Oil held a loss below $71 as the United Arab Emirates said OPEC has enough spare production capacity to mitigate any impact on crude markets if the U.S. re-imposes sanctions on Iran.
Oil has extended a rally this month to the highest level in more than three years as President Donald Trump’s decision to walk away from the Iranian nuclear accord fueled tensions in the energy-rich Middle East and raised concerns over supply disruptions. Investors are weighing signals from OPEC and its allies to see whether they will end a deal to cut production or seek an extension to further prop up prices.
West Texas Intermediate crude for June delivery traded at $70.69 on the New York Mercantile Exchange, down 1 cent, at 9:08 a.m. in Tokyo. Prices dropped 66 cents to $70.70 on Friday. Total volume traded was about 43 percent below the 100-day average.
Brent for July settlement slipped 6 cents to $77.06 a barrel on the London-based ICE Futures Europe exchange. The contract declined 0.5 percent to $77.12 on Friday. The global benchmark crude traded at a $6.44 premium to July WTI.
Source : Bloomberg