But a meeting of OPEC and non-OPEC energy ministers in Algiers ended without any formal recommendation for a supply boost.
Crude oil futures have spiked in early Asian trade on Monday, a move unlikely to be welcomed by US President Donald Trump who took to Twitter late last night to express his displeasure at recent price gains.
The threats of disruption as well as the early supply cuts have helped to lift Brent crude futures to almost $80 a barrel this month, a level not seen since 2014.
But if prices really are expected to rise sharply in the coming months on the back of the US sanctions against Iran, it may make sense to buy longer-dated oil at the current prices. It could prompt Washington to consider extraordinary measures, including the use of the Strategic Petroleum Reserve, to cool down fuel prices ahead of the U.S. mid-term elections. Furthermore, it leaves the market extremely vulnerable to supply disruptions. WTI crude, the benchmark North American contract, was up 1.7 per cent at $72 United States a barrel.
"OPEC is one of the third world's biggest accomplishments in my view, not just in terms of oil producers, but it's an organization that can be effective in the world's economy and it's a good, strong foundation", he underlined.
Although he refrained from specifying how that could be done, Saudi Arabia is the only oil producer with significant spare capacity. -China trade war and supply, especially from the USA, was seen sufficient in the next 12 months, said Janet Kong, BP Plc's head of trading in Asia. "The reason Saudi Arabia didn't increase more is because all of our customers are receiving all of the barrels they want".
With markets showing signs of further tightening ahead of impending new Iran sanctions, traders and analysts are predicting that oil could scale above $90 per barrel.
Wall Street bankers and hedge funds also saw some caveats to the bullish mood.
Higher prices tend to mean higher petrol costs.
Crude oil futures have spiked in early Asian trade, gaining more than 1%. That was the highest level since November 12, 2014. The U.S. Energy Information Administration (EIA) expects domestic crude oil production will increase over the next five years and then flatten after 2022, staying at about 11 million to 12 million barrels per day through 2050.
Senate Republicans are rejecting Ford's request to have outside witnesses testify at Monday's hearing. She called on the FBI to investigate the assault allegation "and all the threats she's undergoing".
Real Madrid's summer recruit Thibaut Courtois will also attend the event, and is nearly certain to receive the Golden Glove. A list of 15 nominees will be selected by France Football and a panel of worldwide journalists will vote on a victor .
Michael Kors and private equity firm Blackstone, which owns 20% of Versace, did not immediately respond to a request for comment. Last year, Michael Kors bought Jimmy Choo , the luxury shoemaker founded in London , for nearly £900m.
When you're young it can be this" - she said miming self harm - "and when you're older it can be plastic surgery. Jane Fonda has no problem being honest about the ways she has maintained her looks at age 80.
Ford's testimony, Judge Kavanaugh will appear again before the committee", according to a statement from the committee. Lawyers for Christine Blasey Ford and representatives of the committee came to the tentative agreement late Saturday.
If that happens, he will be obliged to register as a sex offender for life, instead of for a shorter timeframe decided by a judge. More than 50 women have come forward to publicly accuse Cosby of sexual assault spanning several decades.
The Korean technology giant has just slashed the cost of its flagship Galaxy S9 device by £100 - reducing it to £639. While Samsung usually puts out two versions (a regular size and a larger size), this time it's doubling that tally.
Coal ash entered the public consciousness in 2014, when a Duke pit failed and released 39,000 tons of ash into the Dan River. The earthen berm was built in 1972 to create Sutton Lake, a reservoir that supplies cooling water to the Sutton power plant.
Nokia 5.1 Plus price to be revealed today via Flipkart
While the 6.1 Plus went on sale soon after the launch, the cheaper Nokia 5 .1 Plus was delayed for a later date. HMD Global-owned Nokia today announced its latest contender in the race of the best phone under Rs 11,000.
Amazon Announces a Gaggle of New, Next-Gen Echo Devices
The device can be used to control third-party apps such as Spotify, Sirius XM, Google Maps, Apple Maps, and Waze, among others. The amplifier and subwoofer also will bring stereo pairing capabilities that have thus far been absent from Echo gadgets.