It's yet uncertain how much of Iran's supply could be affected under new USA sanctions which have yet to be detailed.
"The only reason why we're not seeing higher prices from here today is the strength of the USA dollar", Tariq Zahir, managing member at Tyche Capital Advisors, toldReuters.
The oil market is set to tighten further as supplies have been constrained by the earlier Vienna pact involving Saudi Arabia-led Opec along with non-Opec Russia to cut output by 1.5 million bpd, resulting in global crude inventories falling to 1 million barrels below a five-year average.
"In these early days, there is understandable uncertainty about its potential impact on Iran's oil exports, which are now about 2.4 mb/d", the IEA noted.
West Texas Intermediate oil is trading at $72.13, a 0.82% gain.
The sources told Reuters Saeed Khoshrou, director of global affairs at the National Iranian Oil Company (NIOC), held separate meetings in Beijing on Monday with top executives at Chinese oil giant Sinopec's trading unit and state oil trader Zhuhai Zhenrong Corp to discuss oil supplies and seek assurances from the Chinese buyers.
Neil Atkinson, head of the oil industry and markets division at the IEA, told CNBC's "Street Signs" that "the stability of the market" could be at stake.
Walmart Inc. (WMT) EPS Estimated At $1.13 on May, 17
Walmart announced earlier this month that it was paying $16 billion for majority control of India's online retailer, Flipkart. The firm has "Neutral" rating given on Wednesday, February 21 by UBS. (NYSE: WMT ) has "Hold" rating given by Credit Suisse.
"European and Asian buyers of Brent are pricing in the risks and realities of the fallout from sanctions on Iran to increased tensions in the Gaza strip, as well as the inability of traditional Brent oil producers to fill that void", said Phil Flynn, senior market analyst at Price Futures Group. The IEA attributes the decline to higher prices that are expected to dampen demand.
Indiareceived about 397,200 bpd of oil from Venezuela in April, the highest since September, up about 46.8 percent from a year ago, the data showed. Markets face other disruptions besides Iran, with Venezuela's output plunging to the lowest since the 1950s as its economy unravels. A stronger greenback makes it more expensive to buy dollar-denominated commodities like oil.
Non-OPEC supply this year now is forecast to grow by 1.7 million b/d y/y, with 89% from the United States.
The API reported Tuesday that United States crude supplies rose by almost 4.9 million barrels for the week ended May 11.
The downward trend was supported by data released late Tuesday by the American Petroleum Institute showing USA crude oil inventories increased last week by 4.8 million barrels.
OPEC and its allies are cutting production by about 1.8 million barrels per day, nearly 2% of world supply, until the end of 2018.
The agency trimmed its 2018 world demand growth projection by 40,000 barrels a day to 1.4 million a day, projecting total consumption at 99.2 million barrels a day. Gasoline stocks were down (-3.8m vs. -1.4m expected) while distillate stocks (-0.1m vs. -2.4m expected) were also down.
Is $100-$3.60 per gallon gasoline in the USA -or higher possible?
Most of the top 50 is unchanged, with Germany, Brazil and Belgium at one through three in the same top 10 as last month. The Super Eagles alongside their Group D opponents in the World Cup are unmoved from their previous ranking.
While there is still no update on Khan's health , for the first time since 16 March, the actor has posted a tweet. About a month after Irrfan revealed the nature of his disease, rumours about his health began doing the rounds.
This should be great news for users who want a pair of wireless headphones to listen to their favorite songs while working out. OnePlus has claimed that clipping the earbuds together pauses the music while unclipping them will resume playback.
The Bench of Justices A K Sikri, S A Bobde and Ashok Bhushan said the next hearing would be at 10:30 am on Friday, May 18. The hearing commenced at 2.20 a.m. and concluded with the court passing order at 5.30 in the morning.
Are you planning to register to play Super Smash Bros. for Switch at E3 2018? And if you want a cool pin, just bring your Switch. Those attendees confirmed for E3 by May 31 will receive an email around June 5 asking to make an appointment for Smash .
The LG G7 will be available in four color variants, including Platinum Gray, Aurora Black, Moroccan Blue, and Raspberry Rose. The primary 16-megapixel camera uses a f/1.6 lens with optical image stabilization and phase detection autofocus.
With Conte widely-expected to move on in the close-season there has been an air of uncertainty around the club in recent months. Midfielder Cesc Fabregas has acknowledged that Chelsea must show their passion during the FA Cup final with Manchester United .
Slive is survived by his wife Liz of 49 years, his daughter Anna, son-in-law Judd Harwood and 6-year-old granddaughter Abigail. Nine schools either were under NCAA investigation or on probation. "It was clear it was not only an athletic decision", Mr.
Asians not only tend to have diets high in sodium, but they are genetically more sensitive to sodium, the researchers said. I was then put on chronic treatment". "I have not had heart problems since I've been on the medication".
Kavlekar said that in absence of the Chief Minister in the state for last two months, there is no government in place. Goa Congress chief Girish Chodankar said the governors cannot have two different sets of rules.
On May 2, the Syrian regime and opposition groups agreed to a cease-fire in the Homs province's northern countryside. A small pocket in southern Homs province, near the border with Iraq, is controlled by US -backed rebels.
Adopt a Pit Bull!
This is not the first time Craft's pit bulls have gotten in trouble. Jones says one of those pit bulls took part in Wednesday's attack.
European Union accused of 'interfering' in Italian politics
Leaked drafts of their government "contract" include provision for a "conciliation committee" to settle expected disagreements. They also taunted Brussels by warning that if European Union capitals were concerned, " then we're doing something right ".
BCCI announces squad for Women's T20 Challenge match
We've seen the Women's Big Bash League, the Kia Super League, and hopefully in a few years, the women's IPL. In this regard, the IPL Chairman Rajiv Shukla said in his statement: "The IPL will continue to be as usual".
OnePlus 6 passes scratch, burn, and bend testing
A YouTube channel by the name of JerryRigEverything has become the primary resource for smartphone durability tests online. All major smartphones are put through the scratch, bend, and burn tests on this channel to see how they hold up.
Una iPhone X Tesla, te costará 4.587 dólares - English
Above the shock-resistant solar panel is 999 standard gilding and the rest of the modification features a carbon fiber material. The 64 GB version of the iPhone X Tesla is going for a measly $4,500, while the 256 GB model will set you back for $4,800.
Woman tortured to death by a pack of dachshunds
A woman in the USA state of Oklahoma has died after she was attacked and mauled by a pack of dachshunds last Thursday night. According to her obituary , Garcia is survived by a son and daughter. "This is just a bad deal all the way around".
Ocado lands major Kroger Smart Platform deal
Currently, the two companies are looking for suitable locations to establish three automated warehouse facilities. Kroger has almost 2,800 shops across 35 USA states and annual sales of $122bn in 2017.