Wednesday, 21 April, 2021


Oil Prices Rise Despite Healthy OPEC Outlook

Oil Prices Rise Despite Healthy OPEC Outlook Oil Prices Rise Despite Healthy OPEC Outlook
Conrad Doyle | 14 May, 2018, 19:10

The crude oil prices went down on Monday as the steady rise in U.S. drilling activity is a signal for a forthcoming extra increase in black gold production.

When the USA again sanctions Iran, their output will be reduced which will create tighter supply of oil around the world and increase the price of oil and petrol.

The news of President Donald Trump's decision to pull the USA out of the Iran nuclear deal sent oil prices surging, reaching a four-year-high due to the uncertainty that comes with the sanctions that may be reimposed on Iran.

Brent crude was up 20 cents at $77.32 a barrel by 1315 GMT and US light crude rose 10 cents to $70.80.

The global oil glut has been almost eliminated, OPEC says, as oil inventories in developed nations in March fell to 9M barrels above the five-year average from 340M barrels above the average in January 2017.

The United States said on Tuesday that it plans to impose new sanctions against Iran after abandoning an agreement reached in late 2015 that curbed Tehran's nuclear activities in exchange for removal of USA and European sanctions.

Brent for July settlement slipped 36 cents to $76.76 a barrel on the London-based ICE Futures Europe exchange.

"Strong conformity by OPEC and participating non-OPEC nations in terms of production adjustments through the Declaration of Cooperation also continue to support the oil market". The number of working drilling platforms has risen by 10 to 844 for the week to May 11, and this is the highest level since March 2015.

For all the bullish commentary around the outlook for oil prices, fund managers appear to be taking profits after a strong rally in crude oil rather than adding new positions.

In the commodity markets, the price of gold remained unchanged at 1,320.70 United States dollars per ounce.

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