Oil Dips From Recent Highs on Hopes of Alternatives to Iran Supply | Today Commodity Market News Outlook 11 May 2018.



Bullion - Opens on positive Note Gold -31385-31380 Silver - 40380-40400 

Energy - Opens on mixed Note Crude Oil - 4785-4790 Natural Gas -188.60-188.80 

Base Metals - Opens on mixed Note Copper -463.20-463.40 Nickel -931-932 Lead -155.70-156 Zinc - 207.30-207.35 Aluminium -155.70-155.60




Oil prices on Friday dipped away from multi-year highs reached the previous session on hopes that alternative supplies could replace a looming drop in Iranian exports when US sanctions against Tehran are re-imposed.

The United States plans to re-introduce sanctions against Iran, which produces around 4 percent of global oil supplies, after abandoning an agreement reached in late 2015 that limited Tehran's nuclear ambitions in exchange for removing US-Europe sanctions.

The sanctions come amid an oil market that has been tightening due to strong demand, especially in Asia, and as top exporter Saudi Arabia and No.1 producer Russia have led efforts since 2017 to withhold oil supplies to prop up prices.

0 comments:

Subscribe to: Post Comments (Atom)