World oil prices going up despite market players' concern about oversupply
17.07.2015,
10:58
World oil price went up slightly Friday despite market players' concern about oversupply, RIA Novosti reports.
YEREVAN, July 17. /ARKA/. World oil prices went up slightly Friday despite market players' concern about oversupply, RIA Novosti reports.
September North Sea Brent oil futures rose Friday morning 0.19% to $57.03 per barrel and August futures on WTI jumped 0.14% to $50.98 per one barrel.
On Tuesday, negotiations over Iranian nuclear problem ended in success – a plan of actions was adopted. When economic sanctions against Iran are lifted Iranian’s oil may come back to the world market striking at already saturated market.
"There is a genuine focus back on the glut," Jonathan Barratt, the chief investment officer at Ayers Alliance Securities in Sydney, told Bloomberg News.
Oversupply fears were fueled also by U.S. reports. In the week up to last Friday, total U.S. crude inventories fell 4.3 million barrels, but stocks at Cushing rose 438,000 barrels, according to the Energy Information Administration (EIA) data released on Wednesday. ---0----
September North Sea Brent oil futures rose Friday morning 0.19% to $57.03 per barrel and August futures on WTI jumped 0.14% to $50.98 per one barrel.
On Tuesday, negotiations over Iranian nuclear problem ended in success – a plan of actions was adopted. When economic sanctions against Iran are lifted Iranian’s oil may come back to the world market striking at already saturated market.
"There is a genuine focus back on the glut," Jonathan Barratt, the chief investment officer at Ayers Alliance Securities in Sydney, told Bloomberg News.
Oversupply fears were fueled also by U.S. reports. In the week up to last Friday, total U.S. crude inventories fell 4.3 million barrels, but stocks at Cushing rose 438,000 barrels, according to the Energy Information Administration (EIA) data released on Wednesday. ---0----
