.jpg)
4 hours ago
1
Article content
(Bloomberg) — Oil steadied after the biggest four-day rally since October, spurred by trade-war optimism and US President Donald Trump’s increasingly hostile rhetoric on Iranian supply,
THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLY
Subscribe now to read the latest news in your city and across Canada.
- Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.
- Daily content from Financial Times, the world's leading global business publication.
- Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.
- National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.
- Daily puzzles, including the New York Times Crossword.
SUBSCRIBE TO UNLOCK MORE ARTICLES
Subscribe now to read the latest news in your city and across Canada.
- Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.
- Daily content from Financial Times, the world's leading global business publication.
- Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.
- National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.
- Daily puzzles, including the New York Times Crossword.
REGISTER / SIGN IN TO UNLOCK MORE ARTICLES
Create an account or sign in to continue with your reading experience.
- Access articles from across Canada with one account.
- Share your thoughts and join the conversation in the comments.
- Enjoy additional articles per month.
- Get email updates from your favourite authors.
THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK.
Create an account or sign in to continue with your reading experience.
- Access articles from across Canada with one account
- Share your thoughts and join the conversation in the comments
- Enjoy additional articles per month
- Get email updates from your favourite authors
Sign In or Create an Account
or
Article content
Article content
Brent traded near $66 a barrel after gaining almost 10% in the previous four sessions, while West Texas Intermediate was above $63. Trump said during a visit to Saudi Arabia that the US will exert maximum pressure on Iranian energy exports if an agreement isn’t reached on the OPEC member’s nuclear program, after the State Department earlier sanctioned a network that helps ship the Islamic Republic’s oil to China.
Article content
Article content
The hawkish comments on Iran added to a rebound driven by softer-than-expected US inflation and lingering relief from easing trade tensions between America and China. Futures have rallied from a four-year low on a closing basis at the beginning of last week, but are still down more than 10% this year.
Article content
By signing up you consent to receive the above newsletter from Postmedia Network Inc.
Article content
Trump is visiting the Middle East this week hoping to strike deals with countries including Saudi Arabia. The kingdom — the de-facto leader of the Organization of the Petroleum Exporting Countries and its allies — has pushed for the cartel to increase production to punish non-compliant members, with a further boost expected at a June 1 meeting that will exacerbate concerns over a glut.
Article content
Trump also said the US will lift its sanctions against Syria following the toppling of former President Bashar al-Assad. The Middle Eastern nation pumped almost 400,000 barrels a day of crude before its civil war erupted in 2011, but production has since slumped and many fields are in the hands of Kurdish forces rather than the central government.
Article content
Meanwhile, the American Petroleum Institute said US crude inventories rose by 4.29 million barrels last week. That would be the biggest increase since March if confirmed by official data later Wednesday.
Article content
Advertisement 1
English (US)