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BUNKER INDEX :: Price Index, News and Directory Information for the Marine Fuel Industry
Home » News



The uptrend in oil prices continues

By A/S Global Risk Management.



Michael Poulson, Oil Risk Manager at A/S Global Risk Management. Image credit: A/S Global Risk Management


Updated on 11 May 2018 06:51 GMT

After the U.S. refrained from renewing the lifting of sanctions against Iran earlier this week, oil prices have continued the uptrend.

Uncertainty flares both as regards a limitation of Iranian oil exports and the consequences for the global economy of sanctions potentially being imposed by the U.S. on countries trading with Iran.

The Iranian oil minister yesterday stated that the U.S.' decision to quit the nuclear deal will not affect the country's oil exports. Adding to the geopolitical risk premium was an Israeli missile launch in Syria which allegedly hit Iranian military infrastructure. The attack came after Iranian rockets hit Israeli held territory.

The weekly U.S. oil stocks reports from the API and EIA both showed a decline in crude inventories earlier this week. Tonight's weekly oil rig count from Baker Hughes will be followed closely. The past weeks have shown increasing number of active drilling rigs in the U.S.

Turning to economic data, yesterday's U.S. inflation data came out lower than expected. Today, the ECB president will speak, other than that no major data releases.

Next week, OPEC (Monday) and IEA (Wednesday) monthly oil market reports are published.



A/S Global Risk Management is a provider of customised hedging solutions for the management of price risk on fuel expenses. The company has offices in Denmark and Singapore. For further details about its risk management products and services, please call +45 88 38 00 00 or email hedging@global-riskmanagement.com.






Related Links:

US withdraws from the 2015 Iran nuclear deal
A/S Global Risk Management Ltd.

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