The crude oil prices went down on Monday as the steady rise in U.S. drilling activity is a signal for a forthcoming extra increase in black gold production.
When the USA again sanctions Iran, their output will be reduced which will create tighter supply of oil around the world and increase the price of oil and petrol.
The news of President Donald Trump's decision to pull the USA out of the Iran nuclear deal sent oil prices surging, reaching a four-year-high due to the uncertainty that comes with the sanctions that may be reimposed on Iran.
Brent crude was up 20 cents at $77.32 a barrel by 1315 GMT and US light crude rose 10 cents to $70.80.
The global oil glut has been almost eliminated, OPEC says, as oil inventories in developed nations in March fell to 9M barrels above the five-year average from 340M barrels above the average in January 2017.
The United States said on Tuesday that it plans to impose new sanctions against Iran after abandoning an agreement reached in late 2015 that curbed Tehran's nuclear activities in exchange for removal of USA and European sanctions.
Brent for July settlement slipped 36 cents to $76.76 a barrel on the London-based ICE Futures Europe exchange.
"Strong conformity by OPEC and participating non-OPEC nations in terms of production adjustments through the Declaration of Cooperation also continue to support the oil market". The number of working drilling platforms has risen by 10 to 844 for the week to May 11, and this is the highest level since March 2015.
For all the bullish commentary around the outlook for oil prices, fund managers appear to be taking profits after a strong rally in crude oil rather than adding new positions.
In the commodity markets, the price of gold remained unchanged at 1,320.70 United States dollars per ounce.
Speaking of money, Migos , Atlanta's darlings of trap, have made a career of songs about dealing drugs. Now, hooked on the written word, he's Westword's Culture Editor and writes about music and the arts.
" Two great teams in the Western Conference finals, and we're doing more explaining every day than anything else ". The Houston Rockets have been designed and built with one goal in mind: beat the Golden State Warriors .
What is Confidential Mode in Gmail? Google says this new AI-powered function will "help you draft emails from scratch, faster". The popular email service has rolled out a major revamp loaded with new features to help users be more productive.
Images broadcast by CBS SF Bay Area show an emergency services helicopter at the scene, as well as ambulances and police cars. Once authorities arrived, the child was taken to a nearby hospital for treatment.
According to the press statement of the Armenian government, the two PMs have agreed to meet in the near future. Mger Grigoryan became deputy prime minister and Mane Tandilyan now is the minister of labor and social affairs.
It is known news that Siddaramaiah also came from JDS party and he earlier worked under the leadership of Deve gowda. He was addressing media persons in Kalburgi today in the state after celebrating his 50th marriage anniversary.
Gas prices are up 49 cents in Florida as compared to a year ago, according to the American Automobile Association (AAA). As the summer travel season approaches, gas prices in Chattanooga are up almost 53 cents per gallon from a year ago.
On May 8, after nearly eight years, astronomers found an asteroid, which they eventually figured out was the returning 2010 WC9 . The experts, not being able to completely comprehend the asteroid, again re-imaged it on 10 May and named it as 2010 WC9.
Germany's Federal Office for Information Security (BSI) admitted that the findings constituted "a serious security breach". One of the researchers who discovered the exploit said in a tweet that there are no reliable fixes for the vulnerability .
Danvers' story is in the process of being turn into a Marvel film at the moment, with Brie Larson cast as the superhero. But it appears that the MCU is about to get a touch more variety with the inclusion of Ms Marvel .
Mancini's last game in charge will be Sunday's Russian Premier League home meeting with SKA-Khabarovsk. He also won Italian Cups with Inter, Fiorentina and Lazio.
Vodacom Attracts 8.4 Million Customers in 2018
Vodacom, like all major mobile operators in South Africa, has come under pressure of late from consumer groups and ICASA. The four worldwide operations added a total of 2.5 million customers for the year, up 8.6% to 32.2 million.
Apple faces class action suit
However, according to this lawsuit, that warranty is not enough as the core functionality of these laptops has been impacted. It was first used on the 12in MacBook laptop, and then later on the redesigned MacBook Pro line from late 2016.
Anand Ahuja to follow Sonam Kapoor to Cannes?
Pictures and clips of the two surfaced on the internet last night as they took off for the French Riviera from Delhi airport. While many crticised the diva for being patriarchal and superstitious, a few supported Sonam saying it was her choice.
Manchester City first Premier League side to reach 100 points
City beat Southampton 1-0 this afternoon thanks to a very late Gabriel Jesus goal , sparking wild celebrations in the away end. The stunning form of Pierre-Emerick Aubameyang since completing a club record move in January does offer a glimmer of hope.
Violence mars West Bengal Panchayat polls
Senior minister Jyotipriyo Mullick denied the involvement of the TMC in the incident and accused BJP of terrorising the voters. Two days back, one person was shot dead and Arabul Islam was arrested, following Chief Minister Mamata Baneerjee's direction.
NES Classic Returning this June 2018
You can play two-player games by getting a second or using a Wii Classic Controller/Classic Controller Pro. Both it and the SNES Classic are expected to be in regular supply through the end of the year at minimum.
10 year old girl molested in theatre, one arrested
The Hindu reported that the 60-year-old man who owns several jewelry shops, confessed after watching to footage. The commission also demanded stern action against the police officials who were lax in carrying out their duty.
Mercedes-AMG reveals 2019 GT S Roadster
The middle child in the GT Roadster lineup features standard MB-Tex pleather seats, and Nappa leather is optional. The GT S Roadster should land on Australian shores in 2019 with pricing to be confirmed at a later date.