Friday, 27 Jan 2023

After Wednesday’s drop, Oil prices are rising again

BAGHDAD, Oil prices rebounded yesterday amid concerns over Iranian crude supplies as the United States imposed new sanctions on Tehran, halting price losses on Wednesday in the face of the escalating US-China trade dispute and concerns over Chinese demand.

Brent crude futures rose 20 cents, or 0.3 percent, to $ 72.48 a barrel, after falling more than 3 percent yesterday.

US West Texas Intermediate crude futures gained 10 cents, or 0.2 percent, to $ 67.04 a barrel, after falling 3.22 percent in the previous session.

In another sign that price gains may be limited, Iraq yesterday reduced the official sale price for Basra light crude shipments for September to its Asian customers.

The United States on Tuesday re-imposed sanctions on some sectors in Iran, the third largest producer of the Organization of the Petroleum Exporting Countries (OPEC).

The new sanctions will not directly target Iranian oil until November, although US President Donald Trump said he wanted to stop as many countries as possible from importing Iranian oil.

Source: National Iraqi News Agency

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