Oil prices climb ahead of US sanc­tions on Iran

Business Daily (Kenya) - - MONEY & MARKETS - Saudi min­is­ter of En­ergy Khalid al-falih.

Oil prices rose yes­ter­day as US sanc­tions squeezed Ira­nian crude ex­ports, tight­en­ing global sup­ply de­spite ef­forts by Washington to get other pro­duc­ers to in­crease out­put.

Bench­mark Brent crude oil was up 50 cents at $77.87 a bar­rel by 0750 GMT. US light crude was 15 cents higher at $67.69.

“The path of least re­sis­tance for oil prices, given the sup­ply fun­da­men­tals, re­mains up,” Harry Tchilin­guirian, oil strate­gist at BNP Paribas, told Reuters Global Oil Fo­rum.

Washington has told its al­lies to re­duce im­ports of Ira­nian oil and sev­eral Asian buy­ers, in­clud­ing South Korea, Ja­pan and In­dia ap­pear to be fall­ing in line.

But the US gov­ern­ment does not want to push up oil prices, which could de­press eco­nomic ac­tiv­ity or even trig­ger a slow­down in global growth.

US En­ergy Sec­re­tary Rick Perry met Saudi En­ergy Min­is­ter Khalid al-falih on Mon­day in Washington, as the Trump ad­min­is­tra­tion en­cour­ages big oil-pro­duc­ing coun­tries to keep out­put high. Perry will meet with Rus­sian En­ergy Min­is­ter Alexan­der No­vak on Thurs­day in Moscow.

SUP­PLY US En­ergy Sec­re­tary Rick Perry met Saudi En­ergy Min­is­ter Khalid al-falih on Mon­day

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