Oil edges toward $70 as traders brace for Trump's Iran decision

A worker on an oil rig in North Dakota. American output has been soaring as shale drillers take advantage of higher prices to boost output

Since sanctions were eased in January 2016, Iran's crude production has almost doubled, while exports last month soared to record levels.

The week ahead also has important readings on the health of the Chinese economy, and hence global demand, as well as the latest data on USA consumer price inflation. The cartel will meet next month in Vienna. Saudi Arabia is really the only country with sufficient spare capacity to make up for the loss of Iranian oil and they might not be in a hurry to act because they want $80 a barrel. U.S. West Texas Intermediate crude futures were up 18 cents at $67.43, off a session high of $67.85. The price of the benchmark Brent crude rose sharply in the immediate aftermath but a few days later, it gave up all the gains and more.

Last December, analysts surveyed by The Wall Street Journal predicted that Brent crude, the worldwide benchmark, would average around $57 a barrel in the first quarter. On the Ethanol front the June contract posted a trade at 1.494 which is.004 lower while the July contract posted a trade at 1.5000 which is.005 lower.

Data from Baker Hughes last Friday showed that the number of active oil-drilling rigs in the US - a proxy for activity in the sector - rose by nine to 834 last week.

The exhibition's fields of activity include development and study of reserves, geophysical equipment and technologies, equipment and technologies for drilling, equipment for oil and gas production, heavy engineering, pipes and pipelines, transportation of petroleum products, power generation, petrochemical technologies, maintenance, pipeline fittings, compressors, safety technologies, welding equipment, waste treatment and recycling.

National Hockey League playoffs: Vegas, Tampa Bay move to conference finals
The Sharks were desperate, they had to have this game, and Vegas simply didn't give them a chance to take it. His shot from in close slipped under Jones for his fourth goal of the playoffs and a 1-0 Vegas lead.

A year ago the oil-rig count rose by nine to 697, up more than 19%.

Meanwhile, Comex gold futures settled with a small gain on Friday, but recorded a loss for a third week in a row as investors showed a lukewarm reaction to the monthly United States jobs report.

Most Asian markets also rose after Friday's tame reading on U.S. wage growth lessened the chances of a pick-up in the pace of interest rate hikes by the Federal Reserve.

The US job report for April saw the dollar strengthen further on a strong headline number but with no signs of wage pressure picking up bonds were allowed to run a tad higher thereby providing gold with an off-set against the dollar strength. While world GDP grew by a healthy rate of 3.7% in 2017, the consensus outlook among 10 investment banks is for the world economy to grow by 4.0% this year. The United States is the largest importer of Venezuelas oil exports. But the price was as low as $2.53 at many stations across the area.

In other metals trading, Comex July silver added 0.4% to $US16.519 an ounce.

Related news:

Hot News

isis-killer-beheading-video-story-top Dodgers combine for no-hitter in Mexico
May 08, 2018 - 02:30
Albert Pujols , aka "The Machine", hit a single into shallow right field to get to the historic mark of 3,000 hits. Of the Dodgers 23 no-hitters in the team's storied history, just one ( Friday's ) has been combined.

isis-killer-beheading-video-story-top Taylor Swift Invited 2000 Foster Kids to Her Reputation Stadium Tour Rehearsal
May 08, 2018 - 02:25
The singer even left an inspirational note in the fan's journal after promising her a seat at a concert once she's able. Swift brought shirts and sweatshirts from her tour , signed autographs and stayed for about 20 minutes.

isis-killer-beheading-video-story-top Billionaire Warren Buffett Calls Bitcoin 'Rat Poison Squared'
May 07, 2018 - 16:24
Charlie Munger, Berkshire Hathaway's Vice Chairman stated during the meeting about trading in digital assets as "just dementia". The company also has major investments in such companies as American Express, IBM and Wells Fargo & Co.

isis-killer-beheading-video-story-top Here's How Sonam Kapoor Had Met Her Beau Anand Ahuja!
May 07, 2018 - 16:17
Their catfight aggregated further when Aishwarya got replaced by Sonam for a cosmetic brand as their brand ambassador. Sonam Kapoor and Anand Ahuja's wedding rumours started doing the rounds of media since the beginning of this year.

isis-killer-beheading-video-story-top 27 killed in fresh Kaduna attack
May 07, 2018 - 16:15
The attack came barely a week after the killing of 14 miners at a mining site at Janruwa area of the same state. Recently, 11soldiers posted to the area to assist in curbing the menace were also killed by the bandits .

isis-killer-beheading-video-story-top Mets and Matt Harvey Part Ways
May 06, 2018 - 03:30
Minnesota.extended their winning streak to four games.have taken the lead in their last at-bat in three of their last 4G. NY had hoped Harvey would be willing to work at the team's minor league complex in Florida in an effort to regain form.

isis-killer-beheading-video-story-top Apple shares hit all-time high after Buffett raises stake
May 06, 2018 - 03:29
Berkshire Hathaway claimed a almost 3.3% stake, or more than 166 million shares, at the end of past year . Buffett said Saturday that stock buybacks are a sensible use for Apple's massive cash stockpile.

isis-killer-beheading-video-story-top Turkish party names Recep Tayyip Erdogan as presidential candidate
May 06, 2018 - 03:21
When we chose our candidate, we only thought about the future of our nation's prosperity and happiness", Yildirim said. The AKP and the MHP have also reportedly agreed on the protocol to be implemented under the "People's Alliance".

isis-killer-beheading-video-story-top Wedge Tornadoes, Hail, Severe Weather Slamming Central United States, Oklahoma, Kansas
May 06, 2018 - 03:18
AccuWeather reports damaging thunderstorms and strong winds will rattle the northeastern United States into Friday evening. There were at least 218 storm reports Wednesday alone, as parts of Oklahoma saw winds in excess of 100 miles per hour .

isis-killer-beheading-video-story-top Celebrating Cinco De Mayo
May 06, 2018 - 00:18
She's offering a workshop Saturday at 2 p.m. for all ages, where you can learn how to create your very own piñata. The Cinco de Mayo festival is open from 10 a.m.to 8 p.m. both Saturday and Sunday at Civic Center Park.

isis-killer-beheading-video-story-top Officer, suspect killed after shootout in Indiana
May 06, 2018 - 00:18
When the state police investigation is complete, it will be submitted to the Vigo County Prosecutor's Office for review. The death is the first in the line of duty by an officer with the Terre Haute Police Department since July 11, 2011.

isis-killer-beheading-video-story-top Egypt slams deadly attack on election commission in Libya's Tripoli
May 04, 2018 - 14:28
Fifteen people were killed in a suicide attack on Libya's High National Elections Commission (HNEC) yesterday. Libya's Interior minister, Abdussalam Ashur, said at a press conference that the attackers killed 14 people.

isis-killer-beheading-video-story-top In scathing letter, House Chaplain rescinds resignation after feud with Paul Ryan
May 04, 2018 - 14:27
Conroy served as House chaplain since Ryan's predecessor, Republican John Boehner, nominated him in 2011. The chaplain of the House of Representatives , who was recently forced to resign by Speaker Paul D.

isis-killer-beheading-video-story-top Blake Wheeler: Epic effort in Game 3 win
May 04, 2018 - 14:25
A must-win scenario in Game 2 has kept the Nashville Predators alive in this brutal second-round series with the Winnipeg Jets . There were no definitive angles shown that disputed the call on the ice, leaving the Penguins still trailing by two goals.

isis-killer-beheading-video-story-top [FREE] kentucky Derby 2018 Live Stream ON TV
May 04, 2018 - 14:25
Dale Romans said that conventional wisdom is falling by the wayside pretty often these days when it comes to the Kentucky Derby . Barbaro was put down by his owners eight months later, unable to overcome the complications he had suffered after the accident.