Oil prices increased for the second time this week following a decline in US stocks and concerns over supply disruption in the Middle East.

The decline in US stocks has helped support the market, while refinery maintenance works in the US has reached its peak this month. Furthermore, with the US taking a tough stance against Iran, several investors are hesitant to aggressively sell oil in the market.

Go deeper with GlobalData

Premium Insights

The gold standard of business intelligence.

Find out more

Related Company Profiles

View all

Brent crude futures inched up by 40 cents to reach $67.85 a barrel, while US West Texas Intermediate (WTI) crude futures grew 36 cents to reach $63.90 a barrel, reported Reuters.

Saudi Arabia’s Crown Prince Mohammed bin Salman is on a state visit to Washington, which has increased speculation that the US might look at re-imposing sanctions on Iran.

“The decline in US stocks has helped support the market, while refinery maintenance works in the US has reached its peak this month.”

Petromatrix strategist Olivier Jakob was quoted by Reuters as saying: “You still have geopolitical considerations and possible US action on Iranian sanctions that is going to be relatively prompt in May.”

“So even though you do see signs that the market is lax on the physical side, do you go aggressively bearish when you have the potential for something happening between the US and Iran?”

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

See Also:

If the US decides to reimpose sanctions on Iran, according to energy consultancy FGE, the move could see a 250,000 to 500,000 barrels per day (bpd) fall in Iran’s exports by the end of this year.

The American Petroleum Institute said that US inventories dropped by 2.7 million barrels to 425.3 million in the week ending 16 March, as opposed to expectations of a 2.6 million barrels increase.