US light crude was 51 cents higher at $68.94, and was on track to gain just over 1 percent on the week.
ANZ analysts Daniel Hynes and Soni KumarisaidBrent could reach US$80 a barrel by the end of this year, attributing recent strength to rising geopolitical risks and tighter global supply.
"The extent of the rally would have been significantly weaker if not for the recent tightness in the market".
The increased geopolitical risks and the recent message from the USA producers highlighting some risks to the United States supply in 2018 points to some risks to U.S. and global oil market balances in the near term.
Additionally, the latest Reuters survey of OPEC production showed it pumped around 32 million barrels per day (bpd) in April, slightly below its target of 32.5 million bpd, due largely to plunging output in Venezuela.
On Thursday, Iranian regime's foreign minister said that Trump's demands to fix the flaws in the nuclear deal were unacceptable and that Iran would not implement them. The US Department of Treasury had given guidance related to the lifting of sanction on 16 Jan 2016, the two that matter as of now are the ones related to banking and financial industry and the US efforts to reduce Irancrude oil sales.
"You have the May 12 Iran and Trump headlines that support the market", he said.
But the May 12 deadline for US PresidentDonald Trump to decide whether to continue waiving US sanctions against Iran was also buffeting downward pressure on prices. "Investors are anxious about supplies after Iran took a tough stance in its response to the United States", said Wang Xiao, head of crude research with Guotai Junan Futures.
European powers want to hand Mr Trump a plan to save the Iran nuclear deal next week. But they have also started work on protecting European Union.
Following the lifting of global sanctions against Iran in January 2016, the country was able to become a major oil exporter, often undercutting Saudi Arabia despite an agreement not to.
Still, growing U.S. crude supplies have been capping price gains.
Surging production in the Permian basin has continued to outpace pipeline capacity, while local refining issues have exacerbated oversupply in the region, dealers told Reuters. U.S. production also hit a new weekly record of 10.62-million bpd - putting it ahead of Saudi Arabia, the biggest Opec producer, and just below top producer Russian Federation.
It's unclear at this stage what caused the silver Honda to swerve across the road into the path of the Waymo minivan. As the Honda swerved, it continued eastbound into the westbound lanes of Chandler Boulevard and hit the Waymo van.
Winterkorn, who served as VW's management board chairman and was VW's highest ranking executive from January 2007 until Sep. A spokesperson for the prosecutor's office in Detroit confirmed Mr Winterkorn was not in custody.
Heavy has ranked the top contenders , and the horses are listed in order of least to greatest chance to win the Kentucky Derby. O'Brien wasn't at the draw and Mendelssohn won't hit the Churchill Downs dirt strip until Wednesday after clearing quarantine.
It's also better to plant oak trees in the fall, not the spring, so the gift may very well be back on the lawn in a few months. A pale patch of grass was left in its place. "It will soon be replanted in the White House gardens", the source said.
Fred Guttenberg , father of Jaime Guttenberg, one of many 17 individuals murdered on February 14, additionally went after the NRA. Some also pointed out that armed protestors were allowed at speeches by former President Barack Obama.
The tweet more or less set the tone for the political bickering that followed electioneering in the months ahead. Congress President Rahul Gandhi is also visiting Karnataka on Thursday for the 8th time this year.
The police investigation is not finished, said Lombardo, the elected head of the Las Vegas Metropolitan Police Department. They are seen knocking at the door to make Paddock aware of their presence, before shouting 'Breach Breach Breach!'.
Students at many public schools in Arizona will miss a fifth day of classes Wednesday as a statewide teacher walkout continues . The letter said the movement "created the largest increase in school funding since the recession, but it's still not enough".
But experts say the data does not show improvements in New Delhi's air quality, but rather that more Indian cities have toxic air. Similarly for PM10, the figures were 289 micrograms per cubic metre in 2016 and 268 micrograms per cubic metre in 2017.
European Leagues oppose new FIFA competitions
Europe's professional football leagues said Thursday they opposed FIFA plans to expand tournaments at club and global level. A 12-year deal with a Japanese-led, Saudi Arabian-backed consortium for the competitions would start in 2021.
Modi blasts Congress, JD(S), says they have secret pact
The farmers, he said , were suffering because of the policies of successive Congress governments at the Centre and in the state. Trying to hit hard Congress, Chouhan said that Madhya Pradesh was in shambles in Congress rule in the year 2003.
LeBron On Fire As Cavs Tear Toronto Apart
Game time for tonight's game is set for 6:00 pm ET and ESPN and ESPN3 will also provide live coverage on television and online. The Raptors are in a must win situation as they can not allow to trail 0-2 as the next two games will shift to Cleveland.