TEHRAN: Crude oil in Russia down 5 percent for the week on news of declining US drilling activity and after concerns surrounding Iranian crude flooding an already oversupplied market faded.
The number of US oil and natural gas rigs fell by 40 to 988 rigs as on 10 April. The number of rigs has declined by 843 since a year ago.
Capital Economics said in a note to clients: “A preliminary deal between Iran and the West saw oil prices fall sharply early this week, but they quickly rebounded as it became apparent that the return of Iranian oil exports would be delayed until at least next year…”
Analysts at KBC Bank in Brussels said in a note that a slower return to the export market by Iran is seen as a positive by traders, but the timing of an agreement could still interfere with a recovery in prices.
KBC said: “The timing is interesting as the increase could come precisely when the low oil prices should start to have a greater impact on the production-growth rate in the US.
“In other words, the anticipated decline in oil production by the US may be [more than] offset by increased exports from Iran. Thus the period of low oil prices may become longer.”
Capital Economics said in a separate note: “The spread between the price of Brent and the price of the US benchmark oil, WTI, should continue to narrow over the next few years as the glut of crude which has been built up in the US recedes.”
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