Brent crude futures rose 74 cents to settle at $72.90 a barrel, a one percent gain.
The International Energy Agency reported that Saudi Arabia boosted production sharply last month, raising crude shipments to world markets by 390,000 bpd to 7.6 million bpd.
But today, Adeeb Al-Aama, Saudi Arabia's OPEC governor, said that the Kingdom's July crude oil exports would be similar to June's, and that August's exports would be 100,000 bpd below that. Although, markets edged up on Friday in the wake of Saudi Arabia moving to allay some fears of oversupply.
Both benchmarks rose by 1 percent on Wednesday after inventory data from the U.S.
-China trade war and the specter of mounting supplies from Saudi Arabia, the USA and Libya triggered concern about renewed oversupply.
The suspension also comes amid the prospect that transaction settlements will be made hard because such major banks as MUFJ Bank and Mizuho Bank are considering halting Iran-linked businesses following the US decision to reinstate sanctions against Tehran.
A Reuters poll taken before the data release had forecast gasoline stocks would be unchanged and distillate stockpiles would show a build of around 900,000 barrels.
The US government is sensitive about hikes in oil prices on the threshold of the country's important by-elections. The Energy Information Administration (EIA) reported that USA crude oil production exceeded 11 million barrels a day for the first time in history.
Grassley said in a statement, "It's long past time to put an end to illegal price fixing by OPEC", and he added that the feds are "committed to reducing our reliance on foreign oil, especially when it's artificially and illegally priced; our bill shows the OPEC members we will not tolerate their flagrant antitrust violations".
Oil prices dropped on Wednesday after an industry group reported that US crude inventories rose last week, defying analyst expectations for a significant reduction.
When Russian leader Vladimir Putin addressed the media in Helsinki alongside President Donald Trump, he proposed that their countries "work together" to make oil and gas markets calmer.
"The handful of comments from the Saudis" boosted prices, said Bob Yawger, director of futures at Mizuho Securities USA Inc.in NY. Thanks to such efforts, the company was able to reduce the share of Iranian crude oil imports to 10 percent as of last month, said a Hyundai Oilbank official. That would mean a roughly 1 million bpdincrease in output.
Most of the local oil refiners try to avoid importing crude oil from Mexico because it contains a relatively high level of foreign particles such as sulfur, making suitable for producing low-profit products such as bunker fuel only.
Congress passed a law banning military-to-military cooperation after Russian Federation annexed Crimea in 2014. The talks in the Finnish capital were closed-door and with no one else present but interpreters.
A Commerce Ministry spokesman said last week Beijing hoped they would lobby Washington to protect their own interests. It has also applied tariffs on imported steel and aluminum from allies like Canada, Mexico and the European Union.
So I do want to thank you". "It's been a true joy". "This is a very female-driven season". "But you can't take Rick's place". It's been so much a part of my life, I breathed it for 10 years. "And that relationship is hard to leave behind", he said.
Trump came under great pressure to raise the alleged meddling with Putin, who has on numerous occasions denied any wrongdoing. With that, Trump declared the contretemps over, insisting, "I think that probably clarifies things pretty good by itself".
The young Lakers have been playing well during Summer League, and they advanced to the championship game. The work he's already putting in and how he's going to bring that work ethic to everyone on the team.
Manchester City will kick off their pre-season on Saturday morning, as they take on Dortmund. "It's a long road". A number of City's stars are absent for the pre-season fixture following the World Cup in Russian Federation .
Alisson's move to Liverpool reunited him with Mohamed Salah , who left Roma for Liverpool this time last summer. Liverpool have been dogged in their pursuit of the player following the conclusion of the World Cup.
The White House says Saudi Arabia could raise oil production to make up for any shortfall, but Riyadh has not announced any plans. MEA spokesman Raveesh Kumar said last week here that India would welcome greater engagements with the USA on the sanctions row.
Beijing's tariff battle with President Donald Trump has rattled businesses that worry trade and investment will be disrupted. Kevin Brady joins "Sunday Morning Futures" to discuss the Trump administration's tariffs and the second phase of tax cuts.
Trump, Putin meet in Helsinki for summit
The European Union is a "foe" of the United States because of "what they do to us in trade", President Donald Trump said Sunday. President Trump also expressed concern with Germany's recent pipeline with Russian Federation , calling them " captives ".
Galaxy J2 Core is Samsung’s first Android Go smartphone
One of the rumors of the Note 9 is that it could support 5G , which means that the Galaxy S10 should also offer support. This is in line with a previous report that indicated that this flexible model will have a 7.3-inch OLED display.
Thai Soccer Team Goes Home
The Thai government will allot 45 minutes' airtime on its " Thailand Moves Forward" for the soccer team's news conference. Thoughts of their parents also preoccupied the boys, with one admitting, "I was afraid". "I'm very happy", he said.
Trump tells Hannity Russians 'have no information on Trump'
And so you have the president sort of pointing his rhetoric in one direction and the administration pointing us policy in another. American President Donald Trump adheres to the position of illegal annexation of Crimea by the Russian side.
Liverpool table significant offer for Roma goalkeeper Alisson
It had been reported previously that Los Blancos were Alisson's preferred destination, but Liverpool are now the firm favourites. The offer is a sign of Liverpool's ambition and the offer will smash the record for the world's most expensive goalkeeper.
Cher to release album of Abba covers after 'Mamma Mia!'
B-roll footage from behind the scenes shows Streep embracing Seyfried, singing softly to her in a chapel-like setting. With so many projects, we wouldn't be surprised if that $305 million swells even larger in the near future.