Price of Oil Edges Up After U.S. Poised to Issue New Iran Sanctions
On Friday, prices of oil edged up following news that President Trump could impose new sanctions on different Iranian entities, leading to increasing geopolitical tensions between the U.S. and Iran.
According to report by Reuters, the U.S. administration is all set to introduce new measures against over 2 dozen Iranian targets after the ballistic missile test by Tehran. However, the formulation of the package was done in a manner that would not violate Iran nuclear deal 2015.
Price of Brent Crude Futures to $56.84/barrel by 28 cents after it settled at $56.56 in the previous session. West Texas Intermediate, on the other hand rose to $53.83/barrel by 29 cents.
National Australia Bank stated that prices of oil have stabilised at 15% above normal before few producers agreed to curb production in December. The bank also stated that, upward pressure on prices of oil has been offset to a certain extent by increasing US productions since last year’s October and the trend is expected to continue for the rest of 2017.
Alexander Novak, Russian energy minister said that global output of oil was cut down by 1.4 million barrels/day last as part of the deal between other producers led by Russia and Opec.
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