Oil hung onto earlier gains in afternoon trade as news the EU has formally agreed to introduce sanctions against Iran added to supply fears linked to ongoing tension in Nigeria following Saturday’s presidential elections.
Uncertainty ahead of the release of EIA inventory figures later this week is also helping to buoy prices, analysts said.
At 1.12 pm, London Brent crude for June delivery was up 65 cents at 67.14 usd a barrel. Meanwhile, New York crude for June delivery was up 20 cents at 64.32 usd a barrel.
Iran’s nuclear ambitions, which have pushed prices higher in recent months, returned to the spotlight as the EU said it has formally agreed to introduce sanctions against Iran over its nuclear programme in line with a UN Security Council resolution.
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