{"id":115026,"date":"2021-05-24T21:43:37","date_gmt":"2021-05-24T21:43:37","guid":{"rendered":"https:\/\/fin2me.com\/?p=115026"},"modified":"2021-05-24T21:43:37","modified_gmt":"2021-05-24T21:43:37","slug":"oil-jumps-over-3-as-fears-of-iranian-exports-ease","status":"publish","type":"post","link":"https:\/\/fin2me.com\/markets\/oil-jumps-over-3-as-fears-of-iranian-exports-ease\/","title":{"rendered":"Oil jumps over 3% as fears of Iranian exports ease"},"content":{"rendered":"

NEW YORK (Reuters) – Oil prices rose more than 3% on Monday as a demand bump fueled by COVID-19 vaccination drives gave traders optimism that the market can absorb any Iranian oil that would come on the market if Western talks with Tehran lead to the lifting of sanctions.<\/p>

FILE PHOTO: Crude oil storage tanks are seen from above at the Cushing oil hub, in Cushing, Oklahoma, March 24, 2016. REUTERS\/Nick Oxford<\/figcaption>

A decline in deaths due to COVID-19 in India also bolstered expectations that oil demand could rise in coming weeks.<\/p>\n

Brent crude oil futures settled up $2.02, or 3%, at $68.46 a barrel, while July U.S. West Texas Intermediate ended at $66.05 a barrel, up $2.47, or 3.9%.<\/p>\n

Prices also got a boost on expectations that a new deal with Iran is less likely than it was last week, said Bob Yawger, director of Energy Futures at Mizuho in New York.<\/p>\n

\u201cThe Iranians and western powers cannot get the details worked out that will get this deal signed and delivered,\u201d Yawger said.<\/p>\n

Iran and the U.N. nuclear watchdog are extending a recently expired monitoring agreement by a month, both sides said on Monday, avoiding a collapse that could have pitched wider talks on reviving the 2015 Iran nuclear deal into crisis.<\/p>\n

Former President Donald Trump withdrew the United States from the deal in 2018 and re-imposed sanctions.<\/p>\n

Even if large volumes of Iranian crude return to the market, it is unlikely to stall the drawdown in global oil stocks, said Stephen Brennock of oil broker PVM.<\/p>\n

\u201cAdditional supply from Tehran is poised to be absorbed by the market as a result of a vaccine-spurred surge in demand over the coming months,\u201d he added.<\/p>\n

Goldman Sachs said the case for higher prices remained intact even with a potential increase in Iranian exports. Its new base case for an October restart still supports an $80 per barrel forecast for this summer, it added.<\/p>\n

\u201cEven aggressively assuming a restart in July, we estimate that Brent prices would still reach $80 per barrel in fourth quarter 2021,\u201d the bank said in a note.<\/p>\n

Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

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