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Oil prices extend gains amid geopolitical uncertainties

Xinhua,May 08, 2018 Adjust font size:

NEW YORK, May 7 (Xinhua) -- Oil prices continued to climb on Monday as investors kept a close eye on possible new U.S. sanctions against Iran.

U.S. President Donald Trump said on Monday that he would announce his decision on the Iran nuclear deal on Tuesday.

Trump tweeted that "I will be announcing my decision on the Iran Deal tomorrow from the White House at 2:00 pm."

Trump has lambasted the deal as a "disaster," noting the United States should not have entered into the deal in the first place. Analysts warned that Washington is highly likely to leave the multilateral Joint Comprehensive Plan of Action (JCPOA), which was signed in 2015.

Iranian President Hassan Rouhani earlier on Monday hinted that Iran would likely remain in the nuclear deal even if the United States decides to pull out, official IRNA news agency reported.

Investors were worried that reinstated sanctions could contribute to tighter global oil inventories.

Meanwhile, Venezuela's oil production is on a steady decline. According to Societe Generale's estimates, the Venezuelan crude output fell to 1.43 million barrels per day, down from 2.03 million barrels per day in July 2017.

The West Texas Intermediate (WTI) for June delivery added 1.01 U.S.dollars to settle at 70.73 dollars a barrel on the New York Mercantile Exchange, while Brent crude for July delivery increased 1.3 dollars to close at 76.17 dollars a barrel on the London ICE Futures Exchange. Enditem

 

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