Arabic | Kurdish



Oil prices firm on OPEC cuts, strong demand and looming Iran sanctions

2018/05/18 | 13:15

(Iraq Now News)-  Oil prices held firm on Friday on strong demand, ongoing supply cuts led by producer cartel OPEC and looming U.S.

sanctions against major crude exporter Iran, a Reuters report said.

But markets remained below multi-year highs from the previous day as surging output from the United States is expected to offset at least some of the shortfalls.

 

Brent crude futures LCOc1 were at $79.55 per barrel at 0651 GMT, up 25 cents, or 0.3 percent, from their last close.

Brent broke through $80 for the first time since November 2014 on Thursday.

U.S.

West Texas Intermediate (WTI) crude futures were at $71.65 a barrel, up 16 cents, or 0.2 percent, from their last settlement.

Crude prices have received broad support from voluntary supply cuts led by the Organization of the Petroleum Exporting Countries (OPEC) aimed at tightening the market.

“Global inventories are approaching long-run averages, suggesting that the coordinated OPEC/non-OPEC supply cuts have been successful,” said Jack Allardyce, oil and gas research analyst at Cantor Fitzgerald.Beyond OPEC’s cuts, strong demand as well as falling output from Venezuela and a U.S.

announcement earlier this month to renew sanctions against OPEC-member Iran helped push up Brent by 20 percent since the start of the year.

U.S.

investment bank Jefferies said sanctions against Iran could remove more than 1 million barrels per day (bpd) from the market.

Last Modified: 05 18 2018 11:44 AM

Note: The post (Oil prices firm on OPEC cuts, strong demand and looming Iran sanctions) appeared first on (Baghdad Post) and do not necessarily reflect the position of IraqNow.news.
You can read the original text from the source (Baghdad Post).










Trending Now


⋙ Saudi Arabia admits critic Khashoggi killed in Istanbul consulate

⋙ Roundup: Iraqi president says elimination of corruption priority of new gov't

⋙ How the Saudi narrative on Khashoggi evolved

⋙ Iran sent Hezbollah advanced weapons to turn rockets into precision missiles

⋙ Saudi explanation for Khashoggi murder dismissed as ‘absurd‘

Videos - Photos

⋙ Turkish FM denies giving Khashoggi case recordings to US officials (video)

⋙ Syrian security forces graduate hundreds of new personnel (video)

⋙ Palestinian photojournalist Mahmud Hams wins award for Gaza protest image


ISIS News

⋙ Turkish FM denies giving Khashoggi case recordings to US officials (video)

⋙ Syrian security forces graduate hundreds of new personnel (video)

⋙ ISIS take 700 hostages in US-controlled Syria – Putin

⋙ Syrian Army unleashes powerful assault against ISIS terrorists in southern Syria (video)

⋙ Return of unusual Sufi ceremonies banned under ISIS

⋙ Saudi royal family ‘discussing succession‘ over Khashoggi crisis

⋙ Brisbane priest witnesses the Church and people of Iraq rebuilding after ISIS devastated their country