Oil rises as concern heats up over Iran sanctions, Venezuelan output

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A rise in US government borrowing costs to their highest since 2013 this week has tempered some investor appetite for risk, but analysts said Brent crude futures, the global benchmark, may yet rise towards new 2018 peaks above $75 a barrel.

Prices will be supported by continued adherence to the OPEC-led production cuts, increased demand from Asia, possible supply disruptions in Iran and turmoil in Venezuela.

Now, French President Emmanuel Macron has proposed a new deal to offer Trump, but if the USA president shuns it, it will be time of more tension and uncertainly, Macron said, as quoted by Bloomberg.

"If Trump exits the deal, Iran will surely pull out of it", said the official.

The expert said: "Of course, we've had the French president there trying to reason with Trump and to see if they can come to some kind of new deal".

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Trump will decide by May 12 whether to restore United States sanctions on Tehran, which would probably result in a reduction of Iranian oil exports.

The effect of EIA's latest inventory report on oil prices would be interesting to watch; API's figures seemed to remind market players that not all fundamentals are bullish for oil, with USA oil production continuing to be the main headwind for OPEC's plans to push up prices higher.

"The rally seems to be intact and is looking for the next spark to push it higher".

Total products supplied over the past four-week period averaged over 20.4 million barrels per day, up by 4.3 percent from the same period a year ago.

The European Union said earlier this month it could impose further sanctions on Venezuela if it believes democracy is being undermined there. The United States, however, skipped levying tariffs against Canada, the largest exporter of steel to the U.S., and Mexico.

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Analysts had expected a drop in crude oil inventories.

Over the past four weeks, motor gasoline product supplied averaged 9.4 million barrels per day, up 1.3 percent from the same period a year ago.

Prices briefly tested session lows after US government data showed USA crude and gasoline stockpiles rose unexpectedly last week.

USA crude production rose by 46,000 bpd on the previous week, to 10.59-million bpd.

With US output and exports surging, some analysts warn that the 20% climb in Brent prices since February is starting to look overdone.

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