Iran sent the oil to China, its biggest customer, ahead of the reintroduction of U.S. sanctions last November, as it looked for storage for a backlog of crude at home. Iran says it will continue to export oil in defiance of U.S. sanctions. WTI Crude is $64.29; Brent is $72.77 this morning.
Crude was already buoyed as OPEC and its allies, primarily Russia, implemented output cuts at the beginning of 2019, while U.S. shale output has been slow to increase. WTI Crude is $63.10; Brent is $71.97 this morning.
Current market fundamentals are supportive. We have come a long way on the back of speculation about what happens next and it might be the time to pause and wait and see what actually happens say analysts. WTI Crude is $64.00; Brent is $72.60 this morning.
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