Brent futures fell 37 cents, or almost 0.5 percent, to $79.20 a barrel by 0636 GMT, after climbing 35 cents on Tuesday.
US refiner Valero Energy Corp this year boosted its imports of Venezuelan crude ahead of USA sanctions over the country's disputed presidential election and as other customers received less of the OPEC-member's exports, according to Thomson Reuters trade flows data.
The price drop of both WTI and Brent crude oil this week is being attributed to sanctions on Iran and increased sanctions on Venezuela following last weekend's re-election of Nicolas Maduro. The apprehension in India was that OPEC countries, including export leader Saudi Arabia, had persistently denied rising production to offset a price spiral. Meanwhile Pierre Andurand, one of the most prominent hedge fund managers in the oil market, recently said that $300 a barrel was "not impossible".
Feeling Crowded? LA Sees Nation's 5th-Largest Population Increase
From the peak in 2013, the state's population has dropped 0.4 percent, while the rest of the nation grew by 3.0 percent. Nationally, eight of the 15 cities with the largest gains were in the South, and three of the top five were in Texas.
Global oil prices fell Friday after top producer Saudi Arabia signalled a likely boost in supply as soon as the third quarter, and world stock markets were mixed over the sudden United States move to cancel the summit with North Korea.
"If sanctions are introduced against Iran, most of the Opec producers would like to be pumping more oil, particularly giving the higher prices".
He also reiterated that obligations under the 1.8 million b/d OPEC/non-OPEC output cut agreement may be lowered if the participants come to the conclusion at the June meeting the market has rebalanced.
Oil prices edged lower on Wednesday as the market took a breather on expectations OPEC may raise supplies as early as June, although geopolitical risks kept a floor under the market.
Will Lando Get the Next 'Star Wars' Spinoff? Lucasfilm Clarifies Comments
I mean, how can he not be? "There's a fluidity to Donald and Billy Dee's [portrayal of Lando's] sexuality", Kasdan added. This movie has Han Solo and Chewbacca and Qi'ra and all sort of other characters in it, but it's really Lando's film .
The OPEC with its allies has curbed production since January 2017 to get rid of a supply glut that in mid-2014 led to a price collapse. Crude stocks at the Cushing, Oklahoma, delivery hub fell by 1.123 million barrels.
"People are having a hard time taking them seriously about it for now, but definitely it's registering more with the market today", he said, adding, "Unnamed OPEC sources are only going to carry the day so far".
US refineries produced about 10 million barrels of gasoline a day last week, down by about 500,000 barrels compared to the prior week.
United States crude oil production has risen by more than a quarter in the past two years, to 10.73 million bpd.
YouTube to roll out new music service on May 22
That means Google will still do some data collection in the background to get you those smart music recommendations. United Kingdom prices haven't been announced, although Google says the plan will be coming soon to new markets.