Oil prices dipped on Friday on expectations that producer club OPEC will soon raise output to make up for a decline in exports from Iran following a tightening of sanctions by the United States against Tehran. Brent crude futures were at $74.09 per barrel at 0029 GMT, down 26 cents, or 0.4 percent, from their last close.
U.S. West Texas Intermediate (WTI) crude futures were at $64.82 per barrel, down 39 cents, or 0.6 percent, from their previous settlement. The dip followed Brent’s rise above $75 per barrel for the first time this year on Thursday after Germany, Poland and Slovakia suspended imports of Russian oil via a major pipeline, citing poor quality. The move cut parts of Europe off from a major supply route.
But prices were already gaining before the Russian disruption, driven up by supply cuts led by the Middle East dominated Organization of the Petroleum Exporting Countries (OPEC) and U.S. sanctions against Venezuela and Iran. Crude futures are up around 40 percent so far this year. Read More
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