15-10-2018 04:20 PM
Crude oil prices climbed on Monday as geopolitical worries over the fading of a prominent Saudi journalist stoked fears about supply, even though the long-term prospect for demand pulled on prices.
Crude markets were also supported when data revealed South Korea did not import any oil from Iran in September for the first time in six years, before U.S. sanctions against the Middle Eastern country take effect in November.
U.S. crude futures mounted 80 cents, or 1.12 percent, to $72.14 a barrel, expanding gains they placed up on Friday after immense losses on Wednesday and Thursday.
According to Mr.Ponmudi, Market expert and Managing Director at Enrich Commodities - "The market has again uttered worries over geopolitical worries in the Middle East after U.S. and Saudi traded remarks over the desertion of the Saudi journalist, heading to mount in prices.
In the interim, South Korea in September blocked importing Iranian oil for the first time in years.
Enduring geopolitical tensions, trade worries and a weaker economic prospect may show the way for another week of volatile trading.
According to the International Energy Agency the West's energy watchdog, said in its monthly report that the market looked "adequately supplied for now" and predicted for world oil demand development.
The news came in after secretary general of the Organization of the Petroleum Exporting Countries (OPEC) previous week said the group sees the oil market as well equipped and that it was cautious of creating a surplus next year.