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Crude price jumps as feud between US and Iran heightens

Posted: 03 February, 2017 at 06:18 pm
Crude price jumps as feud between US and Iran heightens
Crude Price Jumps As Feud Between US And Iran Heightens Photo 1

Prices of crude oil jumped to $57.095 per barrel on Friday, February 3, 2017 following the rising tension between the United States and Iran.

The price increase was helped by the agreement reached by the Organisation of Oil Exporting Countries (OPEC) to cut output.

With the current trend, there is a projection that the price could scale up to $60 per barrel before the end of the year.

Reuters is quoted as saying Brent crude futures rose to $56.84 a barrel from $56.56 previously.

It also quoted the National Australia Bank as saying on Friday, February 3, 2017: “The upward pressure on oil prices has been partly offset by rising U.S. production since October last year, which is expected to continue for the rest of 2017.

“We now expect oil prices to average around the mid to high $50s in Q1 and Q2, before reaching the low $60s by end-2017 and stabilizing at around those levels in 2018.”

There are fears that President Donald Tump of the US is poised on imposing sanctions on Iran.

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