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Brent stabilized at $ 64.2 waiting for news from the Middle East

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Brent stabilized at $ 64.2 waiting for news from the Middle East
July 08
09:00 2019

On Monday, the oil market is stable. Investors are waiting for the development of the situation in Iran. It is about Iran’s intention to start uranium enrichment activities above the level indicated in the JCPOA.

Analysts unanimously state that the escalation of this conflict can cause problems with fuel supplies from the Middle East. At the same time, the situation around the trade agreement between America and China is still unclear. Nothing looks positive against the backdrop of continuing signals about a downturn in the global economy.

In London, Brent futures for September are being traded at $ 64.2 per barrel. At the last session, the price was exactly the same. On Friday, contracts were growing quite actively. As a result they went up almost a dollar.

By the same time, August futures for American WTI crude oil (traded on NYMEX) had risen by 2 cents to $ 57.5. At the last session, the growth of the price was not very active. It grew only by 17 cents at the end of the trade.

 The fear of worsening situation in the Middle East is the main factor that supports prices.

Iran has stated that its failure to comply with the JCPOA rules is a kind of attempt to save the treaty. The authorities do not exclude that it is possible to completely withdraw from the treaty if the rest of its members do not fulfill their responsibilities.

Europe calls upon Tehran to stop derogation from the terms and conditions of the JCPOA. However, there have been no threats to impose sanctions.

America has already responded to Tehran’s statement. Secretary of State Michael Pompeo said that they would impose new sanctions to isolate Iran.

 

The material was prepared with the participation of Katya Wilson,
a leading analyst of the brokerage company UFT Group

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