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Less than two weeks before US sanctions against Iran kick in, OPEC said the oil market could shift toward a surplus and signaled it would adjust production accordingly if that were the case.
Oil prices will ‘certainly’ go above $90 after sanctions on Iran and Venezuela ‘tighten the market,’ says energy and geopoliti...
Iran supply fears will help drive oil "certainly" past $90 and likely above $100 in the coming months, Richard Mallinson, energy and geopolitics expert and co-founder of Energy Aspects told BI. Venezuela "played a really important role in accelerating the shift in the market" as well since 2016
Crude prices rebounded Friday amid expectations for US sanctions against Iran, which would cut off oil imports from the country, and a rise in global demand.
Oil prices slumped Wednesday, extending losses from their worst month in two years, after data showed US crude inventories rose unexpectedly.
Oil prices jumped Monday as reports the Organization of Petroleum Exporting Countries production hit its highest level this year failed to ease mounting supply concerns amid a war of words between the US and Iran.
BANK OF AMERICA: Oil is now a ‘game of chicken’ and completely cutting off Iran could send it soaring to $120 a barrel
Crude prices could surge as high as $120, according to Bank of America Merill Lynch analysts, as the Trump administration orders most countries to stop buying barrels from Iran before the end of the year.
Oil rallied more than 2% on Wednesday as data showed US crude inventories last week saw the largest drawdown in nearly two years.
Crude prices slid Thursday as OPEC and other supply-cutting countries moved closer to a deal to ease supply cuts that have been propping up prices for two years.
US officials have reportedly asked Saudi Arabia and other supply-cutting countries to raise output by about a million barrels per day.
Oil prices rose to fresh multi-year highs on Tuesday morning after OPEC said it cuts supply more than expected and as markets poised for sanctions on Iran.