Oil Rises as 'Alarm Bells' Sound Over Unraveling Iran Nuke Deal
02 May, 2018, 01:38 | Author: Martin Tyler
Oil prices were little changed on Friday, with Brent on track for its third week of gains amid supply concerns should the United States reimpose sanctions on Iran.
The oil price rallied after Israeli Prime Minister, Benjamin Netanyahu, accused Iran of lying "big time" about a secretive nuclear weapons programme, ratcheting up tensions in a region that controls nearly half the world's oil.
The decision of whether to restore the sanctions on Iran that were lifted after an agreement over its disputed nuclear program will be made by US President Donald Trump on May 12.
Crude has rallied this month amid heightened geopolitical tensions and Trump's indications that he might scrap the 2015 nuclear deal with Iran.
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US drillers added five oil rigs this week, bringing the total count to 825, the highest level since March 2015, General Electric Co's Baker Hughes energy services firm said. The renewed sanctions would likely dampen Iranian oil exports, disrupting global oil supply.
U.S. West Texas Intermediate and international-benchmark Brent crude oil are trading lower early Monday, but continue to hover close to their almost three-year highs reached earlier in the month.
"We'll see oil fluctuating as uncertainties will persist over whether Trump will withdraw from the Iran nuclear agreement", Vincent Hwang, a commodities analyst at NH Investment & Securities, said by phone in Seoul. "We therefore see oil prices as being well supported". The global benchmark crude traded at a US$6.43 premium to June WTI.
Gasoline futures rose 0.1 percent to settle at $2.1292 a gallon on Monday, the highest since August.
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Hedge funds and other money managers cut their combined net long position in the six most important futures and options contracts linked to petroleum by six million barrels in the week to April 24. Only Russia now produces more, at around 11 million bpd.
Growing U.S. crude production and stockpiles have weighed on the market. US crude production rose by 46,000 BPD the previous week, to 10.59 MMBPD.
In the USA, working oil rigs rose by five last week to 825, the highest level since March 2015, according to data from Baker Hughes.
Because of the tighter market, the forward curve for Brent is now above $70 per barrel until the end of 2018, and prices are above $60 per barrel through 2020.
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In a research note, the financial technology and analytics firm claimed that short interest in the U.S./Canadian oil and gas and consumable fuel sector has increased by 27% to $54.9 billion since WTI crude recovered from its year-to-date low of $58.98 in mid-February to reach $67.75.
One resident, Isa Danladi, said he had been about to leave his house near the mosque when he heard the blast. No group has claimed responsibility for the attack, though locals have blamed the Boko Haram .
The newly built Perth stadium will also make its debut when India and Australia face-off in second test match of the series. The two-Test tour against Sri Lanka concludes at Manuka Oval in Canberra in a match to be staged from February 1 to 5.
The championship is a competition that lasts all year, it is about consistency and the team deserved this title", said Iniesta. The move allowed Messi to float across the attack and the midfield more freely and made him even more unsafe .
It has also been revealed that a helpline for women concerned about this matter has now received 6,000 calls. The next step will be to publish its Terms of Reference, which will be in about a fortnight's time.
This will reportedly be a "working visit" with Prime Minister Theresa May , though full details haven't been disclosed yet. Daily Mail UK reports that the visit will help to improve relations between the two countries.
A zoo spokeswoman said the camel was simply Louis , though some were already calling the camel " Prince Louis ". Linda Robson also joked on Friday's Loose Women that the royals had asked her permission to copy her baby name.
Fighting in the camp broke out in 2013 as some Palestinian factions sided with the Syrian regime and others with the rebels. Implementation is expected to begin on Monday and is scheduled to be complete before the start of Ramadan on May 15.
The WHCA's current president, Bloomberg News' White House reporter Margaret Talev , called the president's absence "unfortunate". Michelle Wolf's performance at last night's White House Correspondents' Dinner (WHCD) has created quite a stir.
The Republican Party, which has 58 out of 105 seats in the parliament, has not announced its plans on the upcoming voting. Demonstrators had poured onto the streets of Yerevan in protest at the move, accusing him of trying to cling to power.
Pass rush is something that we want to add more competition to and hopefully that will be answered as we move forward". I'm so excited I can't wait to get on the field and play football.
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