Oil Keeps Rising As Iran Concerns Heat Up And U.S. Weather Factors In
Alfonso Esparza | Jan 04, 2018 11:24
Oil rose above $68 a barrel to its highest since May 2015 on Thursday after unrest in Iran raised concerns about supply risks, with support also coming from OPEC-led output cuts and demand-boosting cold weather in the United States.
Six days of anti-government protests in OPEC’s third-largest producer have added a geopolitical-risk premium to oil prices, though Iran’s production and exports have not been affected.
Brent crude, the international benchmark, was down 11 cents at $67.73 a barrel by 1455 GMT but traded as high as $68.27 earlier in the session. U.S. crude CLc1 rose 4 cents to $61.67 and also touched its highest since May 2015.
“There is enough support for prices with the cold in the U.S. and the geopolitical factor,” said Petromatrix oil analyst Olivier Jakob.
via Reuters
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