SINGAPORE: OilNSE 0.93 % prices inched lower on Wednesday on signs that global markets remain adequately supplied despite a jump to 2019 highs this week on Washington's push for tighter sanctions against Iran.
Brent crude futures were at $74.24 per barrel at 0058 GMT, down 27 cents, or 0.4 per cent, from their last close.
US West Texas Intermediate (WTI) crude futures were at $66.02 per barrel, down 28 cents, or 0.4 per cent, from their previous settlement.
US sanctions against oil exporter Iran were introduced in November 2018, but Washington allowed its largest buyers limited imports of crude for another half-year as an adjustment period.
With Iranian oil exports likely declining sharply from May as most countries bow to US pressure, global crude markets are expected to tighten in the short-run, Goldman Sachs and Barclays bank said this week.
Despite this, analysts said global oil markets remained adequately supplied thanks to ample spare capacity from the Middle East dominated Organization of the Petroleum Exporting Countries (OPEC), Russian and also the United States.
The International Energy Agency (IEA), a watchdog for oil consuming countries, said in a statement on Tuesday that markets are "adequately supplied" and that "global spare production capacity remains at comfortable levels."
The biggest source of ne ..
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Brent crude futures were at $74.24 per barrel at 0058 GMT, down 27 cents, or 0.4 per cent, from their last close.
US West Texas Intermediate (WTI) crude futures were at $66.02 per barrel, down 28 cents, or 0.4 per cent, from their previous settlement.
US sanctions against oil exporter Iran were introduced in November 2018, but Washington allowed its largest buyers limited imports of crude for another half-year as an adjustment period.
With Iranian oil exports likely declining sharply from May as most countries bow to US pressure, global crude markets are expected to tighten in the short-run, Goldman Sachs and Barclays bank said this week.
Despite this, analysts said global oil markets remained adequately supplied thanks to ample spare capacity from the Middle East dominated Organization of the Petroleum Exporting Countries (OPEC), Russian and also the United States.
The International Energy Agency (IEA), a watchdog for oil consuming countries, said in a statement on Tuesday that markets are "adequately supplied" and that "global spare production capacity remains at comfortable levels."
The biggest source of ne ..
For more information Top 10 Stock Advisory Company Indore
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