Oil advanced as the US tightened sanctions against Iran and Russia, countering some of Thursday’s slump following a dour demand forecast from the International Energy Agency.
Brent rose to around $70 a barrel after sliding 1.5% in the prior session, and West Texas Intermediate was below $67. The White House imposed sanctions on Iran’s oil minister and on more companies and vessels used in the transport of the OPEC member’s crude, while also restricting payment options for Russian energy.
Brent rose to around $70 a barrel after sliding 1.5% in the prior session, and West Texas Intermediate was below $67. The White House imposed sanctions on Iran’s oil minister and on more companies and vessels used in the transport of the OPEC member’s crude, while also restricting payment options for Russian energy.
The decline on Thursday came after the IEA said a supply surplus is set to deepen as an escalating trade war pressures demand at the same time that OPEC+ is reviving output. The drop has put WTI on track for an eighth weekly loss, the longest stretch since August 2015, although global benchmark Brent is only down a fourth week.
- Brent for May settlement rose 0.4% to $70.14 a barrel at 9 a.m. in Singapore.
- Futures are down 0.3% this week.
- WTI for April delivery advanced 0.5% to $66.85 a barrel.
