Oil (current news)
Oil prices continue to rise at the beginning of the European session. The main catalyst for rising oil prices is the worsening of the situation in the Middle East.
On Friday, US President Donald Trump refused to certify Iran’s compliance with the agreement on the nuclear program. If the US Congress supports Trump’s decision, the agreement with Iran will be canceled, which will result in the resumption of sanctions against Iran and reduce the supply in the oil market by about 1 million barrels per day. However, it should be noted that the US Congress has 60 days to make a final decision.
Also support for oil prices exacerbates around the semi-autonomous Kurdistan, which wants complete independence from Iraq. On Friday, the Vice-President of Kurdistan reported on the dispatch of additional forces to Kirkuk, in connection with the increase in the number of the Iraqi government army in the region. The aggravation of the situation around Kurdistan may reduce the supply in the oil market by about 650,000 barrels per day.
- At the moment, WTI oil is trading at $ 52.09, adding + 1.24% to the price.
- Brent oil is trading around $ 57.99, adding about + 1.43% to the price.
Alexander Sivtsov