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Almost 90% of the projected 1.7m bbl/day crude supply growth expected this year from non-OPEC countries is likely to come from the USA, with the country also standing as the key driver of global uncertainty in the market, club of oil-producing nations OPEC said on Monday.

Brent crude futures, the global benchmark for oil prices, were at $77.07 per barrel down 5 cents from their last close, while U.S. West Texas Intermediate (WTI) crude futures were at $70.66 a barrel, down 4 cents from their last settlement. USA light crude was 60 cents higher at $71.56 a barrel, also close to its highest since November 2014. Prices rose 26 cents to close at $70.96 on Monday. Those partners now include Russian Federation, one of several non-OPEC members that along with OPEC forged the so-called "Vienna Agreement" to monitor production in order to maintain balance between supply and demand. South Korea, according to The New York Times, will seek an exemption from USA sanctions so that it can continue to import Iranian oil.

Global non-OPEC crude supply supply estimates were stable to firmer at 59.62m bbl/day, an increase of 0.01m bbl/day from the previous month.

Francisco Blanch, commodity and derivative strategist at the bank said in a report published "There is also a risk of United States dollars 100/bbl, as our forward balances embed OPEC "tapering" and no major drop in Iranian crude exports". Total volume traded Tuesday was 17 per cent above the 100-day average.

The cartel estimated 2017 non-OPEC supply dipped by 10,000 barrels a day to 57.89 million barrels a day.

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France's oil major "TOTAL" has not yet announced its withdrawal from Iran's oilfields as the company has promised to develop a number of phases of this field. While European buyers flag concerns over the financing issues of trade with Iran as a potential stop to buying Iranian crude, China is reassuring Tehran that it will continue to import its oil.

But Saudi Arabia could still keep supply constrained as it needs higher oil prices to fund its government.

The Cboe/Nymex Oil Volatility Index dropped 3.3 per cent on Friday to the lowest level since April 6.

Among U.S. shale producers, Oasis Petroleum (OAS) shares rose 0.6%, in buy range after breaking out of a cup base with a 11.49 entry point and Carrizo Oil & Gas (CRZO) rallied 1.2%, also in buy range after breaking out of a cup base with a 25.20 buy point.