US oil records higher weekly profit in more than two months

LONDON.- The price of a barrel of oil extended Friday's gains from the previous session, to add a positive monthly balance, driven by the global weakness of the dollar and the interruption of production The Canadian market has touched North America.

Oil markets also increased as US sanctions against Iran threatened to remove significant oil from oil markets at a time when global oil demand was increasing.

Oil posted the largest weekly increase in more than two months, as Canada's supply reduction and supply disruptions in Libya compounded the growing isolation of the country's third largest oil producer. # 39; OPEC.

The WTII futures contracts to be delivered in August ended the session up 0.95% to $ 74.15, to add a weekly gain of 8.12% and 10.6% for the month.

Brent crude in London for September rose 2.04 percent to $ 79.44. During the week, the advance was 5.14% and 2.38% over the month

The two most important oil reference points in the world diverge while the commitment of Saudi Arabia to increase production weighs on Europeans.

Meanwhile, US inventories are shrinking and Iranian crude output is expected to fall by 66% by the end of the year, according to Facts Global Energy, a research and consulting firm.

Iran C is the world's fifth largest oil producer. It pumps about 4.7 million barrels a day, which is equivalent to nearly 5% of the world's oil, and much of this volume is destined for China and other countries with high fuel consumption, like India.

The US government wants to prevent Tehran from exporting crude to reduce the financial access of Iranians. Washington also hopes that OPEC and Russia members will make up the deficit that would occur.

But the global oil market is already tense and many analysts and big investors believe that US sanctions against Iran will cause a sharp rise in oil prices.

Major buyers of Iranian crude, including Japan, India and South Korea, said that they could stop buying Iranian crude if sanctions are applied.

The US Department of Energy said Thursday Allow buyers of Iranian crude oil to reduce purchases gradually, smoothing an earlier goal for a full cut.

However, the gesture has failed to reduce prices, which remain close to the highest in three years despite Saudi Arabia's promises to increase production.

With information from Reuters, Notimex and Bloomberg.