Crude Oil Futures Talks Talks The United States Will Not Extend Waivers of Iran's Sanctions

Singapore –
Crude oil futures surged Monday in mid-morning in Asia as the United States announced that it was unlikely that the US would extend Iran's sanctions waivers. eight countries and expiring at the beginning of May.

At 11:25, Singapore time (03:25 GMT), the June ICE Brce futures increased by $ 1.94 / b (2.7%) compared to Thursday at $ 73.91 / b, while the NYMEX May light crude oil contract was 1.53 / b (2.39%) higher at $ 65.60 / b.

Oil prices jumped on expectations that the US is unlikely to extend the waivers in a decision to be announced later Monday, media and badysts said.

The United States is also expected to announce commitments made by other Middle Eastern producers to offset the expected decline in Iranian production, reports said.

"Oil prices have been supported by market hawk reports on a cessation of sanctions waivers between the United States and Iran as of May 2," Phillip Futures badysts wrote in a report released on Wednesday. on Monday.

"The effects of OPEC-led supply cuts have led to a reduction in global supply, and a zero import decision on Iran will boost rates." benchmark for oil in the second quarter of 2019, "the statement added.

The President of the United States, Donald Trump, met Thursday with the crown prince of Abu Dhabi on "UAE contributions to global energy markets as a reliable oil supplier" and on the impact of "crippling" sanctions imposed by the United States against oil, the White House told the press. l & # 39; call.

Meanwhile, crude oil exports from Saudi Arabia fell for the fourth consecutive month in February, to 6.98 million b / d – the lowest level in 16 months and a drop of 3.8 % compared to 7.25 million b / d in January, according to figures released by Joint Data Initiative organizations on Thursday.

At the same time, data published by Baker Hughes on Friday indicated that the number of US rigs had decreased by eight during the week ended April 17, bringing the total to 825.

Data from S & P Global Platts Analytics predicted a 13- to 854 drop in oil rigs, down nearly 13 percent from a high of 1233 in mid-November and the lowest since mid-January 2018.

At 3:25 GMT, the US dollar index was down 0.07% to 97.05.

–Ada Taib, [email protected]

– Posted by Norazlina Juma at, [email protected]