16 May, 2018
He also downplayed the impact of oil supplies from renewed USA sanctions on Iran: "Don't worry about supply", he said, adding that this was not the first time an OPEC member had been in such a situation.
Global benchmark Brent gained $1.11 to settle at $78.23 a barrel.
WTI's June contract was 67 cents higher at $71.63/bbl on the New York Mercantile Exchange as of 8:57 a.m. local time, after rising 26 cents on Monday.
Brent crude futures, the worldwide benchmark for oil prices, were at $78.30 per barrel up 7 cents from their last close and not far off a three-and-a-half year high of $78.53 a barrel reached the previous session, U.S. West Texas Intermediate (WTI) crude futures were at $71.02 a barrel, up 6 cents and also not far off their November 2014 high of $71.89 a barrel reached last week, Reuters reported.
A lot will depend on how other major oil consumers respond to Washington's action against Tehran, which will take effect in November.
Elsewhere, supply concerns have been mounting over the last week after President Donald Trump the United States pulled out of the Iran nuclear deal - a move that reimposes sanctions on Iranian barrels.
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In China, the world's biggest oil importer, refinery runs rose almost 12 percent in April compared with the same month a year ago, to around 12.06 million barrels per day (bpd), marking the second-highest level on record on a daily basis, data showed on Tuesday.
The pending US sanctions against Iran have also contributed to the price rise.
"In 2012, the reduction in Iranian crude production and exports were around 1 MMBPD", Wittner said, Reuters reported.
Yesterday, OPEC downplayed the impact of the United States shale boom, but warned about USA trade squabbles.
"Germany has said it will protect its companies from US sanctions, Iran has said French oil giant Total has yet to pull out of its fields and all the while it seems the Chinese are ready to fill the void created by the U.S".
Markets have generally tightened as the Organization of the Petroleum Exporting Countries (OPEC), led by Saudi Arabia, have been withholding supplies since 2017 in order to push up oil prices. Fifty-five Palestinians were killed in confrontations with Israeli troops on Monday after tens of thousands converged on the Gaza Strip border to protest the US embassy in Jerusalem.