SINGAPORE - Oil prices dipped on Friday on hopes that producer club OPEC will soon raise output to make up for a decline in exports from Iran following a tightening of sanctions on Tehran by the United States.
Brent crude futures were at $74.16 per barrel at 0223 GMT, down 19 cents, or 0.3 percent, from their last close. But prices were already gaining before the Russian disruption, driven up by supply cuts led by the Middle East dominated Organization of the Petroleum Exporting Countries and U.S. sanctions on Venezuela and Iran. Crude futures are up around 40 percent so far this year.
“The U.S. will continue to pressure Saudi Arabia to lift its production to cover the supply gap,” said Alfonso Esparza, senior market analyst at futures brokerage OANDA.
You don’t say less than a week when US announced sanctions.
That is like saying “I am putting Christmas on my CC because I think I might get Xmas bonus!”
Iron Man is dead 😢
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