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Oil prices rose Tuesday on the forecast China's plan to boost government spending will maintain robust global oil demand and worries over tensions between the United States and Iran could disrupt oil prices. oil deliveries. or 0.9%, higher at $ 68.52 a barrel on the New York Mercantile Exchange. Brent Brent, the world's benchmark, rose 0.5% to 73.44 dollars a barrel.
The Council of State Affairs has revealed new measures to support growth, such as tax breaks and special obligations for investments in infrastructure. 19659003] "Oil has risen today because of Chinese stimulus measures, the recovery of stocks and commodities, and the intensification of US-Iranian policy," he said.
Ethan Bellamy
at Baird Equity Research. "We doubt that the rhetoric ramp between Trump and Iran will be worth much, but we should expect other producers to intensify and use geopolitical turmoil as a hedge to sell more oil. . "
Oil prices oscillated between gains and losses before closing on Monday
Donald Trump
and his Iranian counterpart,
Hbadan Rouhani,
The oil market has been trying to gauge the amount of Iranian crude oil that could be threatened.
million. Trump in May released the United States of a 2015 international agreement to curb the Iranian nuclear program, laying the groundwork for the reimposition of economic sanctions that should hinder the Iranian oil industry. Analysts have estimated that up to 1 million barrels a day of more than 2.5 million barrels a day of crude oil exports from Iran could be at risk. Mr. Trump has vowed to impose the strictest possible sanctions.
"The market wants to focus on the current production in Iran" that will be affected by the new sanctions, said
Ole Hansen,
Head of Commodity Strategy at Saxo Bank. "The market is playing a little on the cool side," he added, noting that in the past, worries about the risks for Iran's supply have propped up prices a lot more.
After Trump withdrew from the nuclear deal in May, Brent temporarily crossed the symbolic threshold of $ 80 a barrel for the first time in more than three and a half years.
Tuesday's rise in oil prices may not last, said Ric Navy, senior vice president for energy futures at R.J. O. Brien & Associates. He noted that oil prices were rising in part because of the higher prices of gasoline and diesel futures compared to fundamentals, and that future US statistical data could determine the next oil movement
Wednesday, and a Wall Street Journal survey of badysts and traders indicates that, on average, inventories fell by 2.9 million barrels last week. The American Petroleum Institute, a private trade group, is expected to release its own inventory data from last week.
Oil prices in general have declined in the last month following a decision by the Organization of Petroleum Exporting Countries. de facto, conducted by Saudi Arabia – and partner producers like Russia, to start increasing crude production after more than a year of production delay. The move came amid concerns that the rapid rise in oil prices could weaken demand and hinder global economic growth.
Among refined products, gasoline futures increased 0.2% to $ 2,095.66 per gallon. The diesel futures were 0.7% above $ 2.1326 per gallon.
Write to Christopher Alessi at [email protected] and Dan Molinski at [email protected]
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