Crude poised for monthly gain amid Iran nuclear accord prospects
02 May, 2018, 01:39 | Author: Barbara Daniel
Meanwhile, Brent prices have gained almost 6 percent this month, buoyed by expectations the United States will renew sanctions against Iran.
Israeli Prime Minister Benjamin Netanyahu said Iran had a secret plan to build nuclear weapons.
Trump has given Britain, France and Germany a May 12 deadline to fix what he views as the flaws of the 2015 nuclear deal, or he will reimpose sanctions.
Brent crude for June settlement, which expires Monday, dropped 74 cents to US$73.90 a barrel on the London-based ICE Futures Europe exchange. Trump declined to say what he'll do on the Iran deal.
Brent, against which Nigeria's crude oil is priced, stood at $75.16 per barrel as of 8:15pm Nigerian time, while the United States' marker, West Texas Intermediate, traded around $68.36 per barrel.
Oil prices poised for a second monthly advance, propelled by the prospect of a disruption in Iranian supplies and as the Organization of Petroleum Exporting Countries (Opec) closes in on its target of wiping out a global glut.
"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 Co., said by phone in Seoul.
Money managers hold record positions in Brent crude futures and options, lured in by the hefty premium of the front-month June contract over subsequent months that makes it profitable to invest in crude over the longer term.
Venezuela's plunging output and looming USA sanctions against Iran come against a backdrop of strong demand, especially in Asia, the world's biggest oil consuming region.
Prices will be pressured by rising USA production as shale drillers try to take advantage of higher prices by ramping up activity. "Since the market is already tight because of the high production outages in Venezuela and the production cuts implemented by OPEC and Russian Federation, any further reduction of supply weighs all the more heavily", the bank said. US crude production rose by 46,000 BPD the previous week, to 10.59 MMBPD.
"If that happened, Brent prices could jump to near $90 (a barrel)".
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.
USA drillers added five oil rigs in the week to April 27, bringing the total count to 825, the highest level since March 2015, General Electric's Baker Hughes energy services firm said.
Snyder said he didn't know much about the 80-year-old comedian before the trial and knew nothing of the allegations. Meanwhile, the jury forewoman released a statement to say that the verdict was based exclusively on the evidence.
Trade Representative Robert Lighthizer, White House trade adviser Peter Navarro and White House economic adviser Larry Kudlow. Forcing governments to limit shipments of goods violates WTO rules, which prohibit so-called voluntary export restraints.
KAHN: "Because they threatened me and also my sister", she says, "and my cousin, mother and stepfather", she adds. Hundreds of people chanted as they approached the border with their families, including young children.
The spiritual leader of Iran also accused the United States of America that they are an economic war with his country. In exchange, Iran received relief from sanctions, most of which were lifted in January 2016.
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Prince Louis' arrival comes less than a month before the highly anticipated royal wedding of Prince Harry and Meghan Markle. Footage of Kate Middleton has emerged which shows her revealing how we should really be pronouncing Prince Louis' name.
Asked about his ovation as he walked along the touchline, Wenger said: "When you're not a danger any more, people love you". The Chilean admitted that he was happy with the win, but that Man United must improve in order to win titles next season.
Israel had obtained " half a ton " of Iranian documents which proved Iran had a nuclear weapons program but had lied about it. Netanyahu said he would share the newly uncovered information with Western allies and the global nuclear agency.
In the last five head to head matches between these two sides, Bayern Munich won one game and lost four games to Real Madrid . For the latest news, download our app at http://bit.ly/GetALoopJM for Android; and at http://bit.ly/GetiLoopJM for IoS.
Vegas did play better as the period went on, created a few scoring chances on Sharks' goaltender Martin Jones . Gerard Gallant challenged the play for goaltender interference, but the goal was upheld after review.
It was an emotional game, and now it's time to go on the road and we need to steal a couple of wins in their building". The Penguins thought he should've allowed one more goal to Patric Hornqvist in the third period.
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