Oil prices have closed up sharply. Picture: Shutterstock
The oil prices closed now rising markedly. The future on WTI expiring August earned the NYMEX 1.6% to $ 53.04 per barrel. This is the highest level in almost two weeks.
earnings of Brent were lower. The future expiring August rose to ‘ ICE 1.1% to $ 58.51 per barrel.
‘s Iran has reached a deal with world powers over the future of its nuclear program. The news weighed on oil prices only briefly. Some analysts have indicated that the resumption of exports of Tehran will be very gradual. Commerzbank , for example, states that Iran’s offer will increase by only 500,000 barrels a day by mid-2016.
In fact, the end of the sanctions will depend on the assessments of the International Atomic Energy Agency ( Aiea ). The results of the first audit of compliance with agreements on the part of Iran will arrive in December. At least until then there will be no recovery in exports of the fifth largest producer of ‘ OPEC . Societe Generale it is expected for this reason that oil will return to Tehran on the market just in time to meet the increased demand due to the strengthening of the global economy. For the French investment bank the impact on prices will therefore be content.
The sanctions, applied in 2012, have reduced exports of Iranian crude oil by about 50%. Earlier Iran was exporting almost three million barrels per day and was the second largest producer of OPEC.
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