Oil Pares Monthly Gain as US Rigs Offset Iran-Deal Risk

Rising US rig count knocks oil, but prices remain near 3-year highs

Weekly data on Tuesday that showed a rise in United States crude inventories also subdued the oil price somewhat.

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. Prices are being supported by continued adherence to the OPEC-led production cuts, increased demand from Asia, possible supply disruptions in Iran and turmoil in Venezuela.

West Texas Intermediate (WTI) crude for June delivery traded at $67.48 a barrel on the New York Mercantile Exchange, down 62 cents, at 8.23am in London.

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.

Brent crude for June settlement, which expires Monday, dropped 74 cents to $73.90 a barrel on the London-based ICE Futures Europe exchange.

Brent has risen by around 6.5 percent this month.

More news: 'Red Dead Redemption 2' Breaking Silence This Wednesday With New Trailer

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.

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

Prices will be pressured by rising USA production as shale drillers try to take advantage of higher prices by ramping up activity. Dusaniwsky pointed out that bets against the sector previously hit a year-to-date high of $55.2 billion in mid-January when the benchmark topped $66 a barrel and then swiftly fell to a year-to-date low of $43.1 billion in mid-February when the price of WTI crude plummeted again.

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.

"That's an issue that is more political in nature that could have a shock in the market", said Mark Watkins, a regional investment manager at U.S. Bank Wealth Management in Park City, Utah". Investors are assessing if surging US production, which has topped 10 million barrels a day every week since early February, will undermine efforts by the Organization of Petroleum Exporting Countries to balance the market via output cuts.

Saudi Aramco, the world's biggest crude exporter, appointed new board members with experience in global oil and petrochemical businesses as it plans a possible overseas share sale in what could be a record initial public offering.

Related News:

Most liked

Khamenei Refuses to Abandon Iran's Regional Role
Appearing to address those remarks, Khamenei said Iran had no intention of limiting its influence in the Middle East. Iran's Supreme Leader Ali Khamenei said that the US Department of Treasury has turned into "a war room" against Iran.

Real Madrid Looking To Seal Finals Spot Against Bayern Munich
For the latest news, download our app at http://bit.ly/GetALoopJM for Android; and at http://bit.ly/GetiLoopJM for IoS. Bayern will need a strong performance to overturn the 2-1 deficit in front of a strong and boisterous home crowd.

TDP joined NDA only for Andhra's benefits, no political gain: CM Naidu
All of the attendees were observing a 12 hour long fast, the protest stage by YSRCP was attended by their MPs MLAs and MLCs. He made a specific mention of Kathua incident, in which a minor girl was allegedly raped by Hindu funamentalists.

President Trump thanks Southwest Airlines flight crew, passengers for their heroism
While an emergency landing was declared, the flight landed safely, ' the airline said in a press release. One of the passengers has also sued Southwest , saying she has suffered post-traumatic stress disorder.

17 women affected by CervicalCheck controversy have died
The Texas-based lab which distributes CervicalCheck's smear test results will pay the settlement. It also emerged that of the 162 who have not been contacted, that 17 of whom have already died.

Vegas Golden Knights vs. San Jose Sharks Matchup Preview 4/30/18
The San Jose Sharks made it to the Stanley Cup Finals just two years ago, losing in six games to the Pittsburgh Penguins. The Sharks rallied to tie the game and force a second straight overtime with two goals in the third period.

Emmanuel Macron's gift to America has been placed in quarantine
The sapling originates from northern France World War I near a place where thousands of USA troops died battling German forces. Also puzzling is why the White House didn't announce in advance that the planting last week was a purely symbolic event.

Fellaini's injury time strike gives United win over Arsenal
Therefore, it was expected that Man United would cruise to an easy victory. "We don't know if everyone can stay in the club". Manchester United fans showed their class with a wonderful gesture for departing Arsenal boss Arsene Wenger .

Barclays thinks new iPhones won't include headphone adapter
He and other analysts cut their iPhone sales estimates, and Apple shares where are down nearly 8 percent in the past two weeks. Rumour mill is abuzz that Apple is now going to release "iPhone SE2", just two years after the first iPhone SE was released.

Chelsea boss Antonio Conte: 'David Luiz working hard to return'
Chelsea kept alive their slim hope of securing a top four place courtesy of man of the match, Cesc Fabregas fourth minute strike. I think for him this season is very important for his development.

Canada waits for news on United States steel tariffs with deadline tomorrow
The quota deal came as part of a broader renegotiation on the US and South Korea's bilateral trade deal, KORUS. China was not included in the exemptions and it later retaliated with its own duties on some U.S. imports.

Boston Bruins vs. Tampa Bay Lightning, 4-30
Obviously you could argue that the Lightning might have the cliched complacency of having too much time off. To pick another Bruin , Charlie McAvoy , he wasn't even born when Marleau played his first game.

Steelers Draft Picks 2018: S Allen, TE Samuels Selected On Third Day
Washington caught 226 passes for a school-record 4,472 yards and 39 touchdowns in four seasons with the Cowboys. Some expected Pittsburgh to act on that need in the first round of the 2018 NFL Draft .

Sen. Graham: If Korean Peace Holds, Trump Should Win Nobel Peace Prize
Trump and Kim have gone from exchanging heated barbs to agreeing to meet in person, which could happen as soon as next month. The GOP congressman is pointing to Trump's work on North Korea as the impetus for promoting the nomination.

Full list of Redskins 2018 draft picks
He does have durability concerns, which could have contributed to him not being drafted higher. Guice was selected by Washington in the second round with pick No. 59.