Thursday, 24 May, 2018


Oil rallies to fresh 3-year high

Oil rallies to fresh 3-year high Oil rallies to fresh 3-year high
Hannah Rogers | 16 May, 2018, 17:46

Global benchmark Brent gained $1.11 to settle at $78.23 a barrel.

On the New York Mercantile Exchange, June West Texas Intermediate crude added 35 cents, or 0.5%, to settle at $71.31 a barrel.

Much of the Iran's oil exports head to Asia now, with over than 1.5 million barrels per day sent to the likes of China, Japan, South Korea, and India.

Growth in USA output, meanwhile, has tamed price moves for US benchmark crude in recent sessions, preventing it from notching a fresh multiyear high.

Oil prices held firm on Tuesday as ongoing production cuts by OPEC and looming US sanctions against Iran tightened the market amid strong demand.

During the week from April 28 to May 4, the API reported a draw of 1.85 million barrels of crude oil.

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

The tightening market has all but eliminated a global supply overhang which depressed crude prices between late 2014 and early 2017.

Greater GDP growth has the potential to increase oil consumption beyond forecasted levels, which could put upward pressure on crude oil prices, and simultaneously drive systemic market movements in equities, bonds, and other commodities, which are often correlated with movements in crude oil prices. Although the group said its crude output inched up in the previous month, investors interpreted the minimal increase as a sign of OPEC's continued commitment to rebalancing the market, especially from its de facto leader Saudi Arabia.

The decision by US President Donald Trump to withdraw from the Iran deal "has switched the focus of oil market analysis from the fundamentals to geopolitics", the International Energy Agency wrote in its regular monthly report.

Global oil supplies could be hit by the decision by the USA to pull out of the Iran nuclear deal, and also by falling production in crisis-hit Venezuela, the IEA said on Wednesday.

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

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