Published: Wed, October 18, 2017
Markets | By Noel Gibbs

Oil price jumps to $57.8

Oil price jumps to $57.8

Oil markets jumped on Monday on concerns over potential renewed U.S. sanctions against Iran as well as the conflict in Iraq, while an explosion at a United States oil rig and reduced exploration activity supported prices there.

Goldman Sachs said Tuesday that while clashes in the Kurdistan region of Iraq posed a risk to oil output, intensifying geopolitical tensions between the USA and Iran remained a more formidable and longer-term threat to global oil supply.

Crude oil prices fell in Asia on Thursday with investors noting the latest supply and picture from the Paris-based International Energy Agency was not as convincing as hoped.

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"If Iran (were) found breaching their nuclear agreement and had their trade agreement revoked, (that) would be the biggest catalyst for upward momentum on crude prices", said Shane Chanel, equities and derivatives adviser at ASR Wealth Advisers.

Under U.S. law, the president must certify every 90 days that Iran is complying with the deal.

The oil market is also concerned with the political stability of Iraq, one of the prominent oil producers and an OPEC member. Congress will now have 60 days to decide whether to reimpose economic sanctions on Tehran.

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The common explanation given today by most analysts for the rise in Crude Oil is the military clash between Kurdish and Iraqi army forces near Kirkuk, an important oil producing region in northern Iraq.

Global supply and demand for crude oil will be largely balanced next year, as growth in consumption helps and an output curb works its way through stocks, the IEA said in its monthly report.

"In recent months we have stressed on a number of occasions that the tensions and potential effects on the production and transport infrastructure in the region pose the biggest risk to our fairly conservative price forecasts".

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US West Texas Intermediate crude futures were trading at $51.89 per barrel, up 44 cents, or 0.9 per cent.

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