But, so far, that hasn't lowered oil prices, largely because of the turmoil caused by Venezuelan and Iranian oil sectors, as well Libya pulling hundreds of thousands of barrels of oil out of the market as a result of upheaval there.
To make up for potential shortfalls in supply from Iran sanctions as well as other disruptions including Libya and Venezuela, the Organization of the Petroleum Exporting Countries (OPEC) has agreed with Russian Federation and other oil-producing non-OPEC members to raise output from July.
Wimbledon 2018: Keys admits to being distracted by Serena clash
The American won 6-3 6-3 6-4 on Court Three, serving 21 aces, to set up a last-16 meeting with Stefanos Tsitsipas . Struggling to stay in the set after half an hour, Williams found her huge serve just in time to hang on for 4-5.
Brent crude futures LCOc1 lost 85 cents to settle at $77.39 a barrel. "You impose sanctions on major producers. and yet you are asking them to reduce the prices?". However, summer months in the USA usually lead to increased demand for oil, boosting the price of gasoline in a midterm election year.
Looming larger over markets is the U.S./China trade dispute.
Yesterday, the deputy commander of the Sarollah Revolutionary Guards in Tehran warned that any attempt to undermine Iran's oil exports will lead to the closing of the Strait of Hormuz-a narrow waterway vital to oil distribution in the Persian Gulf region. Although there is some general nervousness over the U.S.
Three things we learned today at the World Cup
Russia advanced to the Round of 16 from Group A after finishing as runners-up while Spain emerged as winners from Group B. Akinfeev pushed away a 109th-minute shot from substitute Rodrigo who ran hard at goal from near the halfway line.
An additional fact to consider: Tariffs would make US oil uncompetitive in China.
Iran, OPEC's third-largest producer, is facing US sanctions on its oil exports that are prompting some buyers to cut purchases.
High oil prices make fracking more economically viable for the United States, now the third largest producer of oil worldwide.
"The kingdom is prepared to utilise its spare production capacity when necessary to deal with any future changes in the levels of supply and demand", a cabinet statement said, following a meeting chaired by King Salman.
Kevin Durant agrees to deal with Warriors
Since a one-year contract not counting option years requires Non-Bird rights, Durant was only entitled to a 20-percent raise. That gives Durant a chance to get a new deal with the Warriors, and there's little doubt that Durant is leaving Oakland.
Oil prices climbed down from their 3 ½ year high to reach US$73 per barrel, with Brent trading at US$76.96 Tuesday afternoon. Additionally, about 300,000 bpd of Libyan oil has been taken off the market.