Arab Today, arab today oil ends quarter up 14 on iran supply problems
Last Updated : GMT 20:05:56
Arab Today, arab today
Arab Today, arab today

Oil ends quarter up 14% on Iran supply problems

Arab Today, arab today

Arab Today, arab today Oil ends quarter up 14% on Iran supply problems

New York - Arabstoday

Oil rose on Friday to post the biggest quarterly gain since the beginning of 2011 as the growing threat of a disruption of Iranian exports added to supply concerns. Oil markets, on edge about the potential loss of exports from Iran, briefly spiked in afternoon trade after the Obama administration said there is enough global oil supply to allow countries to cut imports from the second largest exporter of the Organisation of Petroleum Exporting Countries (Opec). Obama is required by law to determine by March 30, and every six months after that, whether the price and supply of non-Iranian oil are sufficient to allow consumers to "significantly" cut their purchases from Iran. The impact of US and EU sanctions, aimed at curbing Tehran's nuclear ambitions, pushed up international benchmark Brent crude by more than 14 per cent over the past three months, prompting the US, Britain and France to mull releasing oil from their emergency reserves. Obama said that increased production by some countries as well as "the existence of strategic reserves" helped him come to the conclusion, which will allow Washington to move closer to sanctioning countries who still buy Iranian oil. A Reuters poll of Opec production showed Iranian supplies have already felt the pinch of sanctions, adding to losses from Syria, Yemen, South Sudan and the North Sea. Overall production from the producer group rose in March, however. "The Obama news caused an initial pop up, but then there was a realisation it wasn't going to happen immediately and there's been a shift from focus on a threat to close the Strait of Hormuz to whether or not reserves are going to be released," said Dominick Caglioti, broker at Frontier Trading Co. in New York. Brent May crude traded up 49 cents to settle at $122.88 a barrel. Prices were up $15.50 since the end of December, the biggest quarterly rise since the first quarter of 2011. US May crude settled at $103.02 a barrel, up 24 cents on the day and $4.19, and up over 4 per cent from last quarter. Despite the quarterly gains, Brent has traded mostly between $122 and $127 a barrel over the past five weeks, as traders balance supply losses against weak demand in the West and worries about the Eurozone. From gulfnews

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today oil ends quarter up 14 on iran supply problems Arab Today, arab today oil ends quarter up 14 on iran supply problems

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today oil ends quarter up 14 on iran supply problems Arab Today, arab today oil ends quarter up 14 on iran supply problems

 



Arab Today, arab today
Arab Today, arab today Youssra depended on colored foam

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
Arab Today, arab today Ryanair's O'Leary: Could ground more planes

GMT 06:49 2017 Friday ,22 September

Ryanair's O'Leary: Could ground more planes
Arab Today, arab today Etiquette expert underlines importance of gifts

GMT 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts
Arab Today, arab today Huthis stage defiant rally 3 years

GMT 05:29 2017 Friday ,22 September

Huthis stage defiant rally 3 years
Arab Today, arab today Saudi Arabia to unblock internet calling apps

GMT 11:31 2017 Wednesday ,20 September

Saudi Arabia to unblock internet calling apps
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Ministry seeks to improve education

GMT 14:49 2017 Sunday ,17 September

Ministry seeks to improve education
Arab Today, arab today All eyes on May as she prepares

GMT 10:16 2017 Friday ,22 September

All eyes on May as she prepares
Arab Today, arab today Puerto Rico, Virgin Islands brace

GMT 12:01 2017 Wednesday ,20 September

Puerto Rico, Virgin Islands brace
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Mercedes pumps 1 bln euros    

GMT 06:04 2017 Friday ,22 September

Mercedes pumps 1 bln euros    
Arab Today, arab today Intel chips loaded in Waymo

GMT 14:43 2017 Wednesday ,20 September

Intel chips loaded in Waymo
Arab Today, arab today Youssra prepares for launching her  program

GMT 08:59 2017 Wednesday ,20 September

Youssra prepares for launching her program
Arab Today, arab today France hopeful of persuading Trump

GMT 06:21 2017 Wednesday ,20 September

France hopeful of persuading Trump

GMT 09:40 2017 Tuesday ,19 September

Actress Ream Hhagag prepares for a new film

GMT 18:09 2017 Thursday ,21 September

China lifts 10-year travel ban

GMT 16:53 2017 Saturday ,02 September

Mai importance of gifts during Eid Al-Adha

GMT 19:18 2017 Monday ,18 September

5,000 'Dieselgate' deaths in Europe per year

GMT 10:46 2017 Saturday ,05 August

Nanis reveals simple ideas for home renovation

GMT 18:03 2017 Thursday ,21 September

Alarm over flesh-eating ulcer cases

GMT 07:00 2017 Wednesday ,20 September

A no-frills business success

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 12:46 2017 Thursday ,21 September

Google likely to buy stake in Taiwan smartphone maker HTC

GMT 11:37 2017 Saturday ,12 August

Fashion designer reveals her new collection
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday