Oil spot price: Iran signs agreement with UN

on Nov 12, 2013
Updated: Oct 21, 2019
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_iNVEZZ.com: Tuesday, November 12th:_

**Oil spot price**
Oil prices today retreated from the month’s highs amidst suspicions that US inventories of the commodity are now at their highest levels since June. Light sweet crude for December delivery fell 0.4 percent in the Asian session to $94.77 per barrel after yesterday hitting an intra-month high at $95.35.
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According to Bloomberg Research, US oil inventories last week rose by half a million barrels. The official numbers from the Energy Information Administration are due out tomorrow. US reserves are now thought to be around 385.9 million barrels.
United Nations nuclear safety inspectors and the Islamic Republic of Iran yesterday signed their first agreement in six years, an accord which will allow greater UN access to nuclear facilities in the Gulf.

Trade sanctions against Iran on account of its alleged nuclear weaponry ambitions have deprived the global energy markets of more than one million barrels per day of oil.
Tim Evans, an energy analyst at Citi Futures Perspective, was quoted by Bloomberg as saying: “Crude is up because we’ve gotten over the fear of an Iranian nuclear deal. Prices came off over the last few weeks on the prospect of an agreement and the lifting of some sanctions in the near term.”

Trader focus today is likely to be on Asia and especially on news out of the People’s Republic of China on new policies connected to the energy sector. The Communist Party leadership is meeting to set economic and social policy objectives for the coming years. The biggest interest-generators would be any sign of full convertibility of China’s currency and changes to allow foreign exploration of oil and gas fields.

China is second only behind the US in oil consumption and Chinese consumption has for a number of years now been a major contributor to strengthened demand.
On the ICE Futures Exchange yesterday, Brent oil futures for December delivery ended the day’s trading up 1.19 to $106.37.
Currently UK Oil is trading at $106.55 a barrel – the highest point since 4 November – while US Oil is at $94.63.
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**Natural gas**
Natural gas has been trading so far today within the range $3.58 to $3.55 per million British thermal units and at the moment is at $3.57. The price of the commodity continues to rise with forecasts for colder weather in the United States.
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