"Buy oil
This week, prices for West Texas Intermediate (WTI) crude oil, the most popular benchmark for crude in the USA, topped $70, and held there for the first time since 2014-the year oil collapsed on the back of one of the biggest gluts in modern history. But some say the disruption could be closer to 1 million b/d.
Hours before of Trump's announcement, Iran's Petroleum and Engineering Development Company (PEDEC) CEO Nouroddin Shahnazizadeh had said in a briefing that renewed sanctions on Iran would be costly, but not to the extent to worry government officials, according to Shana, the official news agency of Iran's petroleum ministry.
US light crude was up $1.94 a barrel, or 2.8% at $71.00 USA, after also hitting the highest intraday level since November 2014.
In particular, Saudi Arabia's energy ministry issued a statement saying that the country was committed to supporting the stability of the oil market after the USA decision to withdraw and that the Kingdom would work with major producers and consumers with and outside OPEC to curb the effects of any supply shortages (also helping limit the offsetting beneficial impact of higher oil prices for Iran in our view). "We are more anxious about what such political action will do to the outright price of oil, rather than whether it will create a real supply shortage", said another Chinese refining manager, who also declined to be named. Saudi Arabia now pumps around 10 million bpd, but has capacity of around 12 million bpd - a surplus of two million bpd.
"President Trump's decision to withdraw the U.S. from the Iran nuclear deal. formally sets U.S. Iran policy on a markedly different course to its European allies, who see the JCPOA as the best way to prevent Iran from developing a nuclear weapons programme", said Peter Kiernan, lead energy analyst at The Economist Intelligence Unit (EIU).
The Organization of the Petroleum Exporting Countries is in the midst of an oil supply-cutting deal with non-OPEC producers such as Russian Federation that has helped erase a global glut and boosted oil prices above $75, the highest since 2014.
Iran re-emerged as a major oil exporter in 2016 after worldwide sanctions against it were lifted in return for curbs on its nuclear program.
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Neuer said this week: "I can not say at the moment whether I will make the World Cup". "It does not help to get distracted".
[BREAKING] IGP ignores Senate's summon for third consecutive time
For the third time in a row, the Inspector General of Police, Ibrahim Idris, has refused to appear before the Senate. The senate president mandated Ahmed Lawan, senate leader, to "look into the matter for further necessary action".
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However, if you need another idea - an add-on to your big gift - then tomorrow is your chance to capitalize on it. But she's not a generic mom, so get her something that really speaks to who she is, maternally and stylistically.
The EIA report helped lift US gasoline futures to $2.1674 a gallon, the highest since Hurricane Harvey sent prices surging in August. Iran produced 3.8 million barrels per day of crude in April. Meanwhile, Deutsche Bank notes that because of the 180-day wind down period, neither Iranian oil production nor exports will drop before the 5 November 2018 effective date.
The withdrawal will result in the nation spending more at pumps because this deal was with the world's fifth-biggest oil producer.
Some analysts believe that because the sanctions are less coordinated this time around, the hit to Iranian exports would only amount to a few hundred thousand barrels per day. Refineries were running at 90.4% of capacity, with daily input averaging about 16.5 million barrels a day, about 75,000 less than the previous week's average.
The national average for gasoline is now $2.81 a gallon, according to auto club AAApt, and it's not even peak driving season yet. Over the past 12 months, Exxon stock has traded down about 2.9%.
Strong crude gains on Wednesday drove up prices of petrochemical feedstock naphtha in Asia to a fresh four-year high.
The VanEck Vectors Oil Services ETF (NYSEAMERICAN: OIH) traded up about 3.3% to $28.49, in a 52-week range of $21.70 to $29.53.
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