Report

rss

Iraq News

Kurdistan

Economy

World

All News

Oil rises as threat recedes of Iran supply resuming soon

Category: Economy

Date: 2021-06-15T05:49:58+0000
Oil rises as threat recedes of Iran supply resuming soon

Shafaq News/ Oil prices rose on Tuesday, with Brent gaining for a fourth consecutive session, as the prospect of extra supply coming to the market soon from Iran faded with talks dragging on over the United States rejoining a nuclear agreement with Tehran.

Brent crude was up by 24 cents, or 0.32%, at $73.09 a barrel by 0503 GMT, having risen 0.2% on Monday. U.S. oil gained 25 cents, or 0.24%, to $71.10 a barrel, having slipped 3 cents in the previous session.

Indirect discussions between the United States and Iran, along with other parties to the 2015 deal on Tehran's nuclear program, resumed on Saturday in Vienna and were described as "intense" by the European Union. 

A U.S. return to the deal would pave the way for the lifting of sanctions on Iran that would allow the OPEC member to resume exports of crude.

It is "looking increasingly unlikely that we will see the U.S. rejoin the Iranian nuclear deal before the Iranian presidential elections later this week," ING Economics said in a note.

Other members of the Organization of Petroleum Exporting Countries (OPEC) along with major producers including Russia - a group known as OPEC+ - have been withholding output to support prices amid the pandemic.

"Additional supply from OPEC+ will be needed over the second half of this year, with demand expected to continue its recovery," ING said.

Still, prices were off their highs earlier in the day with U.S. crude briefly tripping into negative territory.

"Daily technical indicators are currently pointing to crude oil in overbought territory and a pullback may be due," said Avtar Sandu, senior manager commodities at Phillip Futures.

Investors and traders are also watching the outcome of the U.S. Federal Reserve meeting that starts later on Tuesday for signals on when it will scale back monetary stimulus, he said.

The Fed is getting ready to starting debating how and when to start tapering a massive asset-purchase program that helped support the U.S. economy during the pandemic. 

Source: Reuters, oil prices updated by Shafaq News Agency

related

Oil prices post weekly loss amid Omicron fears

Date: 2021-12-18 08:35:53
Oil prices post weekly loss amid Omicron fears

Oil prices back on the rise prior OPEC + meeting

Date: 2020-06-01 11:58:29
Oil prices back on the rise prior OPEC + meeting

Oil prices rebound after sharp losses as supply concerns dominate

Date: 2022-04-20 06:02:54
Oil prices rebound after sharp losses as supply concerns dominate

Iraq reassures, oil production and export are not affected by Corona virus

Date: 2020-02-27 12:10:01
Iraq reassures, oil production and export are not affected by Corona virus

Oil prices slip as focus switches from Suez Canal blockage to OPEC+ supply policy

Date: 2021-03-30 05:47:53
Oil prices slip as focus switches from Suez Canal blockage to OPEC+ supply policy

Oil prices of OPEC Members 

Date: 2021-06-15 09:10:59
Oil prices of OPEC Members 

Oil rises on vaccine rollout, concern on Iraq oilfield attack

Date: 2020-12-10 07:09:24
Oil rises on vaccine rollout, concern on Iraq oilfield attack

OPEC forecasts oil demand rebound before post-2035 plateau

Date: 2021-09-28 15:09:14
OPEC forecasts oil demand rebound before post-2035 plateau