Iran Using All Resources to Sell Oil in 'Grey Market': Deputy Minister

India's oil imports from Iran down 57% in April

US President Donald Trump had threatened the duties after China backtracked on a trade deal.

Late Tuesday, the API reported that US crude oil supplies rose by 2.8 million barrels for the week-ended May 3.

Gasoline stocks declined by 596,000 barrels in the week, while distillate inventories dropped by 159,000 barrels.

North Atlantic Treaty Organisation ally Turkey has made perhaps the most public case for the extension, with senior officials telling their US counterparts that Iranian oil is vital to meeting their nation's energy requirements.

In its May Short-Term Energy Outlook (STEO) released on Tuesday, EIA said that Brent crude oil spot prices averaged 71 USA dollars per barrel in April, up by 5 dollars per barrel from the previous month and just below the price in April 2018.

Global gold reserves rose 145.5 tons in the first quarter, a 68 percent increase from a year earlier, due to strong demand from central banks, according to a new report by the World Gold Council.

While Iran's crude oil exports to India, at Rs 35,395 per tonne, were relatively cheap in 2018-19, the U.S.'s crude exports, at Rs 39,843, were among the most expensive.

The White House said it was working with Saudi Arabia and the United Arab Emirates to ensure oil markets received maintained sufficient supplies.

Iran to continue uranium enrichment despite U.S. pressure
Friday's move, which Rouhani made no direct reference to, was the third punitive U.S. action taken against Iran in as many weeks. Those waivers expired on May 1 and now those buying Iranian oil are under threat of United States sanctions.

As hopes for a trade resolution wane, China's vice premier and top trade official, Liu He, will arrive in Washington later today for two days of talks.

Meanwhile, holdings of SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, continued a dismal run as it fell by 0.16 percent to 739.64 tonnes on Monday, its lowest since October 11.

So far this year, prices have gained more than 30 per cent as the global supply outlook has tightened due to USA sanctions on crude exporters Iran and Venezuela, as well as supply cuts by OPEC, Russia and their allies.

"So people have been bearish because of that".

Oil imports by China unexpectedly surged in April to a record despite refinery maintenance outages and tepid domestic fuel demand, according to data from the Chinese General Administration of Customs.

The EIA also cut its 2019 world oil demand growth forecast by 20,000 bpd to 1.38 million bpd.

Adding to the upbeat sentiment was a drop in USA crude production as a whole from record highs of 12.3 million barrels per day in the previous week to 12.2 million bpd.

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