Tuesday, 5 January 2016

Mideast oil exports unlikely to face disruptions

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Those anticipating a disruption to oil exports amid heightened political tensions between Saudi Arabia and Iran may be disappointed: energy prices are likely to stay weak in the near term, according to a JPMorgan analyst Tuesday.
Oil prices are higher Tuesday in Asian trade after a decline overnight as a slump in global and China equities offset early gains from geopolitical tensions in the Middle East that sparked concerns about supply disruptions.

US WTI light sweet crude is up 0.8 percent at 37.05 a barrel while Brent crude is also 0.8 per cent higher at USD 37.53 a barrel.

Crude oil had jumped earlier Monday as Saudi said it would cut diplomatic relations with Iran after protesters stormed the Saudi embassy in Tehran earlier Sunday, and the country's supreme leader, Ayatollah Ali Khamenei, predicted "divine vengeance" for the Saudi execution of a major Shiite cleric.

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