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Oil boosted by Iran fears, remains below multi-year highs

16 May 2018, 12:39 | Marta Robbins

Oil boosted by Iran fears, remains below multi-year highs

Oil boosted by Iran fears, remains below multi-year highs

Brent crude oil hit a new 3½ year high Monday despite resistance emerging in Europe and Asia to US sanctions against OPEC member Iran, and growing USA drilling indicating higher North American production.

Brent, the worldwide benchmark, rose as much as 1% at $79.47 per barrel around 8:30 a.m. ET.

WTI's June contract was 67 cents higher at $71.63/bbl on the New York Mercantile Exchange as of 8:57 a.m. local time, after rising 26 cents on Monday. High oil prices and low finding cost in the region which has relatively shallow wells help drive exploration in the farm belt where an average well produces 40-50 barrels-a-day over a 15-20 year life span.

U.S. West Texas Intermediate crude oil was up 28 cents, at $70.98/Bbl, remaining below last week's 3½-year high of $71.89/Bbl, Kallanish Energy reports. The deal was reached in July 2015 between Iran, Russia, the United States, Great Britain, China, France and Germany - the agreement guarantees the peaceful nature of Tehran's nuclear program, and its implementation removes the sanctions imposed by the UN Security Council, the United States and the European Union.

Karnataka Polls: Neither Siddaramaiah, Nor Yeddyurappa Will Become Chief Minister, Claims JD(S)
However, before the formal announcement of the results, several agencies conducted exit polls, predicting the outcome. Yeddyurappa is the chief ministerial candidate for BJP and Congress is contesting the present CM Siddaramaiah.

With renewed USA sanctions looming against OPEC-member Iran and oil demand strong, analysts said crude markets will likely remain tight for much of the year.

Some oil analysts have said they expect Iranian crude exports to fall by as little as 200,000 barrels per day (BPD), while others put the figure closer to 1 million bpd (MMBPD).

Moreover, in a monthly oil market report released Monday, the Organization of the Petroleum Exporting Countries (OPEC) raised its forecast for global oil demand in 2018, expecting the world to consume 98.85 million barrels a day, or 1.65 million barrels a day higher than a year ago.

OPEC's success with the oil production cutting deal has been to a significant extent aided by Venezuela's catastrophically dropping production as the country grapples with foreign exchange shortage, US sanctions, and a devastating economic crisis. Fifty-five Palestinians were killed in confrontations with Israeli troops on Monday after tens of thousands converged on the Gaza Strip border to protest the US embassy in Jerusalem.



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