Brent oil hits four-year high ahead of Iran sanctions, but demand may stutter
Brent crude oil prices rose to their highest since November 2014 on Monday ahead of U.S. sanctions against Iran, the third-largest producer in the Organization of the Petroleum Exporting Countries (OPEC), that kick in next month.
Benchmark Brent crude oil futures (LCOc1) rose to as much as $83.32 a barrel on Wednesday and were at $83.09 at 0335 GMT, still 36 cents, or 0.4 percent above their last close.
U.S. West Texas Intermediate (WTI) crude futures (CLc1) were up 19 cents, or 0.3 percent, at $73.44 a barrel.
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WTI prices were supported by a report on Friday of a stagnant rig count in the United States, which points to a slowdown in U.S. crude production , which now rivals top producers Russia and Saudi Arabia.
Brent was pushed up by looming sanctions against Iran, which will start targeting its oil sector from Nov. 4.
ANZ bank said on Monday that "the market is eyeing oil prices at $100 per barrel".
In a sign that the financial market is positioning itself for further price rises, hedge funds increased their bullish wagers on U.S. crude in the week to Sept. 25, data from the U.S. Commodity Futures Trading Commission (CFTC) showed on Friday, increasing futures and options positions in New York and London by 3,728 contracts to 346,566 during the period.
Benchmark Brent crude oil futures (LCOc1) rose to as much as $83.32 a barrel on Wednesday and were at $83.09 at 0335 GMT, still 36 cents, or 0.4 percent above their last close.
U.S. West Texas Intermediate (WTI) crude futures (CLc1) were up 19 cents, or 0.3 percent, at $73.44 a barrel.
www.expertcommodity.com
9759995554
9759717061
WTI prices were supported by a report on Friday of a stagnant rig count in the United States, which points to a slowdown in U.S. crude production , which now rivals top producers Russia and Saudi Arabia.
Brent was pushed up by looming sanctions against Iran, which will start targeting its oil sector from Nov. 4.
ANZ bank said on Monday that "the market is eyeing oil prices at $100 per barrel".
In a sign that the financial market is positioning itself for further price rises, hedge funds increased their bullish wagers on U.S. crude in the week to Sept. 25, data from the U.S. Commodity Futures Trading Commission (CFTC) showed on Friday, increasing futures and options positions in New York and London by 3,728 contracts to 346,566 during the period.
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