Oil Rises as 'Alarm Bells' Sound Over Unraveling Iran Nuke Deal

Oil Stuck Near $68 as Questions Swirl Around Iran Nuclear Deal

The World Bank in its latest forecast said global prices of crude oil, gas, and coal will rise by 20 percent this year.

Prior to Israeli Prime Minister Benjamin Netanyahu's disclosure of the Iranian filed, French President Emmanuel Macron made a joint announcement with the office of Iranian President Hassan Rouhani in which the two leaders would work together on preserving the 2015 deal.

Helping to limit losses are a number of factors including a reported drop in Angola production, continued threats by Houthis to Saudi oil and shipping and infrastructure, but most of all the possibility of the reimposition of sanctions against Iran.

Netanyahu's disclosure of thousands of documents he said proved Iran definitively sought to assemble nuclear bombs comes as the US President, Donald Trump, considers whether to re-impose sanctions against Iran, the third biggest oil producer in the Organisation of Petroleum Exporting Countries.

U.S. West Texas Intermediate crude for June delivery was 87 cents down at $67.70 a barrel, after settling 47 cents higher on Monday. Total volume traded was about 17 per cent below the 100-day average. Prices are up 5.2 per cent for the month.

Brent crude, the worldwide benchmark traded in London, closed at a level not see since late 2014.

Traders are unwilling to sign contracts for Iranian crude and refined products that would be valid after May 12, the deadline for Trump to decide whether to reimpose sanctions, according to recent interviews with six companies that buy and sell oil in the Middle East. The global benchmark crude traded at a $6.43 premium to June WTI.

According to General Electric's Baker Hughes energy services firm, USA drillers added five oil rigs in the week to April 27, bringing the total count to 825, the highest level since March 2015.

"It's only Trump who wants to back out of the deal, but he wants to back out of so many deals ..."

On Friday, the Baker Hughes rig count in the U.S. showed a gain of five rigs in the week to April 27, the fourth consecutive weekly rise, bringing the total rig count to 825.

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.

Crude oil stocks rose by 2,170 MBBL last week to 429,737 MBBL, from 427,567 MBBL.

USA crude inventories likely rose by 1.3 million barrels last week, while gasoline and distillate stockpiles fell, a preliminary Reuters poll showed on Monday ahead of data by the Industry group the American Petroleum Institute later in the day.

Related news:

Hot News

isis-killer-beheading-video-story-top Mosque blasts kill at least 27 in northeast Nigeria
May 02, 2018 - 01:41
The military and civilian militia ousted the extremists from the town, which is a commercial hub near the border with Cameroon. Earlier police said about 24 people had been killed and more than a dozen were hurt. "The mosque's roof was blown off.

isis-killer-beheading-video-story-top Australia optimistic about India's participation in the Day-Night Test
May 02, 2018 - 01:39
The Gold Coast is to host global cricket for the first time, staging a T20 game between Australia and South Africa. James Sutherland, the Chief Executive of CA is optimistic that India will play the D/N game.

isis-killer-beheading-video-story-top Upcoming iPhone looks more like Android clone than iPhone X
May 01, 2018 - 09:28
And it looks like the entry-level iPhone X2 will drop the 3D Touch feature to minimize the cost of display manufacturing. However, the new iPhone will not receive the support of face recognition technology and 3D touch technology.

isis-killer-beheading-video-story-top Mueller Wants To Question Trump On Comey, Flynn And Obstruction
May 01, 2018 - 09:24
Sessions, including the attorney general's decision to recuse himself from the Russian Federation investigation and whether Mr. Trump fired Flynn in February 2017 after he lied to Vice President Pence about his sanction talks with the Russian government.

isis-killer-beheading-video-story-top Trump campaign reportedly spent over $225K on Cohen's legal fees
May 01, 2018 - 09:14
Clifford of committing a crime under NY law, as well as the law of numerous other states, in that it effectively states that Ms. Clifford falsely accused an individual of committing a crime against her when no such crime occurred", the lawsuit states.

isis-killer-beheading-video-story-top Janice Dickinson Wishes Bill Cosby to 'Rot in Hell' Following His Verdict
Apr 30, 2018 - 11:47
The Associated Press does not typically identify people who say they are victims of sexual assault unless they grant permission. Former Montgomery County District Attorney Bruce Castor at the time decided not to file charges in the case.

isis-killer-beheading-video-story-top Asda and Sainsbury's in 'advanced' merger talks
Apr 30, 2018 - 11:45
One source close to Wal-Mart said the merger would allow the two companies to invest in providing more products at lower prices. The deal would be the largest in the United Kingdom supermarket sector since Morrisons acquired the Safeway business in 2004.

isis-killer-beheading-video-story-top One-handed Griffin joins twin brother on the Seahawks
Apr 30, 2018 - 11:44
I said, 'You have to grab this!' I said, 'You don't have time for this!' I handed him the phone, and that's how it went". Yet there is one aspect of Griffin's game that can not be measured - his drive to prove his doubters wrong.

isis-killer-beheading-video-story-top Sen. Tester Claims He Was Only Doing His Job
Apr 30, 2018 - 11:44
One of the allegations against Jackson is that he got drunk at a Secret Service going-away party and wrecked a government vehicle. Ronny Jackson , meets with Senator Jon Tester at his office on Capitol Hill in Washington, DC, on April 17, 2018.

isis-killer-beheading-video-story-top Bellator MMA Grand Prix
Apr 30, 2018 - 11:42
Fedor signed with the fight league Affliction Entertainment, an organization that was partially owned by Trump, in 2008. Emelianenko's manager confirmed Saturday to the AP that the meeting took place last Tuesday.

isis-killer-beheading-video-story-top A Judge Just Dismissed Paul Manafort's Lawsuit Challenging Mueller's Appointment
Apr 30, 2018 - 11:42
Initially, Manafort had asking Jackson to throw out all charges against him and nullify Mueller's appointment order in total. The New York Times reports that criminal charges of money laundering, bank fraud, tax evasion are pressed against Manafort.

isis-killer-beheading-video-story-top Alliance Working towards Next NATO-Russia Council, Stoltenberg Says
Apr 30, 2018 - 11:41
Scaparrotti , NATO's supreme allied commander for Europe, recently spoke with the Russian chief of defense, Gen. Ministers also debated plans to expand NATO's training mission in Iraq.

isis-killer-beheading-video-story-top Cowboys acquire WR Tavon Austin in deal with Rams
Apr 30, 2018 - 11:34
Austin has made just 15 career catches on balls thrown at least 15 yards downfield, according to ESPN. Dallas' current wide-receiving look on the depth chart isn't anything to write home about.

isis-killer-beheading-video-story-top Mike Gesicki Drafted By Miami At No. 42 Overall
Apr 30, 2018 - 11:32
On the final day of the draft they'll be in the market for a defensive tackle and backup quarterback. He could easily finish his rookie season as a TE2, but he should only be drafted in dynasty leagues.

isis-killer-beheading-video-story-top Oil rises on possible Iran sanctions and declining Venezuelan output
Apr 29, 2018 - 00:50
On Wednesday, the indexes continued a lower trend . "If Trump exits the deal, Iran will surely pull out of it", said the official. New York-traded West Texas Intermediate crude futures tacked on 9 cents to $68.14 a barrel by 08:00 GMT.