Al-Sisi reviews Egypt's food security, strategic commodity reserves    Egypt signs strategic agreements to attract global investment in gold, mineral exploration    Syria says it will defend its territory after Israeli strikes in Suwayda    Egyptian Exchange ends mixed on July 15    Suez Canal vehicle carrier traffic set to rebound by 20% in H2: SCA chief    Tut Group launches its operations in Egyptian market for exporting Egyptian products    China's urban jobless rate eases in June '25    Egypt's Health Minister reviews drug authority cooperation with WHO    Egypt urges EU support for Gaza ceasefire, reconstruction at Brussels talks    Pakistan names Qatari royal as brand ambassador after 'Killer Mountain' climb    Health Ministry denies claims of meningitis-related deaths among siblings    Egypt, Mexico explore joint action on environment, sustainability    Egypt, Mexico discuss environmental cooperation, combating desertification    Needle-spiking attacks in France prompt government warning, public fear    Foreign, housing ministers discuss Egypt's role in African development push    Korea Culture Week in Egypt to blend K-Pop with traditional arts    Egypt, France FMs review Gaza ceasefire efforts, reconstruction    CIB finances Giza Pyramids Sound and Light Show redevelopment with EGP 963m loan    Greco-Roman tombs with hieroglyphic inscriptions discovered in Aswan    Egypt reveals heritage e-training portal    Three ancient rock-cut tombs discovered in Aswan    Egypt condemns deadly terrorist attack in Niger        Sisi launches new support initiative for families of war, terrorism victims    Egypt's GAH, Spain's Konecta discuss digital health partnership    Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara    Egypt's Irrigation Minister urges scientific cooperation to tackle water scarcity    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    Egypt's Democratic Generation Party Evaluates 84 Candidates Ahead of Parliamentary Vote    On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Germany among EU's priciest labour markets – official data    Cabinet approves establishment of national medical tourism council to boost healthcare sector    Egypt's PM follows up on Julius Nyerere dam project in Tanzania    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Oil prices rise on decline in US fuel inventories, looming Iran sanctions
Published in The Egyptian Gazette on 30 - 08 - 2018

SINGAPORE, August 30, 2018 (Reuters) - Oil prices rose on Thursday, extending solid gains from the previous session on a fall in US crude inventories and expected disruptions to supply from Iran and Venezuela.
International Brent crude oil futures LCOc1 were at $77.40 per barrel at 06:57GMT, up 26 cents, or 0.3 per cent, from their last close.
US West Texas Intermediate (WTI) crude futures CLc1 were up 32 cents, or 0.5 per cent, at $69.83 a barrel.
Brent crude has risen by more than 9 per cent since Aug. 15 and on Thursday reached its highest since July 11 at $77.48 a barrel. WTI has climbed more than 7 per cent over the same period.
US commercial crude inventories fell by 2.6 million barrels in the week to Aug. 24, to 405.79 million barrels. US production C-OUT-T-EIA was flat from the previous week's record of 11 million barrels per day (bpd).
"Oil prices rose on the back of an unexpected U.S. inventory draw, the second week in a row of declines, together with gasoline demand reaching a record high," said William O'Loughlin, investment analyst at Australia's Rivkin Securities.
"The looming sanctions against Iran are beginning to impact oil supply lifting crude prices," said Alfonso Esparza, analyst at futures brokerage OANDA.
The Organization of the Petroleum Exporting Countries (OPEC), of which Iran is the third-biggest producer, will discuss in December whether it can compensate for a sudden drop in Iranian oil supply after US sanctions against Tehran start in November, the head of Iraq's state-oil marketer SOMO, Alaa al-Yasiri, said on Wednesday.
The International Energy Agency (IEA) warned of a tightening market towards the end of the year, due to a combination of falling supply in countries such as Iran and also Venezuela, and strong demand especially in Asia.
"Definitely there are some worries that oil markets can tighten towards the end of this year," the IEA's Executive Director Fatih Birol told Reuters on Wednesday.
Crude oil exports in crisis-struck OPEC-member Venezuela have halved in recent years to only around 1 million bpd.


Clic here to read the story from its source.