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

Oil hesitated at the start of the week, but traders are coming back to the buy side of the table as markets realized Saudi Arabia is in no rush to push oil prices higher again after recently pushing OPEC to lift production limits just last month.

The president, in an interview with Fox News' "Sunday Morning Futures with Maria Bartiromo", also said he would not complete a new NAFTA trade deal with Canada and Mexico until after the November congressional elections.

US crude oil production stagnated for the first week in many months, reaching 10.9 million bpd in the week ending June 22, holding steady for three weeks in a row, according to the EIA.

"The Trump administration's plan for Iran sanctions is now abundantly clear".

Iran shipped out over 2 million barrels per day of oil previous year, with Asia taking almost three quarter of the supply and the remainder heading to Europe.

Iran, however, says that they intend to try to circumvent the United States ban with new rules to make it easier to export oil.

An agency report on Tuesday indicated, however, that despite the United States push on Saudi Arabia, futures in NY jumped as much as 1.7 per cent.

He added, "We will prove that the USA claim to stop exportation of Iran's oil is an illusion".

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Investors had questions as "to whether Saudi Arabia and Russian Federation could or would really be able to ramp production quickly enough", said Rob Haworth, who helps oversee US$151 billion at U.S. Bank Wealth Management in Seattle.

Saudi Arabia, the world's top crude exporter, said Tuesday it was prepared to use its spare production capacity, estimated at two million barrels, to balance the global oil market.

The move lower is attributable to Saudi Arabia's willingness to increase demand at the request of US President Donald Trump.

Abu Dhabi National Oil Company (Adnoc) on Tuesday said it has the capacity to increase production by several hundred thousand barrels per day, if required to meet any potential supply shortage. Analyst expectations were for a draw of 1 million barrels.

She warned that the handling of any economic or oil crisis will "require diplomacy, delicate partnerships and technical knowledge".

This was due to outages around the world from Libya to Canada and Venezuela are keeping priced elevated. "If production increases as we now forecast, a large share of this would be eroded, leaving the global oil market with a limited "margin of safety", said Morgan Stanley's Rat.

Mr Trump is not the first US President to attack OPEC.

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