Edition: United Kingdom  
One News Page
“Probably the fastest-access news portal in the world”
> >

Oil prices climb ahead of Trump's decision on Iran nuclear deal

City A.M. Donald TrumpDonald Trump
Friday, 13 October 2017 ()

Oil prices climb ahead of Trump's decision on Iran nuclear dealOil prices climbed more than 1.5 per cent this morning to the highest point so far this month ahead of Donald Trump's decision on whether to re-certify the Iran nuclear deal.

At the time of writing, Brent crude futures were up 1.74 per cent at $57.23 per barrel while US benchmark West Texas Intermediate prices were up 1.58 per cent at $51.40 per barrel.

Last night, closely watched data from the Energy Information Administration showed US crude inventories dropped 2.7m barrels to 462.22m barrels in the week to 6 October. Meanwhile, US crude output fell 81,000 barrels per day (bpd) to 9.48m bpd.

*Read more*: Oil prices edge up as Opec confirms the market is rebalancing

Analysis from the International Energy Agency (IEA) yesterday forecast the global crude market would finally come into balance next year if the Organisation of the Petroleum Exporting Countries (Opec) keeps production at its current levels. 

Opec and key non-members including Russia have agreed to cut output by 1.8m bpd to prop up oil prices and reduce the global supply glut. The deal runs until March 2018.

Oil prices were also bolstered by expectation-beating import data from China, the world's biggest importer of oil.

Chinese oil imports averaged 8.5m bpd from January to September and reached 9m bpd in September.

Traders will be watching the US today for President Donald Trump's decision on whether to continue to certify the 2015 Iran nuclear deal. 

"If the President decertifies the Iranian nuclear deal (which was agreed with five other nations), it may create some knee-jerk reaction in the oil market," said Naeem Aslam, chief market analyst at Think Markets.

If he does not certify the deal, congress will have 60 days to decide whether to reimpose new sanctions.

*Read more*: Brent crude oil dips below $56 a barrel
Share on
Share on
Post on 
Share by
Source: CBS News - < > Embed

News video: Trump's decision on Iran nuclear deal ignites war of words

Trump's decision on Iran nuclear deal ignites war of words 02:07

President Trump's action against the Iran nuclear deal has ignited a new war of words with Iran. Liz Palmer reports.

Recent related news

Trump strikes blow against Iran nuclear deal in major shift in U.S. policy

WASHINGTON (Reuters) - U.S. President Donald Trump struck a blow against the 2015 Iran nuclear agreement on Friday in defiance of other world powers, choosing...
Reuters - WorldAlso reported by •OilPrice.comChristian Science Monitor

Trump’s Iran Deal – OpEd

Bad deals. Very bad – unless, of course, they are minted in the United States, with Make America Great Again credentials. Hardly the stuff of presidential...
Eurasia Review - WorldAlso reported by •OilPrice.com

Iran nuclear deal: EU condemns Donald Trump's decision to decertify agreement

The Iran nuclear deal is working well and continues to prevent the country from developing atomic weapons, the European Union's foreign policy chief has said.
Independent - WorldAlso reported by •BBC News

Trump refused to certify the Iran deal - here's how world leaders reacted

Trump refused to certify the Iran deal - here's how world leaders reacted
US President Donald Trump last night refused to formally certify that Iran was complying with a nuclear deal signed in 2015, but key US allies defended the...
City A.M. - Business

You Might Like

Other recent news in Business

Theresa May to EU CITIZENS: We want you to stay after BrexitBLACK MONDAY 1987: "Our jaws hit the desk"
Lloris: REAL MADRID draw demonstrates progress made under PochettinoPlans for Premier League clash on CHRISTMAS EVE abandoned
How RUSSIA's election meddling could spell the end of an era for Facebook, Google and TwitterXAVIER ROLET quits London Stock Exchange
Genel insulated so far from IRAQI KURDISTAN disputeFACEBOOK and Google 'collaborated on anti-refugee campaign' during 2016 election
UK urged to investigate HSBC and Standard Chartered over links to SOUTH AFRICA's Gupta familyWomen returning to work driving LABOUR market boom


Environmentally friendly: One News Page is hosted on servers powered solely by renewable energy
© 2017 One News Page Ltd. All Rights Reserved.  |  About us  |  Disclaimer  |  Press Room  |  Terms & Conditions  |  Privacy Policy  |  Content Accreditation
 RSS  |  News for my Website  |  Free news search widget  |  Help  |  Contact us  |  DMCA / Content Removal
How are we doing? Send us your feedback  |   LIKE us on Facebook   FOLLOW us on Twitter   FIND us on Google+