empty
 
 

2018.10.2207:18:00UTC+00Brent Oil Climbs Back Above $80 A Barrel

Brent crude oil prices climbed back above $80 a barrel on Monday as investor focus returned to impending U.S sanctions against Iran.

Traders expect supply to tighten once U.S. sanctions against Iran's crude exports take effect on November 4.

Global benchmark Brent crude oil traded up by 22 cents or 0.28 percent at $80.10 a barrel while U.S. West Texas Intermediate (WTI) crude futures were up 32 cents at $69.44 a barrel.

The Organization of the Petroleum Exporting Countries and allies agreed in June to boost supply in a bid to offset losses caused by sanctions on Iran.

Nevertheless, concerns persist that OPEC members do not have enough spare production capacity to deploy quickly enough to weather the effects of the Iran sanctions.

Meanwhile, U.S. Treasury Secretary Steven Mnuchin reportedly said on Sunday that it would be harder for countries to get sanction waivers than it was during the previous Obama administration.

  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $1000 more!
    In April we raffle $1000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS


Can't speak right now?
Ask your question in the chat.
Widget callback