SINGAPORE: Oil rose to the highest level in almost six months as the US government was said to eliminate sanction waivers that allowed buyers to import Iranian crude. Secretary of State Mike Pompeo will deliver the decision that no waivers from sanctions will be renewed to importers of Iranian oil, according to four people familiar with the matter. The US will also announce offsets through commitments from other suppliers such as Saudi Arabia and the United Arab Emirates. “Prices are rallying as expectations are growing that global supply will be immediately curtailed with the US said to be scrapping its Iran oil waivers,” said Kim Kwangrae, a commodities analyst at Samsung Futures Inc. in Seoul. Meanwhile, Samsung Futures’ Kim said that further gains in oil prices would hinge on Russia’s stance on the output-reduction pact.

Source: The Star April 22, 2019 23:37 UTC