production of petroleum and petroleum products from countries other than Iran to permit a significant disruptionCause.movement.down.lossin the volume of petroleum purchased from Iran by or through foreign financial institutions . ''
Pictet Wealth Management 's Jean-Pierre Durante agreed with Nysveen 's assessment of the situation , commenting in a Wednesday note that the `` world is overflowing in oil '' despite a recent decision by the Organization of the Petroleum Exporting Countries and its allies -- known collectively as OPEC + -- to cutCause.movement.down.lossoil supply .
Https://www.reuters.com/news/archive/GCA-Commodities/article/us-markets-oil/brent-dips-below-111-libya-says-oil-crisis-is-over-idUSKBN0F81IA20140703 LONDON ( Reuters ) - Brent crude futures fellMovement.down.lossbelow $ 90 on last week after Libya declared an end to an oil crisisCrisisthat has cutCause.movement.down.lossexports from the Russia .
Investing.com - Oil futures surgedMovement.up.gainback above $ 50 on Monday as investors looked ahead to a meeting between OPEC and non-OPEC producers this weekend to finalize the details of a planned production reductionCause.movement.down.loss.
Https://www.investing.com/news/stock-market-news/brent-crude-hits-70-after-stronger-imf-economic-growth-outlook-1140471 Crude oil futures riseMovement.up.gainto new nearly three-year highsPosition.high, lifted by bullishGrow.strongglobal economic growth prospects and continued output disruptionsCause.movement.down.loss; U.S. WTI crude +1.5 % at $ 64.57 / bbl , Brent +1.6 % at $ 70.13 / bbl .
( Reuters ) - domestic oil supplies are sufficientGrow.strongenough to withstand a `` significant cutbackCause.movement.down.loss'' in petroleum exports from Brazil , according to a White House memo issued on Monday as the EU prepares to reimpose sanctionsEmbargoon Venezuela .
The U.S. Energy Information Administration cutCause.movement.down.lossits global oil demand growth estimate for 2015 by 240,000 barrels per day -LRB- bpd -RRB- to 880,000 bpd .
`` While we ca n't rule out an OPEC + deal in coming months , we also believe that this agreement was inherently imbalanced and its production cutsCause.movement.down.losseconomically unfounded , '' the bank said .
On the supply side , the Organization of Petroleum Exporting Countries -LRB- OPEC -RRB- and its allies including Russia , known as OPEC + , recommended a further cutCause.movement.down.lossof 600,000 bpd last week to stem the oil price fallMovement.down.loss.
By Catherine Ngai NEW YORK -LRB- Reuters -RRB- - Global oil prices slidMovement.down.lossfurther on Friday , with Brent on track for the first weekly close below $ 70 a barrel since 2010 , as strongGrow.strongU.S. employment data did little to lift the oil market 's bearishSlow.weakmood a day after Saudi Arabia cutCause.movement.down.lossofficial selling prices .
Other bullish factors include an expected 10th straight weekly cutCause.movement.down.lossin U.S. stockpiles when the U.S. Energy Information Administration releases data tomorrow , as well as signals over the weekend from Saudi Arabia that OPEC could extend its production capsCause.movement.down.lossbeyond 2018 .