Brent, the worldwide benchmark, rose as much as 1% at $79.47 per barrel around 8:30 a.m. ET.
U.S. West Texas Intermediate (WTI) crude futures were at $71.09 a barrel, up 13 cents and also not far off their November 2014 high of $71.89 a barrel reached last week.
"WTI is expected to be relatively weaker versus other benchmarks on the back of growing Cushing stockpiles and increasing domestic production in the US", said Virendra Chauhan, an analyst at industry consultant Energy Aspects Ltd., referring to the largest American storage hub.
"The potential double supply shortfall represented by Iran and Venezuela could present a major challenge for producers to fend off sharp price rises and fill the gap, not just in terms of the number of barrels but also in terms of oil quality", it said. The coming US sanctions pushed up oil prices last week after President Donald Trump withdrew the United States from the nuclear deal. The rising oil prices are also giving the government a headache as a chunk of its annual budget will now be required in its purchase, thereby compromising on other social sectors. If demand growth continues to be strong-as now expected-an already tight oil market could become even tighter amid geopolitical concerns, driving oil prices further up.
Class 12th Exam Results Announced by TNBDGE Today at tnresults.nic
Tamil Nadu government is also planning to reduce the number of papers for class 12 students in the state on the lines of CBSE. Apart from the result , DGE , Tamil Nadu will also release the result analysis on its official website.
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Amazon is going to give 10% off on all sale items at Whole Foods supermarkets along with discounts on selected popular items. The company said, however, that the integration of Whole Foods was among the fastest startups of a new Prime program.
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The octaweb is created with bolted rather than aluminum and has higher thermal protection to avoid melting, " he said. With a few refurbishment, a Block 5 initial stage ought to have the ability to start 100 occasions, Musk said.
World supply, meanwhile, rose 1.78 million bpd in April from a year earlier, driven predominantly by non-OPEC production. As the dollar strengthens, investors can retreat from dollar-denominated commodities like oil.
OPEC figures published on Monday showed oil inventories in OECD industrialized nations in March fell to 9 million barrels above the five-year average, from 340 million barrels above the average in January 2017.
After the plans for the United States to pull out of the Iran nuclear deal became known, oil prices surged over the uncertainty of what would happen to Iran's oil industry if the U.S. reimposed sanctions, limiting Iran's production.
The decision by US President Donald Trump to withdraw from the Iran deal "has switched the focus of oil market analysis from the fundamentals to geopolitics", the International Energy Agency wrote in its regular monthly report.