Saturday, 21 July, 2018


WTI Crude Oil Dips to $70 - 38.2% Fibo Completed, What's Next?

Crude oil is poured from a bottle in this illustration Crude oil is poured from a bottle in this illustration
Conrad Doyle | 17 May, 2018, 00:03

"Until we see the USA and Iran having a talk on resolving the issue, oil prices will extend its rally", Ahn Yea Ha, a commodities analyst at Kiwoom Securities, said by phone from Seoul.

But because the European Union and other intentional players have made a decision to stick with the deal, USA sanctions are likely to affect only up to around 350,000 barrels a day, once reinstated within six months' time, according to analysts at MUFG Bank.

Renewing sanctions would make it much harder for Iran to sell its oil overseas or use the global banking system.

Iran said it had asked Europe's Airbus to announce whether it would go ahead with a plane deal with Tehran following the US pullout. "The Treasury Department thanks the UAE for its close collaboration on this matter".

Oil prices wavered between gains and losses Friday morning but hovered near the more-than-three-year highs reached after President Donald Trump's decision to pull the US out of the Iran nuclear deal. Trump added that the United States would institute "the highest level of economic sanctions" on Iran.

The United States plans to reintroduce sanctions against Iran, which pumps about 4 percent of the world's oil, after abandoning a deal reached in late 2015 that limited Tehran's nuclear ambitions in exchange for the removal of USA and European sanctions.

Admiral West told Daily Star Online: "If Iran has nuclear weapons, then the Saudis will want them and can probably get them from Pakistan".

Several refiners in Asia said they were seeking alternatives to Iranian supplies.

Sanctions come amid an oil market that has already been tightening due to strong demand, especially in Asia, and as top exporter Saudi Arabia and top producer Russian Federation have led efforts since 2017 to withhold oil supplies to prop up prices.

Iran says as far as it's concerned the United States pullout has not killed the nuclear deal.

During the first round of sanctions when European Union joined the USA in imposing financial restrictions, India initially used a Turkish bank to pay Iran for the oil it bought but beginning February 2013 paid almost half of the oil import bill in rupees while keeping the remainder pending opening of payment routes.

Many analysts expect oil prices to rise as Iran's exports fall.

After the sanctions were mitigated within the framework of the nuclear agreement, Iran increased the oil production to about 3.8 million barrels per day.

Britain, France and Germany had promised to remain within the nuclear deal because it was the only way to prevent a Middle-Eastern nuclear arms race.

Weekly U.S. crude oil production hit another record last week, climbing to 10.7 million barrels per day (bpd).

"We urge the USA to ensure that the structures of the JCPOA can remain intact, and to avoid taking action which obstructs its full implementation by all other parties to the deal", a statement provided by British Prime Minister Theresa May's office said.

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