On Thursday, May 10, the oil is being traded at maximum levels from November 2014, based on the decision of U.S. President Donald Trump to withdraw from nuclear deal with Iran, according to the auction’s data, Prime agency reports.
As of 8:08 Kyiv time, the price of July futures for BFOE increased by 0.73% - up to $77.78 per barrel. The price of June futures for WTI increased by 0.77% - $71.69 per barrel.
The oil prices renewed maximum indicators for 3.5 years after on Tuesday, Trump announced that U.S. withdraw from the nuclear program agreement with Iran, reached by “six” international intermediaries (Russia, U.S., United Kingdom, China, France, Germany) in 2015. In addition, U.S. president announced about the recovery of all sanctions, which were suspended as the result of closed deal.
The imposition of sanctions against Iran can lead to reduction of oil reserves in the world. Currently, about 4% of oil supply on the global market account for Iran, Reuters reports. Goldman Sachs analysts note that U.S. sanctions against Iran will probably have a “high level of effectiveness”. According to their forecasts, in summer, Brent oil price can be $82.5 per barrel.
The data on U.S. raw material reserves also contributed to the increase of global prices. On Wednesday, U.S. Department of Energy reported that U.S. commercial oil reserves (excluding the strategic reserve) per week, which ended on May 4, decreased by 433.8 mln barrels; meanwhile, the reduction was forecast only by 0.2 mln barrels.
