Slowing global economic momentum holds oil prices in check: Kemp | Reuters:
Oil prices have stalled over the last two months as the prospect of tough sanctions on Iran’s exports from November is offset by concerns about a slowdown in global economic growth later in 2018 and 2019.
Brent futures prices for crude delivered in 2019 have been flat since late May, after rising strongly since February, with the calendar strip steadying around $71-73 per barrel.
The U.S. government estimates Iran’s oil exports will be cut by between 0.7 and 1.0 million barrels per day from November as a result of sanctions (“U.S. forecasts 50 percent cut in Iran oil sales”, Bloomberg, Aug. 10).
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