Oil prices are in a 'sweet spot,' but for 2 risky reasons

Oil Price Fundamental Weekly Forecast – Fed’s Powell Could Shed Light on Future Demand

Nigeria’s 1.97mbpd June volume highest since 2015, says survey

-China trade war that has rumbled on over the previous year.

Tensions around Iran's nuclear program and recent incidents involving oil tankers also support prices; Iran's Pres. Rouhani says the United Kingdom will face "consequences" over the seizure of an Iranian tanker near the coast of Gibraltar last week.

Brent crude futures LCOc1 settled at $67.01 a barrel, up $2.85, or 4.44 percent.

The alliance, known as OPEC+, agreed last week to extendtheir supply-cutting deal until March 2020. Additionally, U.S. sanctions on Iran and Venezuela have reduced further bets on global supplies.

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Supporting prices was an Iranian military official's comments that Britain's seizure last week of an Iranian oil tanker off the coast of Gibraltar will not be "unanswered", according to the semi-official Tasnim news agency. Technical issues as well as maintenance at some oil infrastructure pushed output lower.nearly 700,000bpd of the country's crude output remains at risk due to its protracted civil war, according to state-owned National Oil Corporation, which is calling for the global community to intervene in the conflict. Aiming to cut Iran's sales to zero, Washington this month ended sanctions waivers for importers of Iranian oil.

"Demand is soft", said Olivier Jakob, analyst at Petromatrix. It should be noted that the economic powerhouses are also the world's two largest oil consumers.

The Energy Information Administration (EIA) maintains April crude oil production and lease condensate reached a milestone, totaling 12.2 million barrels per day (b/d).

Battling what he called "the most severe organized sanctions in history", Zanganeh last week vowed to keep selling oil via "unconventional means".

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Oil prices inched higher Tuesday, rising on OPEC's newly extended production cuts and tensions with Iran, but still under pressure from demand concerns tied to slowing global growth and the trade dispute between the US and China.

It was the sixth consecutive month that the EIA revised its 2019 demand forecast.

"Now, that's a significant turnaround, again, from the last decade when we were significantly dependent upon oil from the Middle East, and so that continues to be the case", Harder said.

The markets also gained support from forecasts that US crude stockpiles fell 3.1 million barrels last week, which would be their fourth straight weekly decline. The tariffs imposed on Chinese exports to the U.S as a result of the disagreement has started hurting growth in the world's second largest economy and the largest importer of crude oil. The first of this week's two supply reports is due at 2030 GMT from the American Petroleum Institute, an industry group.

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