Economy

United States oil touches $75 amid fears Iran will block Middle East shipments

United States oil touches $75 amid fears Iran will block Middle East shipments

To make up for potential shortfalls in supply from Iran sanctions as well as other disruptions including Libya and Venezuela, the Organization of the Petroleum Exporting Countries (OPEC) has agreed with Russian Federation and other oil-producing non-OPEC members to raise output from July.

The United States exited from the nuclear deal between Iran and world powers in May and said it would reimpose economic sanctions on the Islamic republic and its business partners by 4 November.

The president also had tough words for other United States allies.

Roberto Friedlander of Seaport Global Securities said: "We're overbought at the top of the range here and WTI has to roll over towards $68 to $71".

Russian Federation stuns Spain on penalty kicks, advances at World Cup
The king heads FIFA's list of VIP guests for the round of 16 game, which also includes Russia's Prime Minister Dmitry Medvedev. The second day of the knockout phase starts with 2010 champions, Spain , facing the host country, Russia , at 4 p.m.

WITH Saudi Arabia expressing its ability to raise oil production by two million barrels in obedience to pressures from US President Donald Trump, there are fears that Federal Government's 2018 budget just recently signed by President Muhammadu Buhari may be in trouble.

The issue is of concern as crude oil prices hit four-year highs.

Jahangiri said it was not that "simple".

An Indian official says his country, which imports 400,000 barrels per day of Iranian crude, would only recognise multi-lateral sanctions, rather than unilateral sanctions.

Royal honeymoon: the clues continue to roll in from Prince Harry
In the meantime, we'll just have to enjoy the dozens of epic style moments she's sure to have award-winning or not. She wore the printed Oscar de la Renta dress to Prince Harry's cousin's wedding retails for nearly $6,000.

Oil prices edged up on Wednesday following a report of tightening USA fuel inventories amid an outage at Syncrude Canada oil sands facility in Alberta, which usually supplies the United States. Morgan Stanley raised its Brent crude forecast to US$85 a barrel through to the third quarter of 2019, citing a tighter market than previously anticipated.

An oil tanker is loaded at a Saudi Aramco refinery and terminal in Ras Tanura, Saudi Arabia, in May.

Trump's move comes as the world suddenly finds itself dangerously short of meeting rising global demand that's set to hit 100 million barrels per day by the fourth quarter, compared to 98.7 million during the same period previous year.

At the same time, Iranian Oil Minister Bijhan Zanganeh reminded Riyadh that "any increase in the production by any member country beyond commitments stipulated in OPEC's decisions. would constitute a breach of the agreement".

Aaron Finch breaks worldwide T20 record against Zimbabwe
A slew of records tumbled as Australia destroyed Zimbabwe by 100 runs in the T20 tri-series at Harare Sports Club on Tuesday. Aaron Finch bettered his highest individual T20I score against Zimbabwe in the third T20 of the tri-series in Harare .

The fall came as the Russian Energy Ministry said on Monday that the country's oil output increased to 11.06 million barrels per day in June from 10.97 million barrels per day in May.


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