4.3 C
New York
Tuesday, November 30, 2021

Oil prices rise ahead of November U.S. sanctions against Iran crude exports

Oil prices rise ahead of November U.S. sanctions against Iran crude exports© Reuters. FILE PHOTO: The Wider Image: Trump move stirs debate over Utah monuments

By Henning Gloystein

SINGAPORE (Reuters) – Oil prices rose on Friday, lifted by looming U.S. sanctions against Iran’s crude exports that are set to start next month.

The gains helped claw back some of the losses from the previous session due to rising U.S. inventories and after Saudi Arabia and Russia said they would raise output to at least partly make up for expected disruptions from Iran.

International benchmark Brent crude oil futures () were at $84.94 per barrel at 0008 GMT, up 36 cents, or 0.4 percent from their last close.

U.S. West Texas Intermediate (WTI) crude futures () were up 41 cents, or 0.6 percent, at $77.74 a barrel.

“Crude oil prices drifted lower (on Thursday) on combination of rising oil production in Saudi Arabia and Russia and a build-up of inventories in the U.S.. That said, prices remained resilient as supply worries persist amid looming Iranian sanctions,” ANZ bank said on Friday.

Overall oil market sentiment is bullish.

Financial traders have accumulated bullish long positions betting on a further rise in prices amounting to almost 1.2 billion barrels of oil.

Meanwhile, the number of short positions in the six most important petroleum futures and options contracts has fallen to the lowest level since before 2013, creating a near-record imbalance between bullish and bearish positions in financial crude markets.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Source: Investing.com

Related Articles

Stay Connected

- Advertisement -

Latest Articles

Popular Articles