US crude oil inventories drop unexpectedly as imports fall

India's oil imports from Iran down 57% in April

Is Trump Imposing New Sanctions Against Iran?

Late Tuesday, the API reported that us crude oil supplies rose by 2.8 million barrels for the week-ended May 3.

Chinese Vice Premier Liu He will travel to Washington for two days of trade talks this week, China said on Tuesday, setting up a last-ditch bid for a deal that would avoid a sharp increase in tariffs on Chinese goods ordered by U.S. President Donald Trump. "'Don't do business with this people until they understand that there is a way to that you conduct yourself in the global community'".

"We've seen that market tighten up considerably even before the Iranian information, and we are also seeing a range of refining problems in the USA", said Ryan Fitzmaurice, energy strategist at Rabobank.

Crude oil prices drifted lower on Tuesday as global growth concerns rose amid rising U.S.

The upbeat reports have also turned around earnings estimates for the first quarter to an nearly 1 percent rise, a huge improvement from the 2.3 percent decline expected at the start of the season last month. However, the markets turned lower for the session after a private-industry report showed a weekly rise in US crude supply.

Net U.S. crude imports fell 432,000 barrels per day to 4.4 million bpd, and crude production edged down 100,000 bpd from its record high to 12.2 million bpd. Overall crude inventories, not including the SPR, fell to 466.6 million barrels from their highest levels in 19 months.

Brent crude futures rose 39 cents to settle at $71.24 a barrel.

41 killed in Superjet crash!
Footage showed the plane bouncing along the runway as it landed. "At 6:30 pm, the aircraft made an emergency landing", it added. According to Komsomolskaya Pravda daily newspaper, one survivor said: "The landing was rough - I nearly passed out from fear".

According to the official, more than 130 million barrels of oil were exported from Iran's offshore fields in the fiscal year that ended March 20.

The United States introduced sanctions in November but gave a six-month waiver to eight nations, including India, which allowed them to import some Iranian oil.

On the supply-side, oil markets remain tense as the United States tightens sanctions on Iranian oil exports, saying on Monday it was boosting its military presence in the Middle East.

"We have seen a bit of a risk-averse move this morning in Asian trading following the comments from Trump over the weekend regarding the US-China trade deal", ANZ analyst Daniel Hynes said. Analysts had expected an increase of 1.2 million barrels.

Countries such as India and Japan signaled they would bow to US pressure, but others such as Turkey remained defiant.

US stocks fell on Monday after President Donald Trump threatened to raise tariffs on Chinese goods, though they pared much of their early losses as healthcare shares rose and some investors remained confident of an eventual trade agreement.

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