London — Oil recovered some ground on Wednesday after the previous day’s slide, helped by the concern about possible renewed US sanctions on major exporter Iran although price gains were capped by rising US supply. Brent crude oil futures were up 31c at $73.44 a barrel by 9am GMT, after falling nearly 3% on Tuesday to its lowest in two weeks. US West Texas Intermediate (WTI) crude futures rose 50c to $67.75 per barrel. "Geopolitical noise remains loud and, in part, pushed oil prices towards $75 a barrel," said Norbert Rücker, head of commodity and macro-strategy at Julius Baer. "The elevated uncertainty suggests volatile but range-bound oil prices going forward." Iran, a member of oil cartel Opec, re-emerged as a major oil exporter in January 2016 when some international sanctions against Tehran were lifted in return for curbs on Iran’s nuclear programme. The US has questioned Iran’s sincerity in implementing the nuclear curbs and US President Donald Trump has threatened to re-impos...
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