Oil price recovers significantly – Commerzbank
|The Brent oil price rose significantly yesterday and regained last Thursday's interim high of just over $68 per barrel in the morning, Commerzbank's commodity analyst Carsten Fritsch notes.
Brent crude surges on sanctions and inventory drop
"The price increase was triggered by signs of easing in the tariff conflict and further US sanctions against Iran. After customers in China (see Commodities Update from 17 April), a shipping network from Iran, which is held responsible for transporting Iranian oil, was also placed on the US sanctions list yesterday."
"An unexpectedly sharp fall in US crude oil inventories reported by the API in the evening also drove up prices. We no longer see any significant upward potential for oil prices due to the looming oversupply."
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.