Oil Prices Head Higher On Huge Crude Draw

Adjust Comment Print

Last week, Turkey's economy minister said his country does not plan to abide by the us demand for countries to stop importing Iranian oil, calling the request "nonbinding" on Turkey - a stinging rebuke from a North Atlantic Treaty Organisation ally.

Iran will apply various methods to thwart the USA sanctions, Jahangiri said during a meeting of the resistance economy headquarters.

The president, in an interview with Fox News's "Sunday Morning Futures with Maria Bartiromo also piled pressure on close USA allies with a threat to sanction European companies that do business with Iran".

US crude inventories fell by 4.5 million barrels in the week to June 29 to 416.9 million barrels, according to the American Petroleum Institute (API) on Tuesday.

After the USA withdrew from the Iranian nuclear deal in May, it said it would reimpose economic sanctions against Tehran by November.

The move coincides with U.S. plans to reimpose economic sanctions on OPEC member Iran, including halting oil exports.

Donald Trump is urging oil producing countries except Iran to boost output.

Crude prices ended slightly higher on Tuesday after a volatile session in which the US benchmark passed $75 a barrel for the first time in more than three years before turning negative and later recouping its losses.

Heat warning extended before strong storms bring relief
Cities that could see severe weather Saturday include Des Moines, Iowa; Omaha, Nebraska; Kansas City, Missouri; and Minneapolis. The heat index soared to over 100 degrees in some sections of New York, Vermont, Massachusetts and New Hampshire on Sunday .

Unsurprisingly, Mr Trump's Twitter demands for increase in oil production and threats to OPEC "do not automatically create the pricing changes that he sought", said Ms Young.

Last week, US State Department officials announced that they are pushing nations to bring down purchases of Iranian oil to zero.

The movement came after Iran reportedly threatened to disrupt oil shipments from the Middle East Gulf if Washington pressed ahead with sanctions against Iran.

"There seems to be great uncertainty about how much oil will be added to the supply side of the market", said Gene McGillian, vice president of market research at Tradition Energy in Stamford, Connecticut, referring to how much Saudi Arabia's spare capacity will be able to offset shortages around the world.

Inventories at Cushing fell 2 million barrels last week, according to a separate forecast compiled by Bloomberg.

Oil production, prices and politics require a delicate balance.

This was due to outages around the world from Libya to Canada and Venezuela are keeping priced elevated.

"Yes, of course. That's what we're doing". "But as with our other sanctions, we are not looking to grant waivers or licenses".