Oil Steady Near 4-Year High as Supply Fears Counter Stock Build - Bloomberg

Oil Steady Near 4-Year High as Supply Fears Counter Stock Build - Bloomberg:

Oil steadied near the highest level in almost four years as fears of a supply crunch outweighed expectations for an increase in American crude inventories.

Futures were trading around $75.50 a barrel in New York, up around 0.4 percent. Supply losses from Iran to Venezuela continued to rattle markets, boosting volatility and driving prices higher. The ongoing outlook for a tightening of crude markets overshadowed forecasts for a second weekly gain in U.S. stockpiles.

Crude has gained more than 20 percent this year on growing concerns that OPEC and its allies can’t pump enough crude to offset losses from American sanctions on Iranian oil. The Persian Gulf state’s exports appear to have declined by more than the market expected, with South Korea, Japan and India already shunning supplies before the sanctions due Nov. 4.