Oil trades mixed but recent rally sets crude up for strong 2018 gains

Crude-oil prices were trading mixed Friday morning, but the commodity is set to book strong weekly, monthly, quarterly and first-half gains as long-running efforts by OPEC, anticipated increases in demand, and supply disruptions have combined to thrust futures higher.

Crude gains have been buoyed by a dispute in Libya over oil-marketing rights that is hindering the North African nation’s export capacity. In Libya, the supply of up to 780,000 barrels of crude a day is at risk, according to analysts at Commerzbank.

Separately, the energy market has been reacting to threats from the Trump administration this week, who indicated that the White House would look to sanction countries that don’t reduce their imports of Iranian crude to “zero” by Nov. 4. Iran currently exports around 2.4 million barrels a day of crude.
more details at source: https://www.marketwatch.com/story/oil-trades-mixed-but-recent-rally-sets-crude-up-for-strong-2018-gains-2018-06-29

Back To Top
×Close search