"Saudi Arabia appears to be focusing more on pushing up crude higher rather than restoring the balance in oil's supply and demand, and that is underpinning prices".
Brent for July settlement fell 2 cents to $78.21 a barrel on the London-based ICE Futures Europe exchange.
Brent and WTI last week reached their highest since November 2014 at $78 and $71.89 per barrel respectively.
The United States has announced it will impose sanctions on Iran over its nuclear program, raising fears that markets will face shortages later this year when trade restrictions take effect.
OPEC is to focus on oil inventory, rather than price.
China, France, Russia, Britain, Germany and Iran all remain in the nuclear accord that placed controls on Iran's nuclear programme and led to a relaxation of economic sanctions against Iran and companies doing business there.
China, which is the world's biggest importer of oil, saw refinery runs rise 12 per cent in April compared to the same time a year ago to about 12m barrels of oil per day.
With renewed U.S. sanctions looming against OPEC-member Iran and oil demand strong, analysts said crude prices were well supported. American measures could cut the Persian Gulf nation's crude exports, and traders are watching whether OPEC and its allies will end their agreement to curb supply and instead increase production to fill in the gap.
Yesterday, OPEC downplayed the impact of the United States shale boom, but warned about USA trade squabbles.
Greg McKenna, chief market strategist at futures brokerage AxiTrader, says it is still "far from certain" that sanctions "will bite in the way intended".
OPEC's success with the oil production cutting deal has been to a significant extent aided by Venezuela's catastrophically dropping production as the country grapples with foreign exchange shortage, US sanctions, and a devastating economic crisis.
The surge in oil prices comes at a time of tight supply amid record Asian demand and voluntary output restraint by the Organisation of the Petroleum Exporting Countries and non-OPEC producers, including Russian Federation.
On the other hand, USA production is growing at a pace that made traders hesitate last week after Baker Hughes reported yet another increase in drilling rigs.
His last game takes in a trip to Huddersfield on Sunday (3pm) with Arsenal still looking for their first away point of 2018. He had become a divisive figure at the Emirates Stadium but he felt the fans' love in his final match.
The man showed the authorities a text message from Ades who threatened to end his life if he thought about leaving her. Ades denied that she was "a insane person", and insisted that she acted out of love. "No! I love him!" she exclaimed.
Israel said the targets included weapons storage, logistics sites and intelligence centers used by elite Iranian forces in Syria. An Israeli airstrike on Iranian military installations in Syria left 23 people dead, according to a watchdog group.
The ship's chief engineering commander, Hu Wenming, told the broadcaster the carrier was smaller than US carriers' Nimitz class. The ship, temporarily named Type 001A, was floated off in April 2017 after nearly 4 years of construction.
According to the agreement, Uber will share its concept of flying taxi and all the information related to it. Meanwhile, Uber is using the Elevate summit to showcase some concepts of its flying taxis .
Monday morning going into the afternoon on and off periods of showers and storms will be possible across our area. After some thunderstorm activity Friday night , the weather remains a bit unsettled over the next few days.
I'm very happy for last season. (REX/Shutterstock) Chelsea failed to shine on the final day of the Premier League season. Emenalo left the London side in November after 10 years and was an intermediary between Conte and the Chelsea board.
Allegri told a press conference: "If they don't fire me, then I think I'm staying at Juventus next season too". Juventus was six points clear a month ago but had its advantage slashed to a point in the space of a week.
Sonam Kapoor looks drop dead gorgeous in white gown!
The fit-and-flare kurta was dotted with delicate gold embroidery, and was draped with an understated dupatta. She wore a chevron patterned lehnga paired with a grey choli and metallic dupatta, from Anamika Khanna.
Thiem, Zverev advance to Madrid final
Thiem was punished for a sloppy first game that ended with the Austrian double-faulting to gift Zverev the lead. On the men's side, second-seeded Alexander Zverev brushed aside Denis Shapovalov 6-4, 6-1 to reach the final.
Lewis Hamilton cruises to Spain victory
But staying out was not an option today. "It obviously looks wrong, but from the inside it was the right thing to do", he said. Vettel gave away his position when Ferrari chose to go for an extra stop and give the German driver fresher tires.
Exit polls are just for entertainment: Siddaramaiah
He has claimed that the BJP will secure 140-150 seats and that he will invite Prime Minister Narendra Modi to his swearing in. While Belagavi district had the highest number of voters (37,23,585), Kodagu district had the lowest voter share (4,33,846).
Tigers top Mariners on Jose Iglesias walk-off single
The Tigers have actually won seven of their last 10 home games, but just 4-10 in Boyd's last 14 home starts. Robinson Cano chased Fulmer from the game in the fifth when he hit a 3-run home run to make it 6-2 Seattle.
In Syria killed more than two dozen foreign fighters
The spokesperson for Israeli Prime Minister Benjamin Netanyahu told Matt Frei Israel doesn't want war with any of its neighbours. Note that the experts of the human rights organization based in London, receive data from the network of informants in Syria.
UFC 224 breakdown, betting odds and picks
Pennington showed a ton of heart surviving as long as she did, but Nunes poured it on in the final frame to get the win. Nunes and Pennington are friends away from the cage, and that probably won't change.