Oil up on Iran sanctions but this is what market trend suggests


Oil up on Iran sanctions but this is what market trend suggests

Crude oil prices rose more than 1.0 percent on Friday as U.S. sanctions against Iran looked set to tighten supply, but futures contracts posted a weekly decline as investors worried that global trade disputes could slow economic growth and hurt demand for energy.

Benchmark Brent crude oil settled 74 cents higher at $72.96 a barrel on Friday. U.S. light crude was 82 cents higher at $67.63 a barrel. A sell-off on Wednesday left both benchmarks down for the week overall, with Brent off 0.5 percent and U.S. crude 1.2 percent lower.

Hedge funds and other money managers cut their bullish positions on U.S. crude in the week ending Aug. 7 to the lowest level since June, data showed on Friday.

Prices are expected to remain under pressure as U.S. gasoline demand slows going into the autumn and refiners shut for maintenance, pushing more crude into storage, said Tariq Zahir, managing member at Tyche Capital in New York. Read More

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