Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 
OFFON

MarketScreener Homepage  >  Commodities  >  WTI       

WTI
My previous session
Most popular
SummaryQuotesChartsNewsAnalysis 
News SummaryAll newsTweets

Oil Holds Near Two-Year High, Eyes on Iran

share with twitter share with LinkedIn share with facebook
share via e-mail
0
01/02/2018 | 12:48pm CEST
By Sarah McFarlane 

Oil prices edged off a 2 1/2 -year high on Tuesday, after supply disruptions eased in the North Sea and Libya, while rising tensions in major oil exporter Iran underpinned the market.

Brent crude, the global oil benchmark, fell 0.2% to $66.72 a barrel on London's ICE Futures exchange. On the New York Mercantile Exchange, West Texas Intermediate futures were trading down 0.1% at $60.33 a barrel.

The resumption of oil flows in pipelines in the North Sea and Libya was offset by concern that antigovernment protests in Iran could disrupt production there.

Iran is facing its sixth day of demonstrations in some of the country's most widespread street protests in nearly a decade, with protesters demanding an end to the Islamic Republic regime and a change in leadership.

"I don't think we're seeing much immediate risk from these protests which are taking place in urban areas but I think it's the backdrop--both political and in the oil market--that mean these are catching attention," said Richard Mallinson, analyst at consultancy Energy Aspects.

The unrest in Iran comes at a time when oil prices have been steadily climbing, aided by supply disruptions, along with efforts by the Organization of the Petroleum Exporting Countries to curb output and drain global stocks. Iran is OPEC's third-largest producer.

Growing political tensions in other major oil producers including Venezuela and Saudi Arabia have also added a risk premium to oil prices, analysts said.

"Geopolitics is going to be much more in focus now that we're in a tighter market," said Mr. Mallinson.

Oil demand is expected to come closer to matching oil supplies in the second half of the year, after more than three years of excess supply bolstering global stocks.

"The first quarter should be the weakest data of the year in terms of the weakest demand for crude oil due to refinery maintenance... it's in the second half of the year that it should tighten," said Olivier Jakob, managing director of Petromatrix, an oil research firm in Switzerland.

Nymex reformulated gasoline blendstock--the benchmark gasoline contract--fell 0.5% to $1.79 a gallon. ICE gasoil changed hands at $599.25 a metric ton, down $1.00 from the previous settlement.

Write to Sarah McFarlane at sarah.mcfarlane@wsj.com

share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news on WTI
10/22DUKE ENERGY : Hunt Military Communities Teams With Duke Energy at Shaw Air Fore ..
DJ
10/22NEWS HIGHLIGHTS : Top Energy News of the Day
DJ
10/22U.S. Oil Prices Little Changed Near $69 a Barrel
DJ
10/22Oil Edges Down as Dollar Strengthens
DJ
10/22NEWS HIGHLIGHTS : Top Energy News of the Day
DJ
10/22NEWS HIGHLIGHTS : Top Energy News of the Day
DJ
10/22Oil Edges Up as Iranian Sanctions Approach
DJ
10/22NEWS HIGHLIGHTS : Top Energy News of the Day
DJ
10/22BP Gets Approval to Develop Alligin Field in North Sea
DJ
10/22Total, CNOOC Increase Volume of LNG Supply Contract
DJ
More news
Chart WTI
Duration : Period :
WTI Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends WTI
Short TermMid-TermLong Term
TrendsBearishNeutralBullish