Venezuela sends a large share of its oil exports to the United States because of the proximity and the operation of sophisticated U.S. Gulf Coast refineries specifically created to handle heavy Venezuelan crude.
The global exhibition which holds the first rank in the Middle East and fifth in the world in terms of the number of participants is organized by the Iranian Oil Ministry. It powers everything that we use every day.
Libyan officials are still asking for OPEC support and they still expect to see production ramping up higher although other ministers of OPEC and non-OPEC believe that the country won't deliver more than 1 million bpd this year.
An OPEC survey conducted by S&P Global Platts showed on Friday that the group's crude production in April fell for a third straight month to a one-year low.
Nonetheless, U.S. crude exports are poised for an upward trajectory.
Baker Hughes weekly USA rig count showed another rose in oil rig numbers and total numbers.
Lebanon's PM Hariri says his party lost third of parliament seats
Turnout was 49.2 percent, down from 54 percent the last time legislative elections were held nine years ago. Hezbollah has sent thousands of its fighters to Syria to shore up regime leader Bashar al Assad's forces.
U.S. West Texas Intermediate (WTI) crude futures were trading 15 cents lower at $68.28 per barrel by 0719 GMT. Brent, the global benchmark, is up around 13%. The WTI discount is a boon for refineries, particularly in Asia, that need the light sweet crude which yields higher priced refined petroleum products.
Most Asia markets firmed on Monday after a tame reading on U.S. wages lessened the risk of faster rate hikes by the Federal Reserve, although Sino-U.S. trade tensions and a looming deadline for an Iranian nuclear deal lurked in the background. Consequently, oil prices will continue to face upward pressure, and-perhaps even more importantly-oil prices will become even more sensitive to geopolitical disruptions. Unipec executives have said previously that such prices increases were "unreasonable".
"Presidents usually don't have much control over gas prices, but this may be a situation where Trump's rhetoric is spooking the market", said Patrick DeHaan, analyst at GasBuddy. His impressive career goes back nearly three decades, gaining attention with his market calls as writer of "The Energy Report". Angola which was always among the top three suppliers of crude to China, has shipped 2.9 percent less crude to the Asian country in the first quarter compared to a year ago.
US crude is also finding more buyers in Europe due to the Brent/WTI arbitrage. A recent report by the International Energy Agency shows that global demand expanded by 1.5 million barrels per day previous year, representing a 1.6 per cent annual increase.
"The breakout $70 a barrel is not a fluke", he said.
WTI is now trading above $70.20.