Oil prices will average $65 a barrel through 2018

Short Sellers Circle Oil and Gas Stocks as Crude Price Climbs

The announcement "did not bring anything new to the table", and the market thus shed some of the earlier gains, says Olivier Jakob of PetroMatrix, adding that "It shows how much the market has already priced in the expectation that Trump will not extend the waivers" on USA sanctions against Iran.

Oil prices jumped after Netanyahu said Israel has evidence that Iran lied about its nuclear program after signing the 2015 agreement with global powers.

Trump has until May 12 to decide whether to restore sanctions on Iran that were lifted after the worldwide agreement.

Brent crude for June settlement, which expires Monday, dropped 64 cents to $74 a barrel on the London-based ICE Futures Europe exchange. "They were determined to find a middle ground", said Bob Yawger, director of energy futures at Mizuho, of the meetings between the French and Iranian presidents.

The deal gives Marathon more exposure to USA shale, thanks to Andeavor's existing logistics and terminal operations in Texas and North Dakota shale regions.

Brent crude for July delivery was trading $1.11 lower at $73.60 by 12:31 p.m. EDT (1631 GMT).

"The price rise is due to growing expectations of new US sanctions ... which would doubtless reduce the oil supply from Iran", Commerzbank said in a research note, Reuters reported.

Oil prices edged lower on Monday as a rising rig count in the United States pointed to higher production, but prices held near more than three-year highs and were on track to rise for a second consecutive month. "I expect the market to have a good finish for the week given the uncertainty around the Iran deal", Baruch said.

Global benchmark Brent crude futures gained 74 cents to settle at $74.74 a barrel, while U.S. West Texas Intermediate (WTI) crude were up 14 cents to $68.19 a barrel. The contract fell 0.4% last week. The price rose to $75.47 last week, the highest since November 2014. "Since the market is already tight because of the high production outages in Venezuela and the production cuts implemented by OPEC and Russian Federation, any further reduction of supply weighs all the more heavily", the bank said. At the same time, OPEC-led production cuts have continued to tighten global markets, despite record-setting US crude output. USA crude production rose by 46,000 BPD the previous week, to 10.59 MMBPD. Crude stockpiles at the biggest US storage complex rose by an estimated 1 million barrels last week, according to a forecast compiled by Bloomberg. Gains were likely limited by this week's higher than expected USA crude oil and gasoline inventories as well as rising US production.

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