Oil rises on news of Iran

Нефть дорожает на новостях из Ирана

In August, shipments of crude oil from Iran dropped to 2.1 million barrels per day – at least March 2016.

Oil prices at auction on Monday, September 3, expensive by the signals on reduction of export of oil and oil condensate from Iran to a minimum more than two years. This writes Interfax-Ukraine.

So, the price of November futures for Brent on London’s ICE Futures exchange rose $0.64 to (0,82%) – to $78,28 per barrel.

The October contract for WTI crude oil in electronic trading on the new York Mercantile exchange (NYMEX) rose 24 cents (0.34 percent) to $70,04 per barrel.

Main trading on the NYMEX on Monday will not be held, as US exchanges are closed in observance of labor Day.

According to Bloomberg, Iran in August is exported a little less than 2.1 million barrels per day (b/d), which is the lowest indicator since March, 2016.

Saudi Arabia, according to the publication, increased oil production last month to 10,424 million barrels per day 10,288 million b/d the previous month.

Production in Libya, presumably increased by 310 thousand b/d to 970 thousand b/d. Iran and the UAE increased production by 80 thousand b/d.

Only the OPEC countries raised their oil production in August on 420 thousand b/d to a maximum in the beginning of the year from 32.74 million b/d.

We will remind that last week oil has risen to a month high. Brent crude oil topped $ 78 per barrel, while WTI was trading above $ 70. So the market reacted to the reduction of stocks in USA.

 

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