Saudi Aramco offers to increase oil supply to India

Pumpjacks are seen in Lagunillas

Still, traders remained on edge as Washington prepares to go ahead with plans to hike tariffs on hundreds of billions of dollars of goods imported from China at 12:01 a.m. EDT on Friday (0401 GMT on Saturday). The comments dragged on both Asian and USA stock markets.

Oil prices edged up on Friday but were still set to fall over the week, as support due to supply concerns was countered by trade tensions stoked by a USA move to hike tariffs on Chinese goods.

The United States reimposed sanctions on Iran in November after pulling out of a 2015 nuclear accord between Tehran and six world powers a year ago, though it allowed Tehran's biggest buyers to continue purchasing oil via waivers for another six months.

United States officials announced on Sunday that the movement of an aircraft carrier strike group and a bomber task force towards the Middle East was meant to counter "credible threats", but Tehran dismissed the move as "psychological warfare".

In April, Washington asked buyers of Iranian oil, mostly in Asia, to halt purchases or face sanctions.

US Ambassador to India Kenneth Juster made public this assurance to reporters after Trade Secretary Wilbur Ross held a meeting with Finance Minister Arun Jaitley at the North Block in which India's concerns over oil supplies getting deeply impacted following the US sanctions on oil imports from Iran by other countries.

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The US on Monday assured India that it was working with countries like Saudi Arabia and United Arab Emirates to ensure oil supplies following imports drying up in the wake of US sanctions impacting New Delhi.

Bank of America Merrill Lynch said it expected Saudi Arabia "to bring back oil production slowly as Iranian barrels exit the market", adding that it expects Brent to have a floor at $70 a barrel in current market conditions.

Tighter supplies amid continuing production cuts by the Organization of the Petroleum Exporting Countries and U.S. sanctions on Iran and Venezuela provided some support. Libya, another producer exempted from making voluntary curbs, also boosted output.

"Moderate requests have been received from customers for June liftings, which will all be met, most notably from countries which previously had waivers from sanctions against purchases of Iranian crudes that were recently discontinued by the USA administration", the Gulf source said.

The EIA forecast output in 2020 will rise by 930,000 bpd to 13.38 million bpd, a bigger increase than it previously estimated. State media did not immediately report the incident.

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