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Monday, June 5, 2023

Oil Higher as China Plans to Continue Trade with Iran

Oil Higher as China Plans to Continue Trade with Iran© Reuters. Oil was higher on Monday.

Investing.com – U.S. crude oil prices were steady on Monday, as expected falls in supply over Iran sanctions were weighed against concerns over the global economy.

West Texas inched up 0.54% to $65.56 a barrel as of 10:32 AM ET (14:32 GMT). Meanwhile, futures, the benchmark for oil prices outside the U.S., increased 1.24% to $72.72.

Oil prices have been driven higher in the past few months as demand for oil outsripped supply, but cooled in recent weeks amid trade tensions.

Trade worries eased as U.S. and Chinese officials are expected to talk in Washington on Wednesday and Thursday, shortly before new U.S. charges on Chinese goods take effect.

Upcoming U.S. sanctions against Iran also supported prices. The financial sanctions against Iran were introduced this month by the U.S. government and will target the petroleum sector of Iran in November..

On Monday, Iran asked the EU to speed up efforts to save the 2015 nuclear deal between Tehran and major powers that U.S. President Donald Trump pulled out of.

Most EU companies have stopped business with Iran over worry of U.S. sanctions. China, however, said it wanted to continue buying large volumes of Iranian oil despite U.S. pressure.

Meanwhile, the oil rig count in the U.S. was unchanged last week, according to oil services company Baker Hughes, as weaker oil prices stalled the pace of U.S. production growth.

In other energy trading, rose 1.65% at $2.0117 a gallon, while was up 0.81% to $2.1152 a gallon. inched up 0.10% to $2.949 per million British thermal units.

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Source: Investing.com

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