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

WTI Crude Oil

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.

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.

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:

  • Cohen

    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.
    Bob Dorough of 'Schoolhouse Rock' dead at 94

    Bob Dorough of 'Schoolhouse Rock' dead at 94

    Bob Dorough , the musician behind many iconic educational songs from the " Schoolhouse Rock! ". Dorough died Monday (April 23) at his home in Mt.
    Asaram Bapu convicted of raping minor girl

    Asaram Bapu convicted of raping minor girl

    Thanks to colleagues, seniors and all members of the team whose support meant a lot for me in the entire phase of this case. Asaram is accused of trafficking, wrongful confinement, criminal intimidation, rape and criminal conspiracy.
  • President Trump 'Deserves the Nobel Peace Prize'

    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.
    What is an incel? The term used by Toronto attack suspect explained

    What is an incel? The term used by Toronto attack suspect explained

    Facebook has since deleted Missanian's account. - with files from Nicole Thompson and Daniela Germano. One man killed was a Jordanian man, Munir Abdu Habib Al-Najjar, according to Jordanian media reports .
    Facebook grows ad sales and active users

    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.
  • Derrius Guice's stunning fall in the draft

    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.
    Online post suggests Toronto van attack suspect may have resented women

    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 .
    Jurgen Klopp's update on Alex Oxlade-Chamberlain did not sound good

    Jurgen Klopp's update on Alex Oxlade-Chamberlain did not sound good

    Oxlade-Chamberlain has enjoyed a breakout season in 2017-18, his first with the Reds after a lengthy spell with Arsenal . It's doubtful the 24-year-old will be able to return if the Reds reach the Champions League final on May 26 in Kiev.
  • 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.

    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.
    Bidding war for Sky looms as Comcast offers £22bn

    Bidding war for Sky looms as Comcast offers £22bn

    The Comcast offer values Sky at £22 billion ($31 billion), roughly £3 billion ($4.2 billion) more than Murdoch's bid. Investors, who think the bidding war will continue, sent Sky's stock much higher than Comcast's new offer.


Most liked

Barclays PLC Reduced the Shares rating of Marathon Oil Corp. (MRO)
It operates through three divisions: North America E&P, worldwide E&P, and Oil Sands Mining.Currently it has negative earnings. Shares of Marathon Petroleum closed the previous trading session at 79.16 down -0.62 0.78% with 1114432 shares trading hands.

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.

Saudi air strike kills dozens of Yemen rebels including commanders
Elsewhere, Yemeni Shia rebels said they fired eight ballistic missiles at targets in Saudi Arabia's southern city of Jizan. Lebanese news outlet Al Mayadeen reported that the Saudi-led coalition was responsible for the strike.

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.

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.

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".

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.

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.

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.

How rich is the new royal baby?
Unlike Prince Harry and Royal-in-waiting Meghan Markle, we never see the Duke and Duchess of Cambridge cuddle up to one another.

Mulvaney: I Only Talked To Lobbyists Who Donated To My Congressional Campaign
During the industry event, Mulvaney had also said that "We are going to do what the law says, but not what the law doesn't say". Mulvaney admitted Tuesday that, as a congressman, he only gave meetings to lobbyists who donated to his campaign.

Filmmaker says Russian TV used his images to back 'fake chemical attack'
The three governments launched airstrikes into Syria , hitting alleged chemical weapons facilities. They accused the regime leader Bashar al Assad of using chemical weapons , possibly a nerve agent.

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.

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.