Oil boosted by Iran fears, remains below multi-year highs

Oil boosted by Iran fears, remains below multi-year highs

The West Texas Intermediate (WTI) for June delivery was up 35 USA cents to settle at 71.31 dollars a barrel on the New York Mercantile Exchange, while Brent crude for July delivery rose 20 cents to close at 78.43 dollars a barrel on the London ICE Futures Exchange.

He also downplayed the impact of oil supplies from renewed USA sanctions on Iran: "Don't worry about supply", he said, adding that this was not the first time an OPEC member had been in such a situation.

The supply is greater in the U.S. were production has now seen a large increase in production bringing the total of barrels produced per day to 10.7m.

With renewed USA sanctions looming against OPEC-member Iran and oil demand strong, analysts said crude prices were well supported.

The surge in oil prices comes at a time of tight supply amid record Asian demand and voluntary output restraint by the Organisation of the Petroleum Exporting Countries and non-OPEC producers, including Russian Federation.

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Part of the testing included a trip to the drag strip where the Sixty managed to outmuscle a Mercedes-AMG GT sports vehicle . The company did not announce a price, but CNET expects the price to slide in between the $125,000 GT and the $157,000 GT S.

Crude futures hit the highs as the markets anticipated a sharp fall in Iranian crude supply once US sanctions take effect later this year.

Iran will restart its uranium enrichment if it can not find a way to save the 2015 nuclear deal with the European Union after the United States pulled out last week, Tehran's government spokesman said on Tuesday.

The bottleneck in North America likely contributed to a 4.9 million barrel rise in USA crude oil inventories, to 435.6 million barrels, that the private American Petroleum Institute reported on Tuesday.

"The clash in Israel worsened market sentiment over geopolitical risks in the Middle East, even though it wouldn't directly impact oil's supply and demand", Mikiko Tate, a senior analyst at Sumitomo Corporation Global Research, said by phone from Tokyo.

Despite these downward forces, the market retains support from OPEC and other producers' production cuts and USA sanctions on Iran.

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Witnesses who were outside the school described hearing a gunshot or gunshots, and seeing students running from the building. The Sheriff's Department said another 14-year-old student was shot in the arm and taken to a hospital in stable condition.

What this amounts to on a grander scale, Descalzi argued, is uncertainty for investors, especially those involved with long term multi-billion dollar projects: "And when there is a lot of uncertainty, the investment is not easy to be performed; but there are so many other geopolitical issues, that the landscape is very hard to understand where we're going".

Saudi Arabia pumped 9.868 million barrels a day last month, the lowest since January 2017, according to OPEC's monthly report.

"We expect the EIA report to display bearish results amidst higher rig counts and production levels in the USA", said Singapore-based brokerage Phillip Futures.

U.S. shale oil production is expected to rise by about 145,000 bpd to a record 7.18 million bpd in June, the U.S. Energy Information Administration said on Monday.

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Speaking on Friday, he said: "I would say so". "We had so many tests to pass and the boys really delivered in almost all of them". We were up against an outstanding team on Wednesday and we are up against an outstanding team on Sunday.

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