Markets

Chile purchases 140000 tons of Iranian crude oil

Chile purchases 140000 tons of Iranian crude oil

The crude oil prices went down during the last days of the week, although the commodity remains close to its peak reached in the previous session, after the likelihood of U.S. sanctions against one of the major OPEC producers Iran may further tighten the market.

On the bearish side some traders believe prices won't move almost as high because of rising US production and the possibility that other suppliers from within OPEC will step up output in order to counter the Iran disruption. The International Energy Agency has said "with just under half of global oil supply subject to restraint and oil demand growing steadily, the impact on stocks has been substantial". Brent the previous day hit its highest since November 2014 at $78 a barrel.

The surge in oil prices comes at a time of tight supply amid record Asian demand and voluntary output restraint by the Organization of the Petroleum Exporting Countries and non-OPEC producers including Russian Federation.

BoA analysts forecast a strong average price for the year ahead.

Last week's news about new sanctions on Iran will be long-term bullish if it leads to a supply shortage as widely expected, however, it may take as many as 180-days before the effects of the cut in supply are actually felt.

Venezuela, whose output has plunged due to an economic crisis, told OPEC its production fell to 1.505 million bpd in April, believed to be the lowest in decades.

Childish Gambino Scores First Number 1 Single
His recently released " This Is America " has officially topped the US song charts, debuting at No. 1 on the Billboard Hot 100. Drizzy has spent last 16 weeks in a row on top of the chart - 11 weeks with " God's Plan " and 4 weeks with "Nice For What".

Crude prices remained just below multi-year highs, with Brent on track for a weekly 2.8 percent gain and USA crude a 1.2 percent weekly rise.

Inventories at Cushing, Oklahoma, the delivery point for USA crude futures, fell about 410,000 barrels between May 8 and May 11, said traders, citing data from market intelligence firm Genscape.

Mr. Le Maire revealed he had called U.S. Treasury Secretary Steve Mnuchin to urge him to allow exceptions for French companies or a delay in implementing the sanctions, while admitting he has "few illusions" about the likely response.

Oil markets have so far reacted to President Donald Trump's decision to withdraw from the 2015 Iran nuclear deal without either enthusiasm or panic - without even much apparent interest.

OPEC signalled the group and its allies were ready to step in should "geopolitical developments" impact supply.

"The market is now focused on OPEC and other producers' ability to react to this potential supply disruption", ANZ bank said on Friday.


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