empty

2018.09.1906:56:00UTC+00Oil Holds Near $80 On Supply Concerns

Oil prices steadied near $80 a barrel on Wednesday as investors eyed disruptions to global supplies once U.S. sanctions on Iran come into force.

Benchmark Brent crude was marginally lower at $79.02 a barrel after rising 1.3 percent on Tuesday amid reports that Saudi Arabia, the world's largest oil exporter, was comfortable with prices above $80.

U.S. crude futures were up 2 cents at $69.61 a barrel after climbing 1.4 percent in the previous session.

New U.S. oil sanctions will formally take effect on Nov. 4, but Iran's oil exports are already plummeting, leading to a supply shortfall in global markets.

Traders also took the Saudi comments as a sign that the country would not aggressively respond to the rise in prices with supply increases.

  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST


Can't speak right now?
Ask your question in the chat.
Widget callback
 

Dear visitor,

Your IP address shows that you are currently located in the USA. If you are a resident of the United States, you are prohibited from using the services of InstaFintech Group including online trading, online transfers, deposit/withdrawal of funds, etc.

If you think you are seeing this message by mistake and your location is not the US, kindly proceed to the website. Otherwise, you must leave the website in order to comply with government restrictions.

Why does your IP address show your location as the USA?

  • - you are using a VPN provided by a hosting company based in the United States;
  • - your IP does not have proper WHOIS records;
  • - an error occurred in the WHOIS geolocation database.

Please confirm whether you are a US resident or not by clicking the relevant button below. If you choose the wrong option, being a US resident, you will not be able to open an account with InstaForex anyway.

We are sorry for any inconvenience caused by this message.