On 9 May, both the U.S. and Brent crude futures surged by more than $2/bbl on 9 May, with strong expectations that the gains would continue.
OPEC and Russian Federation have held to production limits since early past year to boost prices. As a result of se increases gasoline and diesel have exceeded price barrier of 1.3 and 1.2 euros per liter, which implies new Maxima.
Brent crude futures LCOc1 reached an intraday high of $80.50 a barrel, but later gave up most gains to settle up 2 cents at $79.30 a barrel. Thus, this Thursday has reached 72.30 dollars per barrel, its maximum amount since November 2017.
The oil price is moving higher again Thursday after a minor dip earlier this week.
Crude futures clung to multi-year highs midweek amid concerns about supply disruptions from Opec members Iran and Venezuela, even as the International Energy Agency (IEA) warned the relentless march of the oil market will constrain demand growth. Thus, fear of investors to reduce supply drives amount upward.
OPEC said on May 16 that the price of the OPEC basket of fourteen crudes stood at $75.47 a barrel on May 15, compared with $74.20 the previous day, according to OPEC Secretariat calculations.
Another economist with a leading management consulting firm, who did not want to be named, expected higher crude prices to widen the current account deficit (CAD) gap, which could put more pressure on the rupee, which is already depreciated quite a bit in the current year. For its part, Diesel has marked a new annual maximum and levels that were not seen since December 2014 to be in 1.207 euros, a rise of 1.42%, according to data from European Union oil bulletin.
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The rising price of oil will add to the pressure on motorists' fuel bills.
Brent prices have climbed nearly 20% in 2018, boosted by output cuts from major producers and increased tensions in the Middle East.
Although Iranian oil exports have recovered from Western sanctions that preceded the deal to restrict its nuclear development, exports from Venezuela have plummeted.
Iran is OPEC's third-largest crude producer and its output now stands at about 3.8m barrels per day, making up around 4% of global oil supply. Saudi Arabia has indicated it could be ready to step in to meet any shortfalls arising from the United States sanctions against Iran.
"With trade skirmishes between the USA and China and all kinds of political issues, I see resistance from Chinese crude buyers to comply" with United States sanctions, said Victor Shum, vice president of the Energy group at IHS Markit, on CNBC TV.
"We are back to the situation where we were before the 2016 agreement and in the meantime Iran has grown its exports by 1 million barrels a day", Pouyanne said.
Crude exports from Iran, the third-largest member of the Organization of the Petroleum Exporting Countries, could drop by 300,000 to 1 million barrels per day (bpd) as a result of USA sanctions, the CEO said, citing internal BP forecasts.