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Crude prices rose on Monday in a volatile session where the US benchmark ended with increases due to forecasts that production problems in Canada will extend until September, while Brent advanced by possible sanctions against Iran and a lower pumping of Libya .
Light oil futures in United States increased by 5 cents, or 0.07%, to US $ 73.85, while reference Brent advanced 96 cents, or 1.24%, to US $ 78.07 per barrel.
"We continue to see the market underpinned by growing concerns in Iran now that European and Korean refineries have reduced their purchases to virtually zero," said Andrew Lipow, president of Lipow Oil Associates.
United States say they want to reduce to zero Iranian oil exports by November, the world 's fifth largest oil producer, a move that would force other major producers like Saudi Arabia to pump more. concerns that increases in Saudi and Russian production are now barely sufficient to offset not only the Iranian pumping, but also the supply interruptions we see in Libya Nigeria and Canada ", Lipow .
In Canada the closure of a Syncrude oil sands facility, with a capacity of 360,000 barrels per day (bpd), reduced flows to Cushing in Oklahoma, delivery point for oil futures. in the United States and stocks lasted at least three-and-a-half years last week.
Majority shareholder Suncor Energy Inc. said Monday that part of Syncrude's production could resume in July, ahead of schedule. The total operation, however, will only resume in September, later than expected.
Concerns about declining production in Libya have also boosted prices. The Libyan pumping fell to less than half in five months, about 527,000 b / d, announced Monday the head of the National Petroleum Corporation (NOC), Mustafa Sanalla.
OPEC Russia and other producers outside the group agreed in June on a modest increase in pumping to contain oil prices.
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