Wednesday, June 27, 2018

U.S. crude oil exports : Iranian oil threat gives more support for oil prices

Iranian oil threat gives more support for oil prices
A big drop in U.S. crude oil inventories and jousting over Iranian exports of oil put the price of oil in another rally phase on Wednesday.

After the market closed on Tuesday, the American Petroleum Institute reported U.S. crude oil inventories declined by 9.2 million barrels last week. That's sharply higher than the forecast by S&P Global Platts of a 2.3 million barrel draw, which it said was supported by higher U.S. crude oil exports.

The drain is concerning in a market situation where supply is relatively close to demand. A deficit is supportive of crude oil prices and the market will be tested later in the day when the U.S. Energy Information Administration releases its figures on crude oil inventories.

The price for Brent crude oil, the global benchmark for the price of oil, was up 1.1 percent as of 9:20 a.m. EDT to $76.97 per barrel. West Texas Intermediate, the U.S. benchmark, was up 1.4 percent to $71.50 per barrel.

Oil price tops $77

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