Rosneft first-quarter oil output down 1.2 percent because of OPEC deal

Oil near Nov. 2014 highs firm as markets tighten amid OPEC cuts, Iran sanctions

Brent crude futures, the global benchmark for oil prices, were at $78.30 per barrel up 7 cents from their last close and not far off a three-and-a-half year high of $78.53 a barrel reached the previous session, U.S. West Texas Intermediate (WTI) crude futures were at $71.02 a barrel, up 6 cents and also not far off their November 2014 high of $71.89 a barrel reached last week, Reuters reported.

Oil prices rose as OPEC reported that the global oil glut has been virtually eliminated, while US crude´s discount to global benchmark Brent widened to more than $7, its deepest in five months.

Oil prices settled higher Tuesday as uncertainties remain due to US sanctions on Iran.

The supply is greater in the USA were production has now seen a large increase in production bringing the total of barrels produced per day to 10.7m.

Iran will restart its uranium enrichment if it can not find a way to save the 2015 nuclear deal with the European Union after the United States pulled out last week, Tehran's government spokesman said on Tuesday.

Surging prices were capped after China reported weaker-than-expected investment and retail sales in April and a drop in home sales, clouding its economic outlook even as policymakers try to navigate debt risks and defuse a heated trade dispute with the United States. The cartel also said its output rose slightly last month, mainly via Saudi Arabia, but raised its demand forecast for next year by 25,000 barrels per day to average 98.85 million barrels per day.

U.S. President Donald Trump announced the dissolution of the nuclear deal with Iran and promised to impose tough sanctions against Tehran.

What this amounts to on a grander scale, Descalzi argued, is uncertainty for investors, especially those involved with long term multi-billion dollar projects: "And when there is a lot of uncertainty, the investment is not easy to be performed; but there are so many other geopolitical issues, that the landscape is very hard to understand where we're going".

Official U.S. government fuel storage data is due for release by the Energy Information Administration (EIA) later on Wednesday.

"Germany has said it will protect its companies from USA sanctions, Iran has said French oil giant Total has yet to pull out of its fields and all the while it seems the Chinese are ready to fill the void created by the U.S".

This story has not been edited by Firstpost staff and is generated by auto-feed.

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