Forex Marketz Daily Forex News – Fully Markets Update
Crude oil futures contracts held steady this morning during Asian trade hours. They are still trading near multi year highs they set during yesterday’s trade session. Oil spike higher after the United States withdrew from the 2015 Iranian nuclear accord. The U.S. is now expected to renew sanctions against the country of Iran.
They are a major oil producer and OPEC-member. This is threatening to tip an already tight market back into under supply.
As of 1 am GMT, the international benchmark for oil, Brent crude futures were flat. They were last trading at $77.47 per barrel. This was virtually unchanged from their yesterday’s settlement. Brent hit $78 a barrel yesterday. This is its highest price point since November 2014.
U.S. West Texas Intermediate (WTI) crude futures were also steady this morning. They last traded at $71.42 a barrel. This is near Thursday’s November 2014 high price point at $71.89 per barrel.
Analysts say that Crude Oil is expected to Trade in a Tight Range for Now
Industry analysts, think that the black gold will trade around $80-$100 per barrel later this year. This will come after U.S. sanctions start and Iran’s exports take a hit.
The United States plans to slap new sanctions against Iran. The OPEC nation pumps around four percent of global oil supply. The U.S. walked away from an accord signed 2015 that curbed Tehran’s nuclear program in exchange for removing crippling Western led sanctions.
The sanctions will start with an oil market that is starting to tighten thanks to strong global demand. There is very high demand in Asia.
Also top exporter Saudi Arabia and non-OPEC nations lead by Russia have led efforts to withhold supplies. This was an accord entered into back in 2017 to shore up prices.
