Brent’s futures climbed 0.5% Au $ S74.78, while the futures of American crude west Texas intermediate advanced 0.5% Au $ S70.72.
Oil prices rose on Monday, since the new sanctions from the United States to Iran and the commitment to compensate for the overproduction of Iraq joined the concern about the shortage of supply In the short term, which helped the market to recover in part of the strong losses of Friday.
The futures of crude Brentworld reference, which closed on Friday at least since February 6, climbed 35 cents, or 0.5%, to U $ S74.78. For its part, the futures of crude West Texas Intermediate (WTI) from the United States they won 32 cents, or 0.5%, to U $ S70.72 The barrel, recovering from its lowest closure so far this year in the previous session.
The causes of the rebound
The United States on Monday imposed new sanctions aimed at Iran’s oil industryaffecting more than 30 runners, tank ship operators and shipping companies for their role in the sale and transport of Iranian oil, said the Treasury department.
That could have had a Modest impact on oil prices, together with the reaffirmation of the Iraqi Ministry of Petroleum of its commitment to the OPEC+ Group Supply Agreementsaid Ubs Giovanni Staunovo analyst. However, he warned that Iranian crude oil exports remain high for now. “Time will say if (sanctions) affect exports,” he said.
Meanwhile, Iraq said he would present a updated plan to compensate for any overproduction of his OPEC+ quotas in recent months. The country will export 185,000 barrels per day from the Kurdistan oil deposits through the Iraq-Turkey pipeline once oil shipments resume, an official of the Iraqi Ministry of Petroleum said Sunday.
Thus, oil prices They recovered from the sharp fall in the previous sessionwhen the expectations of the resumption of exports of northern Iraq and the end of the war in Ukraine made down the referential contracts more than US $ 2, said Commodity Context analyst Rory Johnston.
Source: Ambito
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