Caspian Energy Journal Caspian European Club
Monday, 22 October 2018 15:00

Brent oil rises back above $80

Brent oil rises back above $80

Brent crude oil prices rose back above $80 a barrel on Monday as markets were expected to tighten once U.S. sanctions against Iran’s crude exports are implemented next month, Caspian Energy News ( reports with reference to Reuters.

Benchmark Brent crude oil futures LCOc1 were at $80.26 a barrel at 0646 GMT, up 48 cents, or 0.6 percent, above their last close.

U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $69.60 a barrel, up 48 cents, or 0.7 percent.

The U.S. sanctions on the oil sector in Iran, the third-largest producer in the Organization of the Petroleum Exporting Countries (OPEC), are set to start on Nov. 4.

OPEC agreed in June to boost supply to make up for the expected disruption to Iranian exports.

Fatih Birol, executive director of the International Energy Agency (IEA), said on Monday that other producers may struggle to fully make up for the expected Iran disruption, and that oil prices could rise further.

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Person in charge of the newsline: Olga Nagiyeva 

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