Oil Unchanged as Slow Demand Countered by Greek Hope

The price of the global benchmark increased to $59.66 per barrel on Friday, bouncing back from $55.10 per barrel on Tuesday – its lowest level in more than three months.

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It depends on the kind of action Russian Federation and Saudi Arabia take in the face of Iran returning to its traditional oil markets whether the Islamic Republic will be able to do so, an Iranian energy expert said.

The fact that this week’s activity has affected both ends of the futures curve in almost equal measure is unusual, says Credit Suisse analyst Jan Stuart.

Figure 2. World Liquids Supply and Demand, July 2013-June, 2015.

A running of the bulls in the Chinese stock market pushed oil prices into positive territory in May, though the recent crash weighed heavily on the minds of investors worried about the health of one of the world’s largest economies.

FRAK is billed as having exposure to firms who have “the potential to transform the global energy landscape” through improved, lower cost extraction technology which dramatically increases supply capacity and decreases dependence on foreign oil sources.

First, the Federal Reserve has reportedly signaled plans to raise the federal funds rate after being kept near zero.

In Vienna, negotiators for a nuclear accord between Iran and world powers gave themselves more time as the talks stretched into a ninth day beyond their June 30 deadline.

The Chicago Board Options Exchange Crude Oil Volatility Index was at 42.04 on Thursday, near Wednesday’s close of 42.2, the highest level since April 16.

As reported by The Hill, the EIA forecast put the average US crude production figures for the year at an average of 9.5 million barrels per day.

If the talks stall or are delayed significantly, Iran will be unable to get sanctions relief and ramp up its oil exports in coming months.

Savola acquired a holding of 49% in Iran’s Behshahr Industrial Company in 2004 before raising the stake to 80%. The country’s leaders had signaled earlier this year the Asian giant was struggling to meet its modest growth targets, and that was before this month’s plunge of the country’s main stock exchange in Shanghai. It has dropped 2 percent this week.

Nigeria needs more than double of the current global crude oil price to balance its budget, which it was forced to benchmark on $53 per barrel following the continued slide in crude price.

OPEC’s biggest member is seeking to defend market share amid competition from other suppliers and as refiners across Asia look for bargains from Europe to Mexico.

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“After all, the reopening of a major oil terminal in Libya will probably see additional oil reaching the market from Libya in the next few days, further increasing the oversupply”. And finally, on the supply side, the market is already saturated.

Oil under $60 beyond 2016 suggests market rethinking shale