Futures dropped as much as 1.7% in NY following a government report showing United States crude inventories climbed 1.25 million barrels last week as imports rose and exports fell.
USA light crude jumped $1.17 to US$75.11 a barrel, its highest since November 2014.
Brent was being pressured by expectations for higher Saudi and Russian Federation production, which impacts Europe and Asia, where Brent is the benchmark, more than markets dominated by US crude prices.
Kazempour spoke Thursday after Trump tweeted a day earlier demanding the "monopoly" of OPEC to "reduce pricing now!"
OPEC agreed with Russian Federation and other oil-producing allies last month to raise output from July, with Saudi Arabia pledging a "measurable" supply boost but giving no specific numbers.
The head of Iran's Revolutionary Guards said on Thursday their forces were ready to implement Iran's threat to block the Strait of Hormuz and that if Iran can not sell its oil under the US pressure, no other regional country will be allowed to. This must be a two-way street.
Ship brokerage Banchero Costa said Iran's crude oil production was now around 3.8 million barrels per day (bpd), but added "there is the risk of production decreasing going forward as exports are again affected by renewed sanctions implemented by the U.S.". The kingdom faces intense political pressure as prices reach levels that threaten economic growth, and as American sanctions on Iranian oil exports require replacement barrels to prevent a supply squeeze.
US President Donald Trump on Saturday said Saudi Arabia's King Salman had agreed to his request to increase oil output "maybe up to" two million barrels.
"OPEC has not defined oil prices for the past 30 years", Kazempour said.
In response, Iranian oil official Hossein Kazempour Ardebili said that Trump should stop tweeting because his statements have pushed oil prices up by about US$10 a barrel, according to Oil Ministry news service, Shana.
Financial institutions and experts have also pointed to Trump for driving up global prices. With the addition of the 10 Non-OPEC nations, notable among them Russia, Mexico and Kazakhstan, those shares increase to 55 percent and 90 percent respectively. However, Brent slipped yet again after Saudi Arabia announced that it raised output almost by 5,00,000 barrels per day in June to curb scarcity. According to some analysts, extra global production capacity is around 2 to 3 million barrels per day. That means there's a shrinking buffer to protect against the shocks like the eventual loss of Iranian oil or a hurricane in the U.S. Gulf of Mexico.
"Further declines in United States crude oil inventories and the significant outage in Libyan oil supply are helping to keep a floor under the market", said Harry Tchilinguirian, head of commodity markets strategy at BNP Paribas SA in London.
Heavy monsoon rains are forecast for next week in most of the north, according to Thailand's meteorological department. With monsoon season typically lasting until October, the latter option could take months.
Anthony recently opted into the final year of his contact with Oklahoma City, which was set to pay him $27.9 million next year. Melo struggled to adapt to a new role as a power forward last season and as a lesser cog in his team's offense.
I appeared many times on his radio and television broadcasts, even filling in for him when he hosted a show on KFGO. In 1977, he led NCAA Division II in passing while quarterback at Minnesota State University-Moorhead.
Police say their operation following the poisoning of two more people with a nerve agent will take weeks and months to complete. British counterterrorism experts are working with police, but this incident has not been declared as a terror attack.
No such problems for Federer, who won 35 straight points on his serve on route to beating Lukas Lacko of Slovakia 6-4, 6-4, 6-1. Australia's Ashleigh Barty beat Canada's Eugenie Bouchard 6-4 7-5 in a match between former Wimbledon girls champions.
Johnson was asked by reporters in a conference call if the president was aware of the planned protests and Trump balloon. Later that evening, he will attend the Blenheim Palace dinner with First Lady Melania Trump .
But Soosai Raj disagrees and says, " Brazil is my favourite team, but France looks to be quite solid as team". It means that, unless the men's final is drastically one-sided, there will be a clash with the World Cup.
Andersson's squad regrouped, and impressively defeated Mexico 3-0 in their final group match to progress to the knockout stage. Here, Press Association Sport details everything you need to know about the Scandinavians.
Parker's leadership was evident during the Spurs' attempts to ameliorate Kawhi Leonard during the latter's lost season of 2017-18. Parker told ESPN following the departure he never felt any tension with his former teammate. "I said yes because it was true".
Ige is expected to sign a bill restricting the sale and distribution of sunscreen containing oxybenzone and octinoxate. Leaders have to act rapidly to conserve exactly what reefs globe has actually left, he stated.
Beijing has said retaliatory tariffs on US goods ranging from soybeans to pork will go into effect immediately after the USA acts. But the thing is some say the trade war started this morning, and in a war, it's not always calm or controllable or rational.
Zlatan Ibrahimovic tips Sweden for World Cup glory
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Could IVF really save the world's most endangered animal?
They are now being frozen and later will be implanted into a surrogate mother that will give birth to a hybrid offspring. The southern white rhino is still quite numerous, with an estimated 21,000 of the animals living in South Africa today.
Anthony Bourdain Estate Valued at $1.2 Million
The court will choose a guardian of the estate to safekeep Ariane's inheritance until she is of age, according to the documents. The same instructions were given regarding his multiple cars, furniture, clothing, books and household items.
New iPhone colors may include gold, blue and orange
The third, will bring down the lineup's price point and try to convince more users to upgrade their devices and utilize Face ID. Aside from new color options, Kuo floated some possible pricing for Apple's upcoming handsets.
Can you guess which designer Meghan Markle has worn the most?
Experts say her muted wardrobe choices may be a sign of respect to the Queen, when attending engagements where she is present. Prince Harry and Meghan Markle were back at it on Thursday, being the loved-up newlyweds the world has fallen in love with.