Iran must resist United States sanctions: Rouhani

Iran must resist United States sanctions: Rouhani

U.S. West Texas Intermediate crude futures settled 13 cents higher, at $61.94 per barrel.

US crude production, meanwhile, is expected to rise to an all-time high of 12.5 million barrels per day (bpd) in 2019 from a record 11.0 bpd in 2018, according to the EIA's Short-Term Energy Outlook. "'Don't do business with this people until they understand that there is a way to that you conduct yourself in the global community'".

The administration of US President Donald Trump will announce new sanctions on Iran this coming week, a report says.

"The market is fearful that the other shoe is going to drop on the global economy if we get into a trade war; it will hurt oil demand", said Phil Flynn, an analyst at Price Futures Group in Chicago.

The upbeat reports have also turned around earnings estimates for the first quarter to an nearly 1 percent rise, a huge improvement from the 2.3 percent decline expected at the start of the season last month.

However, the metal truncated its weekly percentage decline on Friday instigated by investors covering their short positions and a fall in the dollar after U.S.jobs data showed wage gains did not accelerate as expected.

The EIA said it forecasts that OPEC's crude oil output will average 30.3 million barrels per day (mbpd) in 2019, down by 1.7 mbpd from 2018.


Offer prices for relatively heavy Angolan grades were expected to remain high and even increase given high demand and absence of comparable oil grades due to USA sanctions on Iran and Venezuela.

Worldwide benchmark Brent crude was trading at $70.39 per barrel at 0700 GMT, posting a 0.78% increase, after closing Tuesday at $69.84 a barrel.

On Monday, the 6th of May 2019, both United Kingdom and USA crude future price had settled higher at a volatile trading day, as nerve-wracking worries had been splashing over the crude oil market following Iran sanction and Trump's Sunday's (May 5th) threat to impose tariff on $200 billion of Chinese imports this week.

Scarcer heavy and sour crudes are being snapped up by US refineries in the run-up to the summer, and May imports from Nigeria and Angola along with Iraq and Brazil are expected at about 1.23 million bpd - the highest in 18 months.

State-run refineries bought a lot of Iranian crude oil to stockpile ahead of the sanction waivers expiry, and this was the key reason for the record Chinese imports last month, Wang Zhao, head of crude oil research at Sublime China Information, told Reuters.

Crude inventories fell by 4 million barrels in the week to May 3, compared with analysts' expectations for an increase of 1.2 million barrels.

The statement chiefly impacts oil importers including China, India, Japan, South Korea and Turkey. -China trade negotiations. Also, don't look for a rally if stocks remain under pressure.

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