Oil Extends Gains Ahead of Trump Iran Decision

12 Jan 2018   Iran

Oil prices hit a fresh three-year high on Thursday ahead of a U.S. decision on whether to extend temporary waivers on sanctions against Iran . Light, sweet crude for February delivery settled up 23 cents, or 0.4%, to $63.80 a barrel on the New York Mercantile Exchange, the highest close since December 2014. Brent, the global benchmark, gained 6 cents, or 0.1%, to $69.26 a barrel, and prices briefly crossed $70 in intraday trading before paring gains. U.S. President Donald Trump is set to review whether to waive or reimpose sanctions on Iran this week, a decision that has implications on Iran’s oil exports. “It will be very important for the oil market to see what he does with Iran considering that in the past sanctions regime a large portion of exports was disrupted,” said Giovanni Staunovo, commodity analyst at UBS Wealth Management. The review comes after Iran has […]

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