Oil Pares Weekly Loss as US Sanctions Offset Bleak IEA Outlook

(Bloomberg) — Oil rose as contemporary US sanctions in opposition to Iranian oil and transport countered a few of Thursday’s stoop following a dour demand forecast from the IEA.

West Texas Intermediate rose towards $67 a barrel after sliding 1.7% within the earlier session, whereas Brent crude closed close to $70. The White Home is imposing sanctions on Iran’s oil minister, and focused much more corporations and vessels it mentioned are used within the transport of crude.

The decline on Thursday got here after the Worldwide Vitality Company mentioned a provide surplus is ready to deepen as an escalating commerce battle pressures demand on the similar time that OPEC+ is reviving output. The drop has put WTI on observe for an eighth weekly loss, the longest stretch since August 2015.

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