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Oil advanced on Monday as investors remained cautious on supply prospects, having gained nearly 5% since July
October The price of crude Brent rose 71 cents to 75 $ 47 per barrel at 1424 GMT. The September contract expires on Tuesday. US crude oil futures prices rose from $ 1.37 to $ 70.06 a barrel
The price of oil rebounded almost continuously for two weeks, as impending sanctions against Iran have already started to reduce the country's oil flow.
"There is a myriad of factors to follow at the moment in the oil market but in one way or another we always come to the same conclusion. impact of US sanctions on Iran that will decide the next barrel of 15 dollars, "said Tamas Varga, of PVM Oil Associates, in a note
" The best scenario is that the United States until 39 in the midterm elections and Iran can get by with a loss of about 500-700,000 barrels a day of exports.In case President Trump would play hard and put in its allies and enemies under pressure, the loss of barrels could rise to 2 million barrels a day. "
The US economy grew at its fastest pace in nearly four years. Fears surrounding the US-China trade wars continue to weigh on prices, while stopping Saudi deliveries across the Red Sea worries badysts. Last week, Saudi Arabia announced that it was suspending oil shipments across the Bab al-Mandeb Strait, in one of the world's largest ports, announced Stephen Innes, APAC Commercial Director at OANDA Brokerage. The geopolitical risk in the Gulf has evolved with a stop of Saudi exports via the straits of Bab al-Mandeb. Veiled remarks from Iran on the pbadage of oil through the Strait of Ormuz, "said BNP Paribas director Harry Tchilinguirian in the Reuters Global Oil Forum
."
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US The energy companies have added three oil rigs in the week to July 27, the first time to last three weeks as drillers have increased activity, the data showed on Friday.
Tags boosted oil prices prospects rise supply
