Crude prices are inching higher on hopes of a production reduction in response to the revival of Iran's nuclear deal, analyst says
An investor walks past a stock price index board at the Dubai Financial Market PJSC in Dubai, United Arab Emirates. Picture: BLOOMBERG/CHRISTOPHER PIKE
Saudi Arabia, de facto leader of Opec last week raised the possibility of production cuts, which sources said could coincide with a boost in supply from Iran should it clinch a nuclear deal with the West. “Oil prices are inching higher on hopes of a production cut from Opec and its allies to restore market balance in response to the revival of Iran's nuclear deal,” said Sugandha Sachdeva, vice-president of commodity research at Religare Broking.The price of crude oil has surged this year, with Brent coming close to a record high of $147 in March as Russia's invasion of Ukraine worsened supply concerns.
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