Friday ، 28 September 2018
Oil prices steadied on Friday as U.S. sanctions on Tehran squeezed Iranian crude exports, tightening supply even as other vital exporters increased production. Global crude oil benchmark Brent LCOc1 was up 20 cents at $81.92 a barrel by 0820 GMT. The contract hit a four-year high of $82.55 this week but has been relatively stable during the third quarter, gaining around 3 per cent since the end of June. U.S. light crude CLc1 was 20 cents higher at $72.32 a barrel. It is up around 3.5 per cent this month, but down 2.6 per cent since the end of June. “Dips remain well supported as Iran sanctions continue to underpin sentiment,” said OANDA head of APAC trading Stephen Innes, but added: “While the likely loss of Iranian supply may be the dominant market theme, OPEC production may be rising.”
