Oil Prices Steady as Saudi Supply Balances Iran Sanctions

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.”

Iran Energy News Agency

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Stephen Innes

Stephen Innes

Head of Trading APAC at OANDA
Stephen has over 25 years of experience in the financial markets and currently based in Singapore as the Head of Trading Asia Pacific with OANDA. Stephen's market views focus on the movement of G-10 and ASEAN Currencies. His views appear in Bloomberg, CNBC.Reuters, New York Times WSJ and the Economist. His media appearances include Bloomberg TV & Radio, BBC International, Sky TV, Channel News Asia, ASTRO AWANI and BFM Malaysia. Stephen has an extensive trading experience in Spot and Forward FX, Currency and Interest Rate Futures, Money Market Derivatives and Precious Metals. Before joining OANDA, he worked with organisations like Nat West, Chemical Bank, Garvin Guy Butler, and Sumitomo Mitsui Banking Corporation. Stephen was born in Glasgow, Scotland, and holds a Degree in Economics from the University of Western Ontario.
Stephen Innes
Stephen Innes

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