The US shale industry seems to have reached a turning point with the recent significant improvement in its financial sustainability. WTI Crude is $70.87; Brent is $79.57 this morning.
Sanctions on Iran’s oil sales by the US take effect on Nov. 4 vowing to curb exports from OPEC’s third-biggest producer to zero. Iranian crude shipments have already plunged about 35 percent since April. WTI Crude is $71.64; Brent is $79.72 this morning.
Oil prices got a lift yesterday from a report indicating that Saudi Arabia, leader of OPEC, is growing more inured to the prospect of Brent futures prices above $80 a barrel. WTI Crude is $69.85; Brent is $78.96 this morning.
Oil markets are in a tug-of-war as Iran sanctions provide near-term support. The Saudis have no desire to push prices higher than $80 a barrel but may no longer be able to avoid because sanctions are tightening supplies. WTI Crude s $69.76; Brent is $78.97 this morning.
Oil is pushing higher on widespread expectations of Iranian supply shortages say analysts. WTI Crude is $69.53; Brent is $78.60 this morning.
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