U.S. West Texas Intermediate and worldwide benchmark Brent crude oil futures are trading mixed shortly before the regular session opening on Friday as investors continue to debate whether the reimposition of sanctions against Iran will disrupt supply enough to offset rising U.S. production.
ANZ analysts Daniel Hynes and Soni Kumari said Brent could reach $80 a barrel by the end of this year, attributing recent strength to rising geopolitical risks and tighter global supply.
The WTI Crude Oil market initially fell during trading on Thursday but found enough bearish pressure to turn things around and rallied rather significantly. The latest Reuters survey showed OPEC pumped around 32 million barrels per day (bpd) in April, slightly below its target of 32.5 million bpd, due largely to plunging output in Venezuela.
The May 12 deadline for U.S. President Donald Trump to decide whether to continue waiving U.S. sanctions against Iran was also buffeting downward pressure on prices.
Global oil supply has tightened with production cuts led by the Organization of the Petroleum Exporting Countries and its allies.
Trump has said that unless European allies rectify the "terrible flaws" in the worldwide accord by May 12, he will refuse to extend US sanctions relief for the oil-producing Islamic Republic.
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According to preliminary information, one person was killed and two others were wounded in the incident. Armenian police managed to neutralize and detain the criminal.
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The current oil prices reflect the uncertainty surrounding the deal with Iran, as investors are anxious about potential supply disruptions, especially since Iran has taken a firm stance in its response to the US. "Investors are anxious about supplies after Iran took a tough stance in its response to the United States", said Wang Xiao, head of crude research with Guotai Junan Futures.
Trump has all but chose to withdraw from the accord by May 12, sources said on Wednesday, though exactly how he will do so remained unclear. But they have also started work on protecting European Union. But they have also started work on protecting EU-Iranian business ties if the USA president makes good on a threat to withdraw.
Iran re-emerged as a major oil exporter in January 2016 when worldwide sanctions against Tehran were suspended in return for curbs on Iran's nuclear programme. All that has meant prices are up more than 10 percent this year even though US production is booming.
Surging production in the Permian basin has continued to outpace pipeline capacity, while local refining issues have exacerbated oversupply in the region, dealers told Reuters.
US oil production rose to a record of 10.62 million bpd, putting it ahead of Saudi Arabia, the biggest OPEC producer.
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