LONDON - Oil prices dipped on Friday on expectations that OPEC will raise output to counter shrinking exports from Iran after sanctions imposed by the United States, where crude stocks have swelled.
Brent crude futures were at $74.24 per barrel at 0829 GMT, down 11 cents. U.S. West Texas Intermediate crude futures were at $64.96 per barrel, down 25 cents. WTI is on track for its eighth successive weekly gain, the longest weekly run since the first half of 2015. Brent is set a fifth weekly price gain, the longest stretch in a year.Washington said on Monday it would end all exemptions for sanctions against Iran.
“400,000 to 500,000 barrels per day of crude and condensate will continue to be exported,” said energy consultancy FGE, down from around 1 million bpd currently.
Strangely there doesn't seem to be any reduction in the cost to fill my tank.. mmmm.
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