Oil slips on the hope that alternative supplies can replace Iranian exports
Brent dips, easing from multi-year highs, amid signs that suppliers from within oil cartel Opec will step up output to counter the Iran disruption
Singapore — Oil prices dipped on Friday, easing from multi-year highs in the previous session on the hope that alternative supplies could replace a looming drop in Iranian exports from US sanctions. The US plans to re-introduce sanctions against Iran, which produces about 4% of global oil supply, after abandoning an agreement reached in late 2015 that limited Tehran’s nuclear ambitions in exchange for removing US-Europe sanctions. The sanctions come amid an oil market that has been tightening due to strong demand, especially in Asia, and as top exporter Saudi Arabia and number one producer Russia have led efforts since 2017 to withhold oil supply to prop up prices. Brent crude futures were at $77.34 a barrel at 4.51am GMT, down 13c, or 0.2%, from their last close. Brent the previous day hit its highest since November 2014 at $78 a barrel. US West Texas Intermediate (WTI) crude futures were down 7c at $71.29 a barrel, still not far off Thursday’s November 2014 high of $71.89 a barrel...
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