Iran offers discount oil to Asia

Saudi Arabia reins in oil production as demand forecasts waver

Despite these worries, prices got a boost from U.S. sanctions against Iran, which from November will affect oil exports from that country.

Global risk assets declined as investors grew nervous of contagion from financial strife in Turkey after the lira extended its precipitous slide.

"Discount is part of the nature of the global markets being offered by all oil exporters", IRNA reported the source as saying on Monday.

The U.S. benchmark crude has declined more than 2 percent this month as worldwide trade disputes threatened to deflate energy demand growth.

Opec, the cartel that pumps about a third of the world's oil, said its modelling suggested "that the tariffs, under the most likely case, will not have a significant..."

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Drillers added 10 oil rigs in the week to August 10, bringing the total to 869, the most since March 2015, General Electric Co's Baker Hughes energy services firm said. "But the complicating factor right now is Iran and the sanctions", said Greg McKenna, chief market strategist at futures brokerage AxiTrader. Despite the United States rig count being at a high for this year, the "production level has stalled, and that raises questions on whether or not there's capacity for the U.S. to increase production further - which is why we're seeing firmer markets". The contract climbed 82 cents on Friday. The contract advanced 74 USA cents to US$72.81 on Friday.

The United States and China have been locked in a tit-for-tat trade spat over the last few months, but crude was dropped from China's final list of tariffs on $16 billion in USA goods announced last week.

Benchmark Brent crude oil settled 74 cents higher at $US72.96 a barrel.

Trump's decision set a clock ticking on renewed sanctions pressure on Iran.

The United States has broken with allies and abandoned the 2015 global agreement to limit Iran's nuclear programme.

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"If 1 million barrels per day or more of Iranian exports go AWOL, the current fragile supply-demand balance will be upended - potentially sending oil prices above the May peak", Tamas Varga, senior analyst at PVM oil associates, said in a research note published Monday.

For example, Pioneer Natural Resources Co., one of the biggest operators in the Permian Basin of West Texas and New Mexico, promised a year ago that "efficiency gains" will cover rising operating costs.

With more United States sanctions looming, anxiety over the developments in Turkey have been weighing on markets.

Markets worry the sell-off, which shows no clear signs of stopping, could spill over to other countries.

Turkey's currency has been a casualty of a deepening crisis spurred by the administration's growth-at-all-costs agenda and a worsening spat with the US, which has sanctioned the country.

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