04
The trailer for Robin Williams: Come Inside My Mind is out and it will leave any Robin Williams fan emotional. Actor and comedian Robin Williams' suicide in August 2014 left so many shocked.

isis-killer-beheading-video-story-top Donald Trump and Kim Jong Un lookalikes hold 'summit' in Singapore
Jun 10, 2018 - 02:43
Bush administration, Tokyo runs a very real risk of finding itself out in the cold after the Trump-Kim talks. It will be the first summit of its kind between a leader of North Korea and a sitting US president .

isis-killer-beheading-video-story-top Sikh guardsman first to wear turban at Trooping the Colour
Jun 10, 2018 - 02:38
And royal fans were delighted to see Markle and Prince Harry (The Duke and Duchess of Sussex ) join her on the famous balcony. George, who turns five in July, was just as excited as he watched the roaring fly-past by the Royal Air Force.

isis-killer-beheading-video-story-top Anthony Bourdain’s Cause Of Death Confirmed: He Hung Himself With Bathrobe Belt
Jun 10, 2018 - 02:35
Following official confirmation of Bourdain's death from his employer, CNN , Argento took to Twitter on Friday to pay tribute. Bourdain quickly became one of the principal faces of the network and one of the linchpins of the prime time schedule.

isis-killer-beheading-video-story-top Curry, Warriors lead Cavs at end of 1st quarter
Jun 10, 2018 - 02:31
That series, one the Warriors led 3-1, changed when they couldn't finish the job while being presented with serious adversity. But it was Warriors forward Kevin Durant who was named the finals' Most Valuable Player for the second consecutive year.

isis-killer-beheading-video-story-top UFC 225: Australia's Robert Whittaker primed for Yoel Romero fight
Jun 10, 2018 - 02:09
Romero, who won silver in the 2000 Summer Olympics in Sydney, Australia, shouldn't be having these troubles. Or they get super furious that I said that I can't watch but eight seconds of wrestling.

isis-killer-beheading-video-story-top Rose McGowan breaks down over Anthony Bourdain's death
Jun 10, 2018 - 02:08
For one episode of his popular CNN series " Parts Unknown ", Anthony Bourdain traveled to western MA to interview Dr. Ruth Potee about what she refers to now as the "epidemic of hopelessness and despair" around opioids.

isis-killer-beheading-video-story-top I nearly quit acting because of sexism in Hollywood: Sandra Bullock
Jun 10, 2018 - 02:08
Sandra said, "We had over a year and a half to just really get to know each other and just fall in love with each other ". Sandra Bullock plays Debbie Ocean (worst drag name ever?) sister of Danny, who, by the way, is dead now.

isis-killer-beheading-video-story-top Why Mercedes is the real Canada favourite - F1
Jun 10, 2018 - 02:03
However, when asked a similar question during the official FIA press conference on Thursday morning, he added: "I'm getting really exhausted of all the questions".

isis-killer-beheading-video-story-top Chinese Hackers Breach US Navy Computers
Jun 10, 2018 - 01:38
USA officials believe China has for years carried out hacking attacks on the US military, the US government and US companies. That includes stealing secrets from our defense contractors, ' said Talent.

isis-killer-beheading-video-story-top Trump says will not invite either NBA finals winner to White House
Jun 10, 2018 - 01:31
There has been clear tension between many star athletes and the current administration throughout the Trump presidency. When the Golden State Warriors won the championship last year , he denied the invitation to go last year.

isis-killer-beheading-video-story-top Trump calls for Russian Federation to be readmitted to G8, European Union rejects it
Jun 10, 2018 - 01:23
He then held on to Trump, and pulled his hand towards him, forcing the U.S President, who is 30 years his senior, to break it off. President Donald Trump infuriated the United States' closest allies last month by imposing tariffs on steel and aluminum imports.