Oil Ticks Up Amid Supply Risks
Expectations of weaker exports from Iran support crude prices
By Christopher Alessi
Updated Aug. 14, 2018 11:09 a.m. ET
Oil prices rose Tuesday as expectations of weaker Iranian output offset signs of rising global supply.
Light, sweet crude for September delivery rose 1.3% at $68.04 a barrel on the New York Mercantile Exchange. Brent crude, the global benchmark, climbed 1.1% to $73.41 a barrel.
“Since mid-July, the front month Brent crude oil contract has been caught in a $72 a barrel to $75 a barrel range in a tug of war between short term bearish weaknesses and medium term bullish Iran sanctions kicking in on November 4,” said Bjarne Schieldrop, chief commodities analyst at SEB Markets. [more]
https://www.wsj.com/articles/oil-tic...sks-1534245421
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