War premium lifts crude oil as Iran talks drive bullish sentiment, with WTI futures holding key support and traders watching rising geopolitical risk.
Oil prices face pressure as rising inventories and a 2.4 mb/d supply surge cap gains, while Natural Gas coils below $3.33 resistance amid demand concerns.
Oil prices were steady on Tuesday as investors assessed risks of supply disruption after Iran conducted naval drills near the Strait of Hormuz right ahead of nuclear talks with the U.S. later in the day.
The shale-oil revolution that transformed the U.S. into the world's top oil producer is entering a new phase — one that could see America's hard-fought lead in energy erode in fewer than five years as oil production growth peters out.
China's Russian oil imports are set to climb for a third straight month to a new record high in February as independent refiners snapped up deeply discounted cargoes after India slashed purchases, according to traders and ship-tracking data.
French oil producer Maurel & Prom is hopeful of soon being able to resume exports of Venezuelan oil, it said on Monday after the United States government relaxed sanctions on the country's energy sector on Friday.
US forces have boarded another sanctioned oil tanker in the Indian Ocean after tracking it from the Caribbean as part of efforts to target illicit oil tankers linked to Venezuela.
The Treasury Department issued licenses Friday for oil companies including Chevron and certain European rivals to operate in the country.
Serbia's Russian-owned NIS oil company has sought another sanctions waiver from the United States to allow crude imports, while it awaits the completion of a sale to Hungary's MOL , the company said in a statement on Friday.
Oil prices were little changed on Friday after falling in the previous session, and are set for their second weekly decline, on receding concerns of an Iranian conflict that could affect supply and on forecasts supply will exceed demand this year.
Oil consolidated in the early Asian trade. Middle East tensions remain in focus, although their impact on oil prices has been limited, XS.com said,
U.S. President Donald Trump said on Thursday that billionaire energy entrepreneur and Republican donor Harry Sargeant III has no authority to act on behalf of the U.S.