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Oil up on geopolitical tensions, U.S. rig count ahead

Published 02/03/2017, 08:37 AM
Updated 02/03/2017, 08:37 AM
© Reuters.

© Reuters.

Oil was higher Friday as geopolitical tensions grew between the U.S. and Iran.
Brent crude was up 17 cents, or 0.30%, at $56.73 at 08:15 ET. U.S. crude added 12 cents, or 0.22%, to $53.66.
The U.S. could impose fresh sanctions on Iran after Tehran tested a ballistic missile.
The market was underpinned by upbeat remarks by Russia on compliance with output cuts.
OPEC and non-OPEC producers plan to cut output by some 1.8 million barrels a day in the first half of this year.
Baker Hughes U.S. rig count figures are due out later in the session.
An increase in U.S. drilling activity could undermine the impact of the agreed cuts

Latest comments

Policy of republicans has remained always anti Iranian . There was tension between America and Iran in senior Bush era and same was in time of Jr.Bush era . Again same history likely to be repeated in Trump era . There is also interesting relation between Republican regime and oil price. The price has mostly remain higher under Republican power . Considering these analysis I am predicting tension between two country as well as oil price higher . .
Yes, you're right! I think the Republicans just want oil prices to go up. That's it. I just hope they don't go looking around for a big war somewhere to boost oil prices. You never know about the GOP. Bush Jr was a complete joke and his administration was wacko! Hope Trump and the GOP don't try and trade blood for higher oil prices like baby Bush and daddy Bush. By that I mean starting a big war somewhere.
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