Justin Smirk, analyst at Westpac, points out that the global crude oil market is now facing a number of geopolitical stand offs including the US versus Iran, US versus President Maduro in Venezuela and a potential civil war in Libya. Key Quotes “US waivers on Iran embargos allowed Iran to export around 1.2 million bbl/d and their removal would move the market to a more balanced position. These supply risks come as lower OPEC production offset strong growth in non-OPEC resulting in a net gain of one million barrels per day in crude supply this year.” “Crude prices recovered from a low of $50/bbl early this year to just above $70/bbl in early May as supply tightened. There were some economic concerns in early 2019 pointing to weaker support for the growth in oil demand but these have eased holding crude around US$70/bbl.” “Our forecast for 2019 has been nudged to US$68 from US$65 as we now expect crude to hold US$70 to September before easing back to US$65 by year end.” FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next Norway: Q1 GDP slips to 0.3% – Nordea Markets FX Street 3 years Justin Smirk, analyst at Westpac, points out that the global crude oil market is now facing a number of geopolitical stand offs including the US versus Iran, US versus President Maduro in Venezuela and a potential civil war in Libya. Key Quotes "US waivers on Iran embargos allowed Iran to export around 1.2 million bbl/d and their removal would move the market to a more balanced position. These supply risks come as lower OPEC production offset strong growth in non-OPEC resulting in a net gain of one million barrels per day in crude supply this year." "Crude prices recovered from… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
