Crude oil prices remained stable albeit moving a little downward

Trump Blasts OPEC Over 'Artificially' High Oil Prices

Trade sources said USA flows to Europe would keep rising, with US barrels increasingly finding homes in foreign refineries, often at the expense of oil from OPEC or Russian Federation. We all remember what's happened two years ago - the market was over-flooded, and it wasn't OPEC who over-flooded the market.

"Crude prices are now sitting at the highest levels in three years, reflecting ongoing concerns around geopolitical tensions in the Middle East, which is the source of almost half of the world's oil supply", ANZ bank said on Tuesday.

Iranian sanctions could add between $2 and $10 to oil prices this year, analysts polled by Bloomberg say.

The glut oversupply did play havoc with oil companies and oil investors.

Polish refiners PKN Orlen and Grupa Lotos and Norway's Statoil are sampling US grades, while other new buyers are likely, David Wech of Vienna-based JBC Energy consultancy said.

Brent and WTI hit their highest levels since November 2014 on Thursday earlier this week, at $74.75 and $69.56 per barrel respectively, buoyed by a tightening market and higher demand. Trump's tweet may give Opec producers pause for thought, but it will be the logic of capitalising on oil's strength that will probably bring about an eventual adjustment in production. Citigroup now expects Brent to average $65 a barrel this year and $55 per barrel next year.

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Three industry sources said that Saudi Arabia would be happy to see crude rise to United States dollars 80 (56.38 pounds) or even USD 100 a barrel, a sign Riyadh will seek no changes to the supply-cutting deal even though its original target is within sight. According to Citigroup, it could be anywhere from 200,000 bpd to 1 million bpd if the Iran nuclear deal collapses.

Many in the oil markets assume that oil sanctions will snap back on Iran on 12 May; this is SG's view (70% probability). This could lead to "sanctions within 180 days, but markets have not priced it in".

Looking ahead, analysts at Société Générale said "many in the oil markets assume that oil sanctions will snap back on Iran" on or before the May 12 deadline for the US decision on whether to extend sanction waivers linked to Iran's nuclear deal.

Meanwhile, foreign sales are virtually all made in the US dollar. Geopolitical risk spikes can be vicious but tend to lack longevity. Sara Vakshouri, head of consultancy SVB Energy International, told Platts that this move could be an attempt to curb the impact of fresh sanctions by taking the dollar out of transactions, but it is unlikely to completely protect Iran from sanctions.

This means costs for any imported goods become more expensive for its citizens or companies, but it has also pushed up the value of Russia's and Iran's oil sales as all of their productioncosts are in the local currencies.

An attack on an oil pipeline supplying Libya's biggest export terminal has reduced the North African country's production by at least 80,000 barrels a day and will take several days to fix, the National Oil Corp. said Sunday.

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