In similar fashion, the metal for delivery in July contracts was trading higher by Rs 32, or 0.73 per cent to Rs 4,387 per barrel in 272 lots.
"It's insane and astonishing to see instruction coming from Washington to Saudi to act and replace a shortfall of Iran's export due to their Illegal sanction on Iran and Venezuela", Hossein Kazempour Ardebili, Iran's representative to the Organization of the Petroleum Exporting Countries (OPEC), told Reuters.
Crude oil prices fall U.S. data showed a surprise build in crude and gasoline stockpiles; U.S. WTI -1.2% at $64.74/bbl, Brent -0.6% at $74.89/bbl. The global benchmark crude was US$9.90 above WTI for the same month.
Opec and Russian Federation meet on 22 June to discuss production policy.
But many European companies are already severing ties with Tehran for fear of facing secondary sanctions from the United States, which could mean losing access to the USA dollar clearing system.
Oil prices fell on Friday, reversing early gains as signs of weakening demand in China and surging US output weighed on markets despite support from supply woes in Venezuela and OPEC's production cuts.
"A consensus for higher oil prices and revenues will be the bedrock of every OPEC nation".
The US imported 748,000 bpd from Saudi Arabia in March 2018, having reached a post-1970s peak of more than 2 million bpd during 2003, according to figures from the US Energy Information Administration.
Oil prices then further jumped in May after the USA withdrew from the Iran nuclear deal and re-imposed sanctions on Iran that will kick in later this year.
"The continuing increase in crude oil production is weighing on the market, and quite significantly compared to this time a year ago", Andrew Lipow, president of Houston-based Lipow Oil Associates. With record amounts of Oil all over the place, including the fully loaded ships at sea, Oil prices are artificially Very High!
This followed an unofficial request from the United States asking OPEC's effective leader Saudi Arabia to boost output.
US drillers added one oil rig in the week to June 8, bringing the total count to 862, the highest level since March 2015, General Electric Co's Baker Hughes energy services firm said in its closely followed report on Friday.
"This seems to be an intervention in OPEC's supply policy ..."
U.S. crude inventories increased by 2.1 million barrels last week, the EIA said, raising the total to 436.6 million barrels.
Former Switzerland worldwide and Liverpool defender Stephane Henchoz has urged countryman Xherdan Shaqiri to move to Anfield. Liverpool are monitoring the situation of Stoke City's Xherdan Shaqiri this summer, a source has told ESPN FC.
The incident happened May 27 as Milo and Jennifer Sutcliffe were doing yard work at their home near Lake Corpus Christi. A beheaded rattlesnake bit a Corpus Christi, Texas, man, releasing an extreme amount of venom into his body.
Switching your Mac's theme from an overall white theme to something dark and gray is now possible thanks to Dark Mode . And speaking of the Finder, that new Gallery View is pleasant enough. - Apple TV 4K now supports Dolby Atmos audio.
Both chains are cooperating with the investigation and have removed fruit associated with the outbreak from their shelves. Individuals who believe they may have become ill with Salmonella should contact their health care provider.
Meghan Markle's romance with Prince Harry , followed by their grand wedding on May 19, has been nothing short of a fairy tale. As for the royal pair's plans to start a family, in an interview with BBC Harry revealed they hope to become parents one day.
Mike Lee (R-Utah) recently proposed similar legislation, which was also backed by Toomey and Flake, as well as by Sen. Democratic co-sponsors include Mark Warner of Virginia, Brian Schatz of Hawaii and Chris Van Hollen of Maryland.
Following is the text of the Prime Minister, Shri Narendra Modi's departure statement prior to his visit to Qingdao in China . Modi and Xi were also expected to discuss economic relations between the two countries, NDTV reported.
The flaw affected Facebook's system for 10 days in May, but Facebook says it still plans to notify users who were impacted. In the meantime, it has reverted the audience for any affected posts to whatever setting the user had selected previously.
Kevin Durant: ‘We don’t want to play with the gods like that’
They both averaged 29 points against each other, shot nearly the exact same field goal percentage, and were close in rebounds. Barring a miracle, they're about to take three of four Finals showdowns from the Cavaliers . "You just can't have mistakes".
'Well' Melania Trump makes first public appearance in a month
She was treated at Walter Reed hospital on May 14 for what aides called a "benign" kidney condition and was released on May 19. Her absence launched a wave of guesses in the mainstream and social media, where all sorts of theories were suggested.
First lady to attend Trump's hurricane briefing Wednesday
On May 7, the first lady unveiled her "Be Best" campaign , a slate of policy initiatives focused on the well-being of children. To be clear, @FLOTUS was in attendance at the event, sitting in the front row as @realDonaldTrump gave remarks.
Intel will debut a new 28-core CPU this year
Intel hasn't said how numerous Core i7-8086K chips it has manufactured but notes that supplies are limited. They may be reserved for OEMs and boutique system builders instead of being made more generally available.
Apple unveils new screen time controls for children
Additionally, users will also get a new ScreenTime feature which will let users limit how much time they spend on their device. Bloomberg and CNN are reporting that other highlights could include updates on Siri , Apple's voice assistant.