Oil
rose a second day amid speculation Iran’s export increase will be
gradual after it agreed to limit its nuclear program, curbing prospects a
global glut may worsen.
Futures
advanced as much as 0.9 percent in New York. Iran may boost exports by
200,000 to 400,000 barrels a day in 2016 and production will likely
expand the following year, according to Goldman Sachs Group Inc. Israeli
Prime Minister Benjamin Netanyahu condemned the accord as a “historic
mistake.” U.S. crude inventories probably declined last week, a
Bloomberg survey showed before an Energy Information Administration
report Wednesday.
Oil’s
rebound from a six-year low in March has faltered amid economic
uncertainty in China and Greece and speculation a global glut will
persist. A slow return of Iranian crude could mean it arrives just in
time to satisfy growing demand, rather than inflating a surplus,
according to Societe Generale SA.
West
Texas Intermediate for August delivery rose as much as 46 cents to
$53.50 a barrel in electronic trading on the New York Mercantile
Exchange and was at $53.35 at 11:21 a.m. Sydney time. The contract
gained 84 cents to $53.04 on Tuesday. The volume of all futures traded
was about 13 percent below the 100-day average. Prices are little
changed this year.
Brent
for August settlement, which expires Thursday, gained as much as 26
cents, or 0.4 percent, to $58.77 a barrel on the London-based ICE
Futures Europe exchange. The European benchmark crude was at a premium
of $5.43 to WTI. The more-active September contract climbed 26 cents to
$58.94.
Source : Bloomberg
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