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Oil Trades Near $68 Before US Stockpile Data, Iran Decision

Oil Trades Near $68 Before US Stockpile Data, Iran Decision

Meanwhile, whether President Donald Trump will pull the USA out of the Iran nuclear accord by the May 12 deadline and reimpose on sanctions on the Persian Gulf nation remained in doubt.

"Iran supplies around 3.5-4 million barrels of crude oil per day into the global pool and sanctions would affect this supply". The country's GDP has declined by almost 50 percent since 2013 and the International Monetary Fund forecasts that it will contract by another 15 percent in 2018.

"The market is assuming that oil sanctions will snap back onto Iran", he said. The traders would probably exercise that right to protect their business interests in the United States from legal action, they said, asking not to be identified because the information is confidential.

There is no strict rule that lower global crude oil prices must lead to lower domestic fuel prices.

How Donald Trump Became the Author of His Own "Astonishingly Excellent" Health
He also gave a freaky explanation for why he blatantly mislead the public: "That's black humor, that letter". Bornstein wrote in December 2015 that Trump's medical examination "showed only positive results".

"The strength of the dollar is where the pressure is coming from", Gene McGillian, vice president at Tradition Energy, told Reuters. A re-imposition of sanctions could disrupt exports from Iran, which exported a record amount of crude last month.

The risks of a weaker rupee are real because India imports more than two-thirds of its crude requirements and analysts at Nomura Holdings Inc. estimate that for every $10 per barrel rise, India's current-account would deteriorate by 0.4 percent of GDP.

Trump accuses Tehran of financing terrorism. Moreover, any fixes that would be onerous enough to satisfy the Trump administration's increasingly hawkish foreign policy team would likely be a hard sell in Iran. German Chancellor Angela Merkel, who plans to meet with Trump on Friday, is set to press for preserving the nuclear accord. Analysts said the market is extremely sensitive to any developments on the nuclear deal and sanctions. Oil prices have been lifted by concerns about the fate of the Iran deal as well as strong demand and supply cuts by OPEC and Russian Federation. He was quoted saying, "We'll see what happens".

Iran's customers would probably have to trim purchases within 180 days of any U.S. sanctions, Fereidun Fesharaki, FGE's chairman, said.

Former Trump Aide Meets With Mueller After Cursing Russia Probe
Others, including members of Trump's legal team, said the Nixon case refers to document production, not physical testimony. In a second tweet, Trump said: "It would seem very hard to obstruct justice for a crime that never happened".

USA oil production also hit a fresh record of 10.62 million barrels per day (bpd), a jump of more than a quarter since mid-2016. Exports have recovered, though France-based Total SA is the only Western energy major so far to sign a significant investment deal in Iran.

Earnings and deal news provided support early in the session.

OIL IS poised for a second monthly advance, propelled by the prospect of a disruption in Iranian supplies and as Opec closes in on its target of wiping out a global glut. Brent crude was seen touching $75 per barrel and prices moving towards $80 per barrel can not be dismissed if the tensions between the U.S. and Iran escalate.

Crude oil prices fell Tuesday as the dollar remained near a four-month high, but worries U.S. President Trump will pull out of the Iran nuclear deal underpinned the market.

'Culture Clash': WhatsApp co-founder announces split from Facebook
Mr Zuckerberg responded to Mr Koum's post about his departure on Facebook , saying he will miss working so closely with him. Now Koum is stepping down as CEO of WhatsApp and is leaving behind a seat on Facebook's board over internal struggles.

"China", he said, "is the pendulum".


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