Oil Stays Optimistic as Markets Tighten

Brent Crude Oil

Almost 90% of the projected 1.7m bbl/day crude supply growth expected this year from non-OPEC countries is likely to come from the U.S., with the country also standing as the key driver of global uncertainty in the market, club of oil-producing nations OPEC said on Monday.

Brent crude futures, the worldwide benchmark for oil prices, were at $78.30 a barrel at 4.32am GMT, up 7c from their last close and not far off a three-and-a-half-year high of $78.53 a barrel reached the previous session.

West Texas Intermediate (WTI) was up to $71.09 just after the memo went public and Brent Sea crude was over $78. According to Goldman, global oil demand growth in the first quarter of 2018 is likely to have seen the strongest yearly growth since the fourth quarter of 2010. The renewal of sanctions is due to take between 90 and 180 days, with the most important limitation reportedly having to do with Iran engaging in financial operations with the USA dollar, as well as Iran's oil sales and other energy-related investments, including those through the Central Bank of Iran. Total volume traded Tuesday was 17 per cent above the 100-day average.

Global non-OPEC crude supply supply estimates were stable to firmer at 59.62m bbl/day, an increase of 0.01m bbl/day from the previous month.

Futures for September delivery rose 1.6% to 472.8 yuan a barrel on the Shanghai International Energy Exchange.

The supply is greater in the United States were production has now seen a large increase in production bringing the total of barrels produced per day to 10.7m.

Champions Manchester City smash Premier League records
De Bruyne finished the season with 16 assists after teeing up Gabriel Jesus' late victor at Southampton . The Welshman was appointed on a short-term contract as successor to Mauricio Pellegrino in March.

The White House has said it will impose sanctions on companies that continue to purchase Iranian oil but allow them six months to wind down those contracts.

If US seeks to reduce Iran's oil exports, oil supply in the markets will drop by one million barrels per day (bpd), a senior strategist maintained.

In Beijing, Iranian Foreign Minister Javad Zarif met with his Chinese counterpart Wang Yi at the Asian nation's invitation, marking his first stop on a diplomatic tour after the USA withdrew from the nuclear deal.

The oil inventories of main developed countries almost declined to a latest five-year average level, indicating a possible tipping point from the supply glut, OPEC's latest report on Monday showed.

Since the accord was reached at the end of 2016, oil prices have climbed to their highest in almost four years to exceed $77 a barrel, up from $30 in early 2016.

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