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Yashika Diwan
Oil prices dipped on Friday on hopes that producer club OPEC will soon raise output to make up for a decline in exports from Iran following a tightening of sanctions on Tehran by the United States.
Despite this, oil markets remain tight amid supply disruptions and rising geopolitical concerns, especially over the tensions between the United States and Iran, analysts said futures were at $74.12 per barrel at 0359 GMT, down 23 cents, or 0.3 percent, from their last close.
U.S. West Texas Intermediate (WTI) crude futures were at $64.86 per barrel, down 35 cents, or 0.5 percent, from their previous settlement.
The dip followed Brent’s rise above $75 per barrel for the first time this year on Thursday after Germany, Poland and Slovakia suspended imports of Russian oil via a major pipeline, citing poor quality. The move cut parts of Europe off from a major supply route.
But prices were already gaining before the Russian disruption, driven up by supply cuts led by the Organization of the Petroleum Exporting Countries (OPEC) and U.S. sanctions on Venezuela and Iran. Crude futures are up around 40 percent so far this year.