Newsdeck: Oil Near Six-Month High Amid Iran Sanctions, Stockpile Boost By Bloomberg
Futures were little changed in New York. Crude stockpiles rose by 6.86 million barrels last week, the American Petroleum Institute was said to report on Tuesday. Saudi Arabian Energy Minister Khalid Al-Falih said he sees no need for immediate action in response to tighter U.S. sanctions on Iran, while the International Energy Agency said there remain “comfortable” levels of spare capacity.
“The situation in the oil market has calmed down,” said Carsten Fritsch, an analyst at Commerzbank AG in Frankfurt. “Apparently, the global oil market is sufficiently supplied.” Brent for June settlement gained 9 cents to $74.60 a barrel on the London-based ICE Futures Europe exchange. It increased 3.5 percent in the first two days of the week. The global benchmark crude was at a premium of $8.33 to WTI.
Although Saudi Arabia’s Al-Falih said there was no need for an instant response to the tougher sanctions on Iran, he told reporters in Riyadh that the kingdom will cater to the requirements of its customers, particularly those affected by the new U.S. policy.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
World stocks volatile as oil hits near six-month highsThe Canadian dollar and Norwegian krone are subdued with Sri Lanka’s markets falling after Easter attacks
Read more »
US to end all waivers on imports of Iranian oilUS aims to cut Iran oil exports to zero, prompting market concerned about reduced supply
Read more »
Business Maverick: Saudis Pledge to Ensure Oil Supply if Iran Exports CollapseSaudi Arabia will coordinate with other crude producers to ensure that adequate supplies are available and the market “does not go out of balance,” Energy Minister Khalid Al-Falih said, after the U.S. ended waivers for buyers of Iranian oil.
Read more »
Oil close to 2019 highs as US seeks to cut Iran exports to zeroGlobal supply seen as ample
Read more »
Hydroponic dagga, magic mushrooms, cannabis oil worth over R90k foundThe suspect was detained at Greenwood Park SAPS in KwaZulu-Natal.
Read more »
Oil at highest level in five monthsBefore the reimposition of sanctions, Iran was the fourth-largest producer among Opec at about three-million barrels per day, but April exports have shrunk to below one-million bpd
Read more »
East Africa faces food shortages, rising oil pricesIn the Greater Horn of Africa region, more than 23 million people are food insecure.
Read more »
Rand slips as oil price risesA rising oil price dents global sentiment a little, while the rand is also under pressure after Eskom’s bailout
Read more »
Rand slips as oil price risesA rising oil price dents global sentiment a little, while the rand is also under pressure after Eskom’s bailout
Read more »
Rand slips as oil price risesThe rand was softer against major global currencies on Tuesday afternoon, faring worst against the pound amid an air of caution in global markets.
Read more »