The oil price has been boosted in recent months by mounting geopolitical fears as oil markets have tightened, with Venezuela's output falling sharply and expectations the USA will return to targeting Iran's oil exports if the Trump administration withdraws from the 2015 nuclear deal. It is widely anticipated that President Trump will pull the USA out of the Iran nuclear deal, which is bullish for prices, said Abhishek Kumar, senior energy analyst at Interfax Energy's Global Gas Analytics.
The West Texas Intermediate for June delivery rose 0.35 us dollars to settle at 68.05 dollars a barrel on the New York Mercantile Exchange, while Brent crude for June delivery added 0.14 dollars to close at 74.00 dollars a barrel on the London ICE Futures Exchange.
Venezuela's plunging output comes amid strong demand as well as concerns that supplies from the Middle East, by far the world's biggest oil producing region, could also be disrupted, especially should the United States in May re-impose sanctions against OPEC-member Iran.
Trump will decide by May 12 whether to restore the sanctions, which would probably result in a reduction of Iranian oil exports.
However, prices soon steadied amid signs that French President Emmanuel Macron was struggling in his push for a new deal that might prevent further U.S. sanctions on Iran. Plunging Venezuelan output and looming USA sanctions against Iran come against a backdrop of strong demand, especially in Asia, the world's biggest oil-consuming region.
However, not all market indicators point towards tighter supplies.
American crude oil output has overtaken that of top exporter Saudi Arabia.
Oil prices experienced more stability on Wednesday, but were below more than three-year highs reached the previous session as rising US fuel inventories and production dragged on an otherwise bullish market.
West Texas Intermediate was up about 1% to $68.70 a barrel at 8:45 a.m. ET.
USA crude stocks rose last week as refineries cut output, while gasoline stocks increased and distillate inventories fell, the Energy Information Administration said on Wednesday. During the last month crude oil imports averaged over 8.2 million barrels per day, 1.5% more than the same four-week period a year ago. Only Russia now produces more, at nearly 11 million bpd.
The judge in that case said last week that he needed to hear from Cohen directly before deciding on that request. A person testifying can invoke the Fifth Amendment to protect against self-incrimination.
Judge Brinkley, who has been barred to speak publicly about the case, appears that she will not recuse herself from the case. Ordering Mill out on bail, the state's Supreme Court cited "credibility issues" over a police officer who was a witness.
Cutting its slow-selling sedans and hatchbacks will serve to free up even more capital for light truck and mobility development. As usual, North America drove Ford's profits for the quarter with pretax earnings of $1.9 billion.
Farquhar, 31, collapsed in the dugout during the sixth inning of Friday's game against the Astros after facing four batters. My God, this certainly shows the fragility of life and how we take every day for granted.
Brolin casts a large shadow as Thanos , and it's a good thing because this movie deserves an epic villainous performance. The movie speeds along from gargantuan moment to gargantuan moment with death hovering above each spectacular sequence.
I do expect a bounce back game from Klay Thompson and I think Iggy will help them a lot control the tempo of this game in Oakland. The Heat have erased a 3-1 deficit only once, in 1997 against NY . "We feel like we're unstoppable".
When Reinking was stopped trying to enter the White House in July 2017, IL state investigators took away four of his weapons. Sustrich said Reinking's' father said he was aware of his son's mental issues and was trying to rekindle their relationship.
Former President George HW Bush tweets thanks to Houston
The nation's 41st president has been in hospital since Sunday, a day after the funeral for Barbara Bush , his wife of 73 years. Bush has been moved out of the intensive care ward at a Houston hospital, according to a family spokesperson.
Asaram found guilty by Jodhpur court in minor rape case
Earlier, the court has given the guidelines to the public to maintain the law and order during the hearing on Asaram rape case . The judgment is expected to be pronounced around 11am at the special court set up on the premises of Jodhpur Central Jail .
Slain Palestine lecturer to be buried in Gaza
The army says Hamas has been encouraging the protests as cover for attempts to damage and breach the border fence. Israel has been accused of targeting Palestinians in overseas operations but rarely publicly acknowledges them.