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Oil rises on concerns the imposition ofnew US sanctions on Iran[/size]
Twilight News
11 minutes ago
Oil rises on concerns the imposition ofnew US sanctions on Iran[/size]
Twilight News
11 minutes ago
Twilight News / Oil prices rose on Friday on the possibility of imposing new sanctions on Iran after US President Donald Trump said that all options are on the table in dealing with Tehran after it conducted a missile test.
Analysts said prices also received support from comments by Russian Energy Minister Alexander Novak on oil producers cut production, according to the agreement reached with OPEC.
By 1050 GMT, futures rose to global crude measurement Brent 30 cents to $ 56.86 a barrel after it fell 24 cents to $ 56.56 at the settlement in the previous session. And is heading towards Brent rising more than two percent this week, the first large weekly increase since the beginning of the year.
And ascended WTI US mediator in the nearest month contract maturity 25 cents to $ 53.79 a barrel after closing down 34 cents on Thursday. Crude rose slightly more than one percent since the beginning of the week.
Reuters reported on Thursday, citing sources familiar with the Trump administration is preparing to impose new sanctions on more than 24 Iranian entities after Iran test-ballistic missile.
He said Russian Energy Minister Alexander Novak said Russian companies may cut oil production faster than required under the agreement with the Organization of Petroleum Exporting Countries (OPEC) last year.
Novak said that global production of oil fell 1.4 million barrels per day last month as part of the agreement.
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