Crude oil rose on Wednesday, rebounding from a sharp decline as hopes that Greece’s debt restructuring will go through lifted the euro against the dollar, creating better bargains for oil buyers and fanning interest in riskier trades.
India has refused to provide its sovereign guarantee for oil imports from Syria, two government sources said, frustrating refiners looking for alternative sources of crude to hedge against possible supply disruptions from sanctions-hit Iran.
Futures on the S&P 500 edged lower in sparse volume Friday in a light day on the economic calendar but were still on track to close their ninth straight week of gains, the longest such run since January 2004.
Opec member, Venezuela has announced it is to continue to supply Syria with oil as Europe extends sanctions on the nation Bloomberg has reported.
Oil prices have surged above $125 a barrel on Friday, as worries over Iran and signs of a brightening US economy put the price on track for its fifth week of gains.
Iran has threatened to stop exporting oil to more European countries – Germany, Spain, Italy, Greece, Portugal and the Netherlands – if they continue to take actions directed against Tehran, Al Arabiya reported on Monday.
The European Union could cope with an abrupt halt by Iran of its oil exports to the region as buyers of Iranian oil are already adjusting to the EU’s forthcoming ban on Iranian shipments, an International Energy Agency official said on Monday.
Brent crude rose on Monday to above $121 a barrel, the highest in eight months, as Iran halted exports to British and French companies ahead of a European Union embargo, while policy easing by China and hopes for a Greek bailout also buoyed prices.
Iran has halted oil shipments to Britain and France, the Oil Ministry said Sunday, in an apparent pre-emptive blow against the European Union after the bloc imposed sanctions on Iran’s crucial fuel exports.
Brent crude reversed earlier gains and drifted below $119 on Thursday after hitting multiple-month highs in the previous day as fears of a delay in a second bailout package for Greece weighed down global markets.
