Oil Rises And Posts Weekly Gain As Iran Tensions Support


NEW YORK, April 10 (Reuters) - Oil prices rose on Friday, posting a weekly gain on lift from lowered expectations that an agreement on Iran's nuclear program will result in a rapid return of more Iranian barrels to the market.

Strong U.S. refined products futures and data showing a lower U.S. drilling rig count also lent support.

Brent May crude rose $1.30 to settle at $57.87 a barrel, finishing above its 50-day moving average of $57.61.

U.S. May crude rose 85 cents to settle at $51.64.

After a loss last week, Brent rose 5.3 percent. U.S. crude rose 5.0 percent, its fourth consecutive weekly rise.

"The latest agreement with Iran does not open the floodgates for a significant return of Iranian oil on the market as many had feared," said Harry Tchilinguirian, head of commodity markets strategy and oil strategy at BNP Paribas.

World powers and Iran announced the interim accord last week. But on Thursday, Iranian leaders said all sanctions on Iran must be lifted on the same day as any final agreement, while the United States maintains sanctions would be lifted gradually.


View Full Article


Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.