Mecklenburg-Vorpommern Economy

Oil surges, ready for biggest weekly loss since March on possible supplies from Iran, Energy News, ET EnergyWorld


SINGAPORE: Oil prices edged up on Friday, taking a break after three days of losses as investors braced for a return to Iranian crude supplies after officials said Iran and world powers advanced in negotiations to relaunch a 2015 nuclear deal.

Brent crude futures for July rose 10 cents, or 0.2 percent, to $ 65.21 a barrel at 0032 GMT, while US West Texas Intermediate for July was at $ 62.16 a barrel, up 22 cents, or 0.4 percent.

Both contracts are down nearly 5% for the week and are on course to post their biggest weekly loss since March after the Iranian president said the United States was ready to lift sanctions on the oil sectors , banking and maritime services of his country.

Iran and the world powers have been in talks since April on relaunching the deal, and the European Union official, leading the talks, said on Wednesday he was confident a deal would be reached.

“Although the ink is not yet dry and the outstanding issues remain to be resolved, significant progress appears to have been made in the ongoing nuclear negotiations in Vienna and around 1 million barrels per day of additional Iranian barrels are potentially expected. hitting the market in the country, â€wrote Helima Croft of RBC Capital Markets in a note.

Investors remain optimistic that fuel demand will pick up again this summer, as vaccination programs in Europe and the United States would allow more people to travel, although rising cases in parts of Asia could weigh heavily. on global consumption.