Oil slips from multi-year highs as US rig count rises

Oil jumps after US abandons Iran deal, plans 'highest level' sanctions

"Iran's exports of oil to Asia and Europe will nearly certainly decline later this year and into 2019 as some nations seek alternatives in order to avoid trouble with Washington and as sanctions start to bite", said Sukrit Vijayakar, director of energy consultancy Trifecta. As a result, crude oil is likely to undergo a short-term correction.

Consequently, the price of Brent and WTI rose from $76.80 to $77.99 and $70.50 to $70.91 respectively in the global market.

Markets were also held in check by a rise in USA drilling for new oil production.

Unfortunately for motorists, that glut has been drained by a combination of strong global demand and production cuts from Venezuela and a collection of OPEC and non-OPEC oil producers. Historically, the negative consumption response dominated the increase in oil investment.

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The motoring organisation said the decision could cause price rises of more than 2p per litre over the coming weeks, after the USA decision saw the price of Brent Crude oil jump to $77 (£56.84) a barrel - the highest level since November 2014.

Oil prices are staying strong and while they are overbought there seems to be a period of consolidation which signals we should retest the highs again.

The oil prices has become steady at $71 as OPEC signaled that it has the ability to fill in the supply gap only if USA sanctions are curtailed from shipments from Iran, which is the third largest producer of this group.

WTI is now trading above $70.80. Opec production remained low at 31.9 million barrel per day against 32 million barrel per day in March, much lower than the target of 32.5 million barrel per day.

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World oil prices have surged by more than 70 percent over the a year ago as demand has risen sharply while production has been restricted by the Organization of the Petroleum Exporting Countries, led by Saudi Arabia, and other producers, including Russian Federation.

"I think the irony of what the president might do [is that it] will isolate the USA, not isolate Iran", Sherman said during the call, which was hosted by the progressive National Security Action and Diplomacy Works coalitions.

"Coupled with the ongoing plunge in Venezuelan production, the price environment has turned decidedly bullish, despite headwinds like dollar strength and soaring US production", Platts Oil Futures Editor Geoffrey Craig said in an emailed market report. If another couple of pence a litre goes on, it could take the average cost of a litre of unleaded to 126.5p - a price last seen in October 2014 - which would make filling up a 55-litre family vehicle cost almost £70'. Jet fuel and diesel fuel prices are soaring as the shale oil is not yielding enough of those products.

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