As of 1628 BST, front month West Texas Intermediate crude oil futures on the ICE were 0.866% lower to $71.58 a barrel.
Week over week, USA crude oil exports fell by 818,000 barrels a day, and US production rose by 2,000 barrels a day to 10.73 million. Traders are still awaiting clarity over President Trump's decision to reimpose sanctions on Iran, while the USA also took new measures against Venezuela this week.
Mitsubishi Corp's oil risk manager in Tokyo, Tony Nunan, projected that Iran sanctions could lower Iranian oil exports by 200,000 barrels-per-day by the fourth quarter (read: 3 Country ETFs May Suffer as Oil Springs Higher).
Oil prices have rallied by more than 20 per cent this year, rising at times to beyond the $80-per-barrel mark, on concerns that political troubles in Iran and Venezuela, two big producers, could lead to a shortage.
"With the hike in crude oil prices countries that would gain the maximum will be 'United States, Canada, Mexico, Russia, Brazil, and Mideast oil-exporting nations" while those at the losing end would be countries like India China and other developing nations without oil reserves, analysts told Sputnik.
Allaying fears of a steep rise in oil prices, OPEC countries have made a decision to step up production of crude oil.
Williams sisters to team up in doubles at French Open
The daughter of the President of the United States was outraged that Serena Williams was not among those players. Williams told The New York Times in April, she thought the rule should be changed.
FDA warns: Don’t let your children sink their teeth into benzocaine
The FDA said that benzocaine can have a rare, but serious side effect on children, and especially those under 2 years old. The FDA has been warning consumers about these products for years, and now it is taking more serious action.
Not interested in being best in history says footballer Lionel Messi
Despite his 14th season at Barcelona coming to and end, the Argentine legend has zero desire to wear any other shirt. The fact that we've been in three finals and failed to become champions in all of them is a heavy burden we bear.
On Monday, the USA demanded Iran make sweeping changes - from dropping its nuclear program to pulling out of the Syrian civil war - or face severe economic sanctions.
Global inventories have been broadly falling, even as United States crude production remains strong.
In the meantime, Russian Federation and Saudi Arabia could potentially ease their own oil production caps in an effort to keep prices under control. Brent crude was trading up 0.86% at $79.90.
While WTI was briefly at $72 US, Canadian oil companies have also seen their prices rise.
Last week, the global benchmark hit $80.50 a barrel, the highest since November 2014.
"All options are on the table", one Gulf oil source told Reuters, adding that a decision to raise output might be taken in June when OPEC next meets to decide on its output policy, but there is no certain number yet by how much the group would need to ease its oil supply curbs.
Distillate inventories saw a draw this week 1.3 million barrels, largely in line analyst forecasts that we would see a decline of 1.335 million barrels.