Iran's oil minister had previously warned its Saudi counterpart the OPEC supply pact from a year ago does not give member countries the right to raise oil production above their targets.
USA production jumped in recent years because of techniques including hydraulic fracturing, or "fracking", which is the use of chemicals, sand, water and high pressure to crack rock formations deep below ground, releasing more oil and natural gas.
On the flip side, the bearish breakout of $68.45 can lead oil prices towards $67.45.
Iran's oil exports are down by nearly a third since President Donald Trumpsaid in April that the U.S. would withdraw from the nations' nuclear deal and reimpose sanctions. The government is also witnessing a backlash from the opposition parties over the high prices of the crude oil.
WTI crude was trading around $69.0 per barrel and Brent crude was hovering around $78.0 per barrel on Friday. The bearish news was concerns over possible lower future demand.
Iran and India traded 4.71 million tons of non-oil commodities worth 2.18 billion US dollars during the first five months of the current Iranian fiscal year from March 21 to August 22, Eghtesad online news website reported on Saturday. United States light crude was up 27 cents, or 0.4 per cent, at 68.86, after dropping 2.5 per cent on Thursday.
Brent is heading for a 1.8 percent gain this week, while WTI is on track for a 1.5 percent increase.
"The price action of yesterday confirms $80.00 a barrel as a strong resistance line in Brent", consultancy Petromatrix said in a research note.
The International Energy Agency said Thursday that although the oil market was tightening at the moment and world oil demand would soon reach 100 million barrels per day (Mmbpd), global economic risks were mounting.
USA sanctions on Iran snapped back on August 6, a move after US withdrawal from the Iran nuclear deal on May 8.
"Any country will naturally try to sell its oil at the highest rate possible to increase its own revenues", said the Iranian official, who added, "Nevertheless, the behavior of Saudi Arabia and Russian Federation in dealing with Iran in terms of their oil production will be recorded in history and the future generations will realize that ... both of these countries chose to welcome the sanctioning of an OPEC producer".
China will not buckle to U.S. demands in any trade negotiations, the major state-run China Daily newspaper said, while U.S. President Trump said on Twitter he felt no pressure to strike a deal with China.
Indian refiners, traditionally major buyers of Iranian crude, will cut their monthly loadings from Iran for September and October by almost half from earlier this year.
TMZ reports the wedding celebration is happening "soon", potentially as early as next week in the singer's home country of Canada. This comes after Hailey revealed that she has become more choosey about work in order to spend more time with Justin and family.
Thursday morning on Twitter , he disputed that 3,000 people died in Puerto Rico from Hurricane Maria one year ago. That includes deaths as a result of infrastructure failures that came as a result of the hurricane.
His first goal was emphatic and he deserved his second effort to go straight in, rather than deflect off the back of the keeper. He was also involved directly in the shot at the Croatian goal which resulted in an own goal by the Croatian goalkeeper.
He has won everything with the club, so it's up to him. "For sure he will be a point of reference for me, for everybody here". Chelsea host promoted side Cardiff next on Saturday (3pm) at Stamford Bridge. "We need another step to be at the same level".
Now, as per a patent that has been filed, it appears that the always-on feature will be added in future Apple Watches . The availability of more screen space would mean more modifications of Apple apps and the dedicated watch faces.
And it led to mixed signals from officials in SC , whose governor had canceled mandatory evacuation for several coastal counties. As of now, Florence is due to make landfall very early Friday morning, somewhere in the Carolinas.
No. 1 Simona Halep retained the top spot even though she became the first No. 1 seed to lose in the first round of the U.S. This time previous year Djokovic was injured and uncertain about his future direction.
United Kingdom authorities blamed two former Russian agents, Andrei Lugovoi and Dmitri Kovtun, for the murder. Boshirov, who sported a goatee, denied they knew anything about Skripal or the location of his house.
Arsenal manager Unai Emery has responded to media suggestions of a rift between himself and playmaker Mesut Ozil . New coach Unai Emery doesn't want to let him leave, though, given his form at the start of the season.
SpaceX has always been public about their dream of sending private citizens to space. "And they're very serious about it". The company said the programme is an important step towards making recreational space travel a reality for people.
4 dead as Hurricane Florence drenches the Carolinas
Cooper cited a National Weather Service forecast that said almost the entire state could be covered in several feet of water. Officials said some 1.7 million people in the Carolinas and Virginia were warned to evacuate, but it's unclear how many did.
Apple launches the iPhone XS and iPhone XS Max
Coming to the pricing , the Apple Watch Series 4 with GPS starts at $399 while the GPS + Cellular model is priced at $499. It will feature a 6.1-inch LCD display with an "edge-to-edge" and "top-to-bottom" screen , thus limiting its bezel size .
Where to watch Apple’s iPhone launch event live
With that being said, even if Apple launches an iPhone with dual SIM slots, it will not be available in all the markets. Previously, Apple used the "C" suffix to bring out the iPhone 5C as a low-priced model alongside the iPhone 5S .