Oil pares gains, market supported by Iran worries

An oil pump is seen at sunset outside Vaudoy-en-Brie

Oil prices gained, as the risk of renewed US sanctions on Iran, plunging Venezuelan output, and robust global demand shook off the effects of a strong dollar.

NEW YORK, April 30 (Reuters) - Oil rose slightly on Monday, bouncing off early losses after Israeli Prime Minister Benjamin Netanyahu said he would make an announcement later in the day about the nuclear deal with Iran.

Trump has given Britain, France and Germany a May 12 deadline to fix what he views as the flaws of the 2015 nuclear deal, or he will reimpose sanctions.

Brent crude futures, the global benchmark, dipped 39 cents, or 0.5 per cent, to $74.25 a barrel.

"Netanyahu may be the flavour of the day, but the larger issue driving this is what will Trump do with Iran?"

"It's only Trump who wants to back out of the deal, but he wants to back out of so many deals ..."

Cowboys TE Jason Witten retiring after 15 seasons
The 35-year-old's 68 touchdown receptions only trails Dez Bryant (73) and Bob Hayes (71) in team history. But rest assured that I'm going to do everything in my power to help us be better as we move forward.

Oil prices have risen this month to their highest since late 2014, driven by concern over potential disruptions to Iranian crude flows.

Israel shared with the US documents on a secret Iranian nuclear-weapons program and the USA has verified their authenticity, according to a person familiar with the matter. Analysts said the market is extremely sensitive to any developments on the nuclear deal and sanctions.

West Texas Intermediate crude for June delivery traded at US$67.48 a barrel on the New York Mercantile Exchange, down 62 cents, at 8.23 am in London. The global benchmark crude traded at a $6.43 premium to June WTI. The contract fell 0.4 per cent last week.

While multiple June loading Nigerian cargoes had changed hands, traders said most of these were not yet promised to end users, meaning they could be re-offered. Only Russia now produces more, at around 11 million bpd. At the same time, OPEC-led production cuts have continued to tighten global markets, despite record-setting US crude output. USA crude stockpiles probably increased by 1.25 million barrels, according to the median estimate of analysts surveyed by Bloomberg. Gains were likely limited by this week's higher than expected USA crude oil and gasoline inventories as well as rising US production. Crude stockpiles at the biggest USA storage complex rose by an estimated 1 million barrels last week, according to a forecast compiled by Bloomberg.

According to the its April commodity markets outlook, oil prices will average $65 a barrel through 2018, 22% higher than the average price of $53 in 2017, due to the combined effect of production cut by the Organisation of the Petroleum Exporting Countries, OPEC, and its allies led Russian Federation, and an increase in demand for the products.

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