Oil prices mixed but little changed as sanctions loom

Oil prices mixed but little changed as sanctions loom

Crude supply to the world market is also under the threat of action by Libyan militants that will push up prices further.

USA crude oil inventories rose by 2.2 million barrels in the week to April 20, to 429.74 million barrels, while domestic output, driven by shale extraction, climbed by 46,000 bpd to 10.59 million bpd.

A possible collapse of Iran's nuclear deal could lead the U.S.to re-impose sanctions on Iran. Trump is due to announce his decision on whether he will extend the sanction waivers for Iran on May 12.

"In terms of the upside risk to oil prices, we think that anything north of $80 for Brent crude and WTI above $75 could firmly take place".

A pact forged by Opec and non-Opec producers such as Russian Federation, the largest producer outside the group, has lowered global inventories of crude, reversing a three-year price slump that saw prices fall as low as $29 a barrel in 2016. Refineries operated at 90.8% of their operable capacity last week.

Imports rose according to the DEO inventory report.

Oil prices mixed but little changed as sanctions loom

The analysis of data obtained by Naija News has it that the EIA showed that the United States crude oil exports averaged 1.12 million bpd past year, with the highest daily export of 1.73 million bpd recorded in October.

Macron's incendiary remarks against Trump one day after he was seen smiling and joking with the USA president caused traders to boost West Texas Intermediate by 14 cents to $68.19 per barrel and Brent by 74 cents to $74.74; in addition to Macron predicting that the US will withdraw from the Iran deal in coming weeks (which he admitted was based on nothing more than a gut feeling), he described the reversal of US policy on global agreements - including the Paris climate accord - as "insane".

Now total petroleum exports are more than double what they were before the USA lifted its ban on crude exports at the end of 2014.

On Wednesday, oil futures settled modestly higher, bouncing back from earlier weakness that was driven by data showing an unexpectedly weekly climb in US crude supplies. Expectations were for a small 1-million-barrel draw.

The authority also said gasoline inventories had gone up by 800,000 barrels in the reporting period, compared with a 3-million-barrel decline a week earlier. Total product demand over the last month averaged about 20.4 million barrels per day, up by 4.3% year over year. Distillate fuel demand averaged over 4.0 million barrels per day over the last month, down by 2.5% from the same period previous year.

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