Oil dips from recent highs on hopes of alternatives to Iran supply

Iran deal exit threatens Americans' tax cut savings

Two days after Donald J. Trump chose to withdraw from the Iran nuclear agreement, Zanganeh said the US president is engaging in "shenanigans" in the oil market - and that he's cut a deal with some members of the Organization of Petroleum Exporting Countries to keep production down and prices high.

The deal is set to expire at the end of 2018, but the Bank of America analysts said that OPEC and Russian Federation are likely to continue working together to prevent prices from falling.

Despite the prospect of OPEC stepping in to take up the slack caused by Iran, U.S. investment bank Jeffries stated in a note, "Even if physical supply is held constant. the market will still be faced with a precariously low level of spare capacity".

Another unsurprising performance for crude unfolded Friday in the wake of the us pulling out of the Iran nuclear deal and Britain, France, and Germany vowing to support it regardless: West Texas Intermediate settled down 66 cents to $70.70 per barrel, while Brent settled down 35 cents to $77.12.

In the interest of exerting more control over the price of oil imports, China in March launched a crude futures exchange that could become a yuan-denominated benchmark to rival Brent and WTI. Many analysts expect oil prices to rise as Iran's exports fall.

He then said pre-existing United States sanctions on Iran would be reinstated, telling reporters: "Powerful sanctions will go into full effect".

The case around Iran comes amid the already tightening market due to strong demand, especially in Asia, given that Saudi Arabia's largest exporter and Russia's largest producer since early 2017 have restricted supply to support prices.

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The main goal of the supply deal was to reduce excess oil stocks to the five-year average.

He tweeted on Tuesday that "Donald Trump simultaneously lied about the Iranian nuclear deal, undermined global confidence in US commitments, alienated our closest allies, strengthened Iranian hawks, & gave North Korea more reason to keep its nukes".

"President Trump has already stepped up pressure on OPEC to end supply cuts due to higher U.S. gasoline prices looming", Citi analysts said.

Washington has given European firms doing business in Iran up to six months to wind up investments or risk USA sanctions and they are also forbidden from signing any new contracts with Iran.

However, RBC Capital Markets head of commodity Helima Croft was much less bullish on future oil prices.

"In 2012 the reduction in Iranian crude production and exports was around 1 million bpd", Wittner said. Prices dropped 66 cents to $70.70 on Friday.

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