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OPEC to Focus on Oil inventory While Others Debate Iran Sanctions Impact

OPEC to Focus on Oil inventory While Others Debate Iran Sanctions Impact

It remains unclear how hard USA sanctions will hit Iran's oil industry.

Brent, the worldwide benchmark, rose as much as 1% at $79.47 per barrel around 8:30 a.m. ET.

Oil prices fell on Wednesday, weighed down by ample supplies despite ongoing output cuts by producer cartel OPEC and looming USA sanctions against major crude exporter Iran.

Investors also drew attention to statements by Saudi Energy Minister Khalid Al-Falih about their readiness to ensure the stability of the oil market after the US decision to withdraw from the nuclear deal with Iran. Investors are watching whether OPEC and its allies such as Russian Federation intend to end output cuts and increase production if renewed American measures restrict the Persian Gulf state's exports.

US light crude was 15 cents lower at $70.81 a barrel, also not far off its highest since November 2014, in a volatile session. Total volume traded on Tuesday was in line with the 100-day average. The global benchmark crude traded at a $7.49 premium to July WTI, heading for the widest spread since 2015.

Murphy reveals why Dyche should replace Chelsea boss Conte
Kante helped Chelsea FC to keep Liverpool FC's attacking trio Roberto Firmino, Sadio Mane and Mohamed Salah muted in west London. "I am the first person to answer for this as I am the coach of this team".

Toto Wolff gives his thoughts on Sebastian Vettel's controversial second pit stop
Ferrari surrendered the lead in the constructors' championship to Mercedes and now trail them by 27 points after five races. A lap later, McLaren's Stoffel Vandoorne retired, propulsion lost out of the last corner.

California may require solar panels on all new homes
The commission estimates that 117,000 single family homes and 48,000 multi-family units will be constructed in California in 2020. Builders will have the option of adding solar panels to individual homes, or building shared power systems for a group of homes.

Russia's largest oil producer, in which British oil major BP owns a 19.75 stake, said production of liquid hydrocarbons, or oil and gas condensate, stood at 4.57 million barrels per day (bpd) in the first three months of 2018. The contract fell 1.2% on Monday.

However, experts are of opinion that the market may get some clarity and things may ease out a bit after a review meeting in June by Organisation of Petroleum Exporting Countries (Opec) and non-Opec in which they may take the decision whether to continue with cut in oil production as was pledged earlier or pump out more to make up for any shortage.

OPEC, for its part, estimated that the excess oil inventories in the OECD had shrunk to just 9 million barrels.

It seems that this time around, the statement was uttered in connection with the movement within OPEC to prolong the cuts indefinitely, which some say is driven by the desire to boost prices even further and thus improve the bottom line of many members' economies. With more than 1 200 people wounded by live fire, it was the deadliest day in Gaza since Hamas's last war with Israel in 2014.

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