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OIL & GAS

Oil Price Records Slight Leap As Saudi Increases Selling Price To Asia

Saudi Arabia raised its prices for crude sales to Asia for the second month running, indicating improved demand in the region and pushing oil price to climb more than $1 a barrel on Monday, April 6.

International benchmark Brent regained ground after plunging as much as five per cent on Thursday, April2,  when Iran reached a preliminary deal on its nuclear program with six world powers.

More Iranian oil could enter global markets if that is followed by a comprehensive deal by June.

However, expectations of an immediate increase in supply have been reduced as analysts warned a ramp-up in exports could take months and would likely not happen until 2016.

An industry analyst, Morgan Stanley, said: “While clearly a bearish headline, a final deal and full lifting of sanctions still faces a number of obstacles.”

Brent crude for May delivery LCOc1 touched a high of $56.90 a barrel and was up $1.29 from Thursday, April 2, at $56.24 by 1436 GMT.  U.S. crude for May delivery CLc1 was $1 higher at $50.14 a barrel, after earlier touching $50.97.

 

 

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Comments (2)

  1. RT @BizWatchNigeria: Oil Price Records Slight Leap As Saudi Increases Selling Price To Asia – http://t.co/FXYQUuWXxV http://t.co/KmAhbOLq3I

  2. RT @BizWatchNigeria: Oil Price Records Slight Leap As Saudi Increases Selling Price To Asia – http://t.co/FXYQUuWXxV http://t.co/KmAhbOLq3I

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