Crude Closes Near Three-Year High as Focus Remains on Iran Deal

Brent Crude

The prospect of new sanctions on Iran threatens to further tighten supply in the oil market.

Oil rose on Thursday, supported by expectations of renewed U.S. sanctions on Iran, declining output in Venezuela and continuing strong demand.

Analysts had expected a drop in crude oil inventories. Subscribe on Apple Podcasts. The price of oil has risen by about 6 percent in the past month thanks to expectations that the United States could do so.

Macron's incendiary remarks against Trump one day after he was seen smiling and joking with the USA president caused traders to boost West Texas Intermediate by 14 cents to $68.19 per barrel and Brent by 74 cents to $74.74; in addition to Macron predicting that the US will withdraw from the Iran deal in coming weeks (which he admitted was based on nothing more than a gut feeling), he described the reversal of USA policy on worldwide agreements - including the Paris climate accord - as "insane".

"One might wonder what is behind this increase when the dramatic surge in USA crude production signalled just recently a balanced global oil market and the price of WTI staying at around US$60 a barrel", says the report.

Ford to end production of all cars save Mustang, Focus
Despite the higher profit, Ford's adjusted pretax profit margin fell to 5.2 percent from 6.4 percent in the same quarter in 2017. Ford CFO Bob Shanks announced the improved guidance as the company reported a nine per cent increase in first-quarter net income.

Surging US production, which hit 10.59 million bpd last week, has encouraged record-high US exports.

The U.S. must decide whether to maintain a nuclear deal and renew sanctions against Tehran before May 12, which is likely to lead to a reduction in the country's oil exports.

On the charts, WTI crude continues to remain in a long-term uptrend following the 13-year lows set in February 2016.

There is a price divergence in the market that could raise some concerns amongst traders.

Mr Khoman also believes members in Mr Trump's circle are critics of Iran such as nominee for secretary of state Mike Pompeo and John Bolton, national security adviser increases the possibility of the U.S. reimposing sanctions on Iran. "Not so long ago, many doubted that the Federal Reserve would announce three increases of 25 basis points in its key rates during the year". Chief Financial Officer Brad Halverson said, however, that first-quarter adjusted profit per share "will be the high watermark for the year". This week's full report, out later today, are bound to reinforce this reminder-U.S. production has been growing steadily since late 2017. Analysts polled by S&P Global Platts predicted a decline of 1.1 million barrels in crude stockpiles and 500,000 in gasoline supplies for last week.

Related News:

  • Archaeologists discovered the site of an ancient mass sacrifice of children

    Archaeologists discovered the site of an ancient mass sacrifice of children

    During a dig that year, archaeologists found the remains of 42 children, a number that has since increased. Archaeologists have uncovered what may be the largest single mass child sacrifice event in human history.
    Cowboys' Witten retiring after 15 seasons to join MNF

    Cowboys' Witten retiring after 15 seasons to join MNF

    BC-FBN-Draft-Cowboys-Third Day, 183Question turns to Witten after Cowboys address Bryant voidAP Photo CBS107Eds: APNewsNow. The 49ers have traded right tackle Trent Brown to the Patriots, a day after drafting Mike McGlinchey as his replacement.
    Facebook Messenger Kids App Gets Sleep Mode Parental Control

    Facebook Messenger Kids App Gets Sleep Mode Parental Control

    The new feature will allow parents to set designated start and stop times for when the app will go to "sleep". Parents can also delete the account or create a new account for the Kids within the same environment.
  • New Orleans Pelicans Golden State Warriors second-round stage is set

    New Orleans Pelicans Golden State Warriors second-round stage is set

    Let's preview this series and take a look at the best online sportsbooks for their Game 1, series and world championship odds. Less than three weeks ago, he scored 25 points, making 55.6 percent of his shots from the field, against Golden State.
    Boston Bruins prevail in Game 7, Jake DeBrusk saves the day

    Boston Bruins prevail in Game 7, Jake DeBrusk saves the day

    The Bruins were lucky to escape allowing just the pair of Leafs goals, as they entered the third period with a one-goal deficit. This is where the Toronto Maple Leafs try to change the ending. "This is going to be a tough one to swallow", Gardiner said.
    India to play hosts at Edgbaston

    India to play hosts at Edgbaston

    In 2009, the entire tournament was shifted to South Africa while in 2014, the first part of the league was held in the UAE. As per reports, the 12 edition of the Indian Premier League is scheduled to happen from March 29 to May 19, 2019.
  • Sorting out alternate endings to Pacers' Game 5 heartbreaker

    Sorting out alternate endings to Pacers' Game 5 heartbreaker

    It would have counted for two points, whereas James hit a three-pointer, so his shot would still have won the game. It's been a long time since we've seen James in this position.

    Ford makes sharp cuts to USA sedan portfolio

    The company will no longer make the Fusion, Taurus, CMax hybrid compact and Fiesta subcompact in the U.S., Canada and Mexico. That is on top of about $14 billion in efficiencies the company had already promised to achieve in the next several years.
    Oklahoma City Thunder comeback keeps playoff series with Utah Jazz alive

    Oklahoma City Thunder comeback keeps playoff series with Utah Jazz alive

    Oklahoma City Thunder guard Russell Westbrook, left, shoots as Utah Jazz guard Donovan Mitchell defends during the second hal. Karl-Anthony Towns led the Timberwolves with 23 points and 14 rebounds, and Jamal Crawford added 20 points off the bench.
  • Our

    Our "real concern" is fair trial is conducted in Kathua case: SC

    A local court rejected bail plea of the juvenile accused in Kathua rape and murder case . He said: "Let the main issue not be missed".
    Arsenal boss Wenger: Fans always with me

    Arsenal boss Wenger: Fans always with me

    The club, in sixth place in the league, are desperate to win the Europa League as a way back into the Champions League next season.
    Trump should add more China tariffs, some small companies say

    Trump should add more China tariffs, some small companies say

    This will be Mnuchin's first China visit since he was sworn in as US Treasury Secretary in February previous year . Mnuchin recently discussed Xi's proposals with Chinese officials, saying "we're cautiously optimistic".


Most liked

Is Royal Dutch Shell plc (NYSE:RDS.B) A Great Dividend Stock?
The stock of Royal Dutch Shell plc (NYSE:RDS.A) has "Outperform" rating given on Wednesday, January 4 by RBC Capital Markets. Active investors purchase investments and continuously monitor their activity in order to exploit profitable conditions.

Kim Kardashian West slams Tristan Thompson
She continued, "We really were rooting for Khloe , and we still are ... you know, she's so strong and she's doing the best that she can".

Goedert to fly with Eagles
Exciting to have a player like this, a pick like this, that can add to our roster. Goedert said his first name is Dallas because his dad is a Cowboys fan.

Derrius Guice's stunning fall in the draft
General manager Bob Quinn did not get into specifics except to say that for some teams there were some questions about Guice. Guice does have durability concerns, which could have contributed to him not being drafted higher.

President Trump 'Deserves the Nobel Peace Prize'
Trump and Kim have gone from exchanging heated barbs to agreeing to meet in person, which could happen as soon as next month. Trump's aides, in the meantime, are optimistic and believe the president deserves the prize, according to Bloomberg.

European Central Bank keeps interest rates, guidance unchanged
Draghi also warned in Washington last week that rising protectionism might already be hurting business and consumer sentiment. This confident message sent the EUR/USD to the highs of the day below $1.2200, but markets remain cautious.

5 reasons why Arsene Wenger can be given ideal send-off
The New York City FC head coach has been linked with the Gunners in the wake of Wenger stepping down as coach after 22 seasons.

Cohen "Represented Me" In Stormy Daniels Payoff
Trump also complained that many other appointees, including judges, are held up in the approval process in Congress. Cohen's under federal criminal investigation in NY for unspecified business dealings.

Amber Rudd to resign over Windrush scandal?
The targets are referred to as regional because they were divided up between 19 immigration enforcement teams across the UK. She added: "If you are asking me if there are numbers of people we expect to be removed, that's not how we operate".

Online post suggests Toronto van attack suspect may have resented women
Saunders identified the man detained after the incident as Alek Minassian , 25, a resident of the Toronto suburb of Richmond Hill. A mourner visits a makeshift memorial April 24, one day after a van struck multiple people along a major street in Toronto .

Donald Trump: 'Diamond and Silk Are Warriors'
It is wrong for these social media giants to suppress and disregard people by diminishing and denying them their free speech. Despite the presidential praise, Diamond and Silk's foray into viral political videos has been a challenging one, they said.

Facebook grows ad sales and active users
Visitors take photos in front of the Facebook logo at the company's headquarters in Menlo Park, Calif., on March 28. It has been almost two years since Facebook shares rose 7 percent or more during a trading day.

WhatsApp increases European Union age limit to 16 as GDPR approaches
For example, WhatsApp will now let users download a report detailing the sort of data that the app holds on them. WhatsApp would soon be increasing the minimum age limit for its users to sixteen throughout Europe.

Meek Mill rereleased after 5 months in prison
Meanwhile, Philadelphia 76ers co-owner Michael Rubin posted a picture on Instagram celebrating Meek's release from prison. Meek Mill , who was sentenced after violating his probation on a drug and weapon's case regained his freedom on Monday.

Charlie Nicholas states his prediction for Bayern Munich v Real Madrid
Heynckes won the Champions League with Real in 1998 after a 1-0 win over a Juventus side featuring Real manager Zinedine Zidane . "Since he arrived, they've played much better so I think they're harder to beat than previous year ", said Kroos.