Oil futures rise further as risk-on mood persists

–Oil futures rose further in Asian trading Tuesday as broader-market risk sentiment continued with the region’s equities markets higher. That as investors reacted to unplanned supply outages in Libya and Venezuela.

–August light, sweet crude on the New York Mercantile Exchange was recently up 0.3% at $74.05 a barrel in the Globex trading session. September Brent climbed 0.5% to $78.44.

–Though the potential impact of U.S. sanctions on Iranian oil are being compounded by outages in Libya and Venezuela, rising production from Saudi Arabia and Russia will more than compensate, predicted Kevin Morgan, senior derivatives dealer at OM Financial. He sees oil eventually pulling back as much as $5 the next month or two.

Write to Biman Mukherji at [email protected]

Source: Read Full Article