Oil Slides While Traders Await Trump Decision on Iran Accord

Futures in New York dropped as much as 1.1 percent after rising 0.5 percent earlier. Israeli Prime Minister Benjamin Netanyahu said his country has documents that prove Iran had a program to build atomic bombs. That’s raising concern Trump may pull the U.S. out of a nuclear accord between Iran and world powers, a move that energy consultant FGE says could cut the Persian Gulf nation’s 2019 oil exports by 700,000 barrels a day.

FGE Chairman Fereidun Fesharaki said Trump is likely to restore sanctions on Iran, meaning buyers would have to cut their crude purchases from the country in 180 days. The nation’s exports could drop by 200,000 to 500,000 barrels a day this year, leading to higher oil prices, he said.

In the U.S., crude stockpiles probably added 900,000 barrels last week, according to a Bloomberg survey. If confirmed by government data on Wednesday, that would be the second consecutive weekly gain in inventories.
more detail at:  https://www.bloomberg.com/news/articles/2018-05-01/oil-holds-gains-as-iran-weapon-claims-seen-threatening-nuke-deal

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Oil Steadies Near $57 a Barrel Before U.S. Crude Inventory Data

Futures were little changed after slipping 0.3 percent on Tuesday, the first decline in four sessions. Crude inventories fell by 1.56 million barrels last week, while motor-fuel stockpiles gained 520,000 barrels, the industry-funded American Petroleum Institute was said to report. A Bloomberg survey forecast a 2.45 million-barrel oil-supply drop ahead of government data Wednesday. “The U.S. shale machine is poised to shift up a gear as producers make hay amid the healthier price backdrop,” said Stephen Brennock, an analyst at PVM Oil Associates Ltd. West Texas Intermediate for December delivery slid 8 cents to $57.12 a barrel on the New York Mercantile Exchange at 10:04 a.m. London time. Total volume traded was 12 percent below the 100-day average. Prices slipped from the highest level in more than two years to close at $57.20 on Tuesday. Click Read More below for additional information.
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