Global oil supplies robust enough to cut Iran's exports -Trump memo

Oil Prices Steady Amid US Sanctions Against Iran

Oil Prices Steady Amid US Sanctions Against Iran

Futures in NY were little changed after rising 0.4% on Monday. Dozens of Palestinians were killed in clashes with Israeli troops in Gaza after the U.S. opened an embassy in Jerusalem.

With renewed US sanctions looming against OPEC-member Iran, analysts said crude prices were well supported.

"The OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Oriente (Ecuador), Zafiro (Equatorial Guinea), Rabi Light (Gabon), Iran Heavy (Islamic Republic of Iran), Basra Light (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Qatar Marine (Qatar), Arab Light (Saudi Arabia), Murban (UAE) and Merey (Venezuela)".

Current estimates by investment banks that see lowered Iranian and Venezuelan supply pushing up oil prices also assume that the global-and Chinese in particular-demand growth will continue to be strong.

Speaking to analysts, Scaffardi said the lack of Iranian crude supplies would be a problem in terms of prices but not volumes.

Spanish GP: Hamilton quickest as big Hartley crash ends FP3
The team had to make some modifications to Kubica's auto because the Polish driver doesn't have full movement of his right hand. A last gasp run on the harder compound tyres brought Vettel and Raikkonen to the Mercedes drivers but unable leap-frog them.

West Texas Intermediate (WTI) crude for June delivery traded 24 USA cents lower at US$70.46 a barrel on the New York Mercantile Exchange at 2.37pm in Singapore. Tennessee gas prices rose 3 cents during the past week.

Both oil futures contracts hit their highest since November 2014 last week at $78 and $71.89 a barrel respectively as markets anticipated a sharp fall in Iranian crude supply once USA sanctions bite later this year.

Both forecasts top Friday's $70.70 close in US crude oil prices, which trade at a roughly $5 to $6 discount to Brent crude. The contract closed 1.1 per cent lower on Friday. It's also 204 million barrels lower than the same period one year ago and only 9 million barrels above the latest five-year average.

"The kingdom would work with major producers within and outside of OPEC, as well as, major consumers to mitigate the impact of any potential supply shortages", a statement from the Ministry of Energy, Industry, and Mineral Resources said. The production agreement with Russian Federation and non-OPEC members is slated to run through year-end but it could potentially end earlier, be modified or even extended beyond beyond 2018.

Fifty-five Palestinians were killed in confrontations with Israeli troops Monday after tens of thousands converged on the Gaza Strip border to protest the United States embassy. With more than 1 200 people wounded by live fire, it was the deadliest day in Gaza since Hamas's last war with Israel in 2014.

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