Oil prices race to $80

by Ben Pena May 15, 2018, 15:06
Oil prices race to $80

Oil prices were stable on Tuesday as ongoing production cuts by OPEC and looming USA sanctions against Iran threatened to tighten the market amid signs of ongoing strong demand.

"Iran jitters helped push oil prices higher but a broader stabilization of crude futures near 3½-year highs can be tied to several big, prevailing trends", according to CNBC.

June contract US West Texas Intermediate (WTI) oil futures climbed 0.5 percent to $71.38 per barrel, also not far from its November 2014 high of $71.89 reached last week.

Market observers and analysts argue that USA energy stocks are in a position to outperform broader equity markets this year, even if oil prices don't move higher.

President Trump's decision to pull the USA out of the Iran nuclear deal "constitutes a major geopolitical shift" which could trigger a move in the direction of "stagflation", a global strategy team at Citi, led by Mark Schofield, said in a research note, CNBC reported.

Oil prices settled higher on Monday as traders are still sniffing the monthly report released by the Organization of the Petroleum Exporting Countries (OPEC).

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The tightening market has just about solved the global supply overhang that has weighed down oil prices between 2014 and 2017.

Now the United States has announced that it will impose sanctions on Iran over its nuclear programme, raising fears that markets will face shortages later this year when trade restrictions come into effect.

Now the United States has announced that it will impose sanctions on Iran over its nuclear program, raising fears that markets will face shortages later this year when trade restrictions come into effect.

OPEC figures published on Monday showed that oil inventories in OECD industrialized nations in March fell to 9 million barrels above the five-year average, down from 340 million barrels above the average in January 2017.

The West Texas Intermediate for June delivery rose 0.26 USA dollar to settle at 70.96 dollars a barrel on the New York Mercantile Exchange, while Brent crude for July delivery rose 1.11 dollars to close at 78.23 dollars a barrel on the London ICE Futures Exchange.

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