Oil prices rise because of supply problems in Iran, Libya, Canada, in the energy and commodities sectors

Tue, Jul 10, 2018 – 6:49 AM

[NEW YORK] Oil prices rose on Monday as US crude finished a chopped session on expectations of a production outage in Canada until the end of the year. in September, while the global Brent benchmark won impending sanctions on Iran and the fall in production in Libya.

US light crude futures gained 5 cents to settle at US $ 73.85 per barrel. Brent climbed 96 cents to US $ 78.07

"We continue to see the oil market backed, with growing concern over sanctions against Iran now that European and Korean refiners have reduced their purchases to almost zero, "said Lipow President Andrew Lipow. Oil Associates

The United States says it wants to cut oil exports from Iran, the world's fifth largest producer, to zero in November, forcing other major producers to pump more. Increases in Saudi and Russian production could now be enough to offset – not only the Iranian production – but also the supply disruptions we see from Libya, Nigeria and Canada, "said Lipow

Syncrude's oil sands facilities have reduced their contributions to Cushing, Oklahoma, the delivery point for US futures contracts

Suncor Energy Inc., a majority-owned company, announced Monday that Syncrude's production would be restored sooner than expected.It will not resume operations until September, which is later than expected.

Monday's update on the restart has added a jolt of volatility in the US crude, said John Kilduff, partner at Energy Capital York

Stocks in Cushing reached a low of three and a half years last week

Meanwhile, managers of Nds raised their bullish bets on US crude in the week leading up to July 3, the US Commodity Trading Commission announced.

Libyan oil production has fallen by more than half in five months, dropping to 527,000 barrels a day, said National Oil Corporation chairman Mustafa Sanalla. Monday,

"Tomorrow it will be less and the day after tomorrow, and we will go lower," Sanalla said.

Saudi Arabia, colleagues from the Organization of Petroleum Exporting Countries (OPEC) and allies, including Russia agreed las The market is increasingly concerned that if the Saudis compensate for the losses incurred by Iran, they will use global excess capacity and leave markets more vulnerable to rising prices. additional or unexpected production decreases.

REUTERS