Oil prices at highest level in three years

US President Donald Trump has been pressuring OPEC and in particular Saudi Arabia to ramp up output by as much as 2 million barrels a day

Oil prices steadied on Monday as an increase in U.S. drilling, likely to lead to higher shale production, balanced evidence of tightening supply.

Extra output is needed because oil demand has been rising fast this year and supply from several parts of the world, including Venezuela and Libya, has been falling.

Buyers including Syria, India, China and Turkey are expected to remain customers, despite the U.S.'s desire to reduce Iran's exports to zero, Mr. Khoman added.

Global benchmark Brent was up 14 cents, or 0.2 per cent, at 77.25 a barrel by 0113 GMT.

USA gasoline prices are at a four-year-high this year as a result of the higher price of crude.

Mounting supply concerns could push Brent above $85 per barrel, MUFG Bank said in a note.

Tata Motors’ global sales up 10% in June
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Oil prices are likely to be weighed down by the trade conflict as investors are concerned about the impact of the tariffs and counter tariffs on global economic growth, analysts said.

Hundreds of workers on Norwegian offshore oil and gas rigs went on strike on Tuesday after rejecting a proposed wage deal, leading to the shutdown of one Shell-operated oilfield.

That potentially adds to disruptions in other oil producers amid tensions in the Middle East. On the New York Mercantile Exchange, West Texas Intermediate futures were trading up 0.6% at $74.31 a barrel.

Libya's national oil production fell to 527,000 barrels per day from a high of 1.28 million bpd in February following recent oil port closures, the head of the National Oil Corporation said in a statement on Monday.

Oil prices climbed toward a 3½-year high Tuesday, supported by supply issues across several major producing countries and continued uncertainty on the extent USA sanctions on Iran will curb the Middle Eastern country's exports.

Bijan Zanganeh condemned the United States president for trying to politicize the decisions of the Organization of the Petroleum Exporting Countries (OPEC).

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