Oil dips on signs of ample supply despite OPEC cuts, Iran sanctions

Oil dips on signs of ample supply despite OPEC cuts, Iran sanctions

Oil dips on signs of ample supply despite OPEC cuts, Iran sanctions

The Kremlin-controlled company also said it has concluded a two-year deal with French oil major Total to supply crude oil via the Druzhba (Friendship) pipeline to Germany, amounting to between 4.8 million tonned and 10.8 million tonnes.

Brent for July settlement rose as much as 99 cents, or 1.3 per cent, to $79.22 a barrel on the London-based ICE Futures Europe exchange.

Essentially, there is the Oil Price Fundamental Daily Forecast - OPEC Says Global Supply Glut Virtually Eliminatedthreat of increased US production.

In 2017, China surpassed the United States to become the world's top crude oil importer as its domestic production declined while it kept the title of world's largest oil consumer for the ninth consecutive year, and while it expanded refining capacity, and reduced restrictions on oil imports and refined oil product exports.

In China, the world's biggest oil importer, refinery runs rose almost 12 percent in April compared with the same month a year ago, to around 12.06 million barrels per day, marking the second-highest level on record on a daily basis, data showed on Tuesday.

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Oil prices were mixed Tuesday, with the USA benchmark pulling back after hitting multiyear highs, even as turmoil in the Middle East continued to boost the global benchmark.

OPEC on Monday reported it's cutting production by more than is required.

Crude oil prices are now stable - both Brent and WTI are only slightly lower.

Along with the rise in non-OPEC production, the agency sees demand growth of 1.4 million barrels a day, down by 100,000 barrels from last month's report.

Consequently, the price of Brent and WTI rose from $76.80 to $77.99 and $70.50 to $70.91 respectively in the global market.

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The IEA said Iran's exports fell by around 1.2 million bpd the last time sanctions were imposed over the country's nuclear activities in 2012 before being lifted four years later.

Crude sticking to highs as U.S. withdrawal from Iran program continues to boost prices.

The general public has starting feeling the pinch in their wallet as the oil prices have now climbed to five-years high and are unlikely to go down anytime soon.

"US sanctions on Iran take center stage in the oil market", said Norbert Ruecker, head of macro and commodity at Julius Baer & Co in Zurich. Both benchmark Crude Oil prices look Bullish in here.

The support for crude came as markets tightened due to OPEC's efforts to curb inventories to raise oil prices.

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