Oil rises on supply worries
Brent Futures rebounded above $107/pb, and the WTI Crude Oil rose near$95/pb due to raising supply worries.
After Iran and the P5+1 group (the US, Britain, France, China, Russia, and Germany) have reached an agreement over Iran’s nuclear program, the investors turned to focus on concerns about shortage of supply due to the unrest in Iraq and Africa.
On the other hand, the oil disruptions from South Sudan and Libya are pushing the oil prices high. Despite that, Libya is planning to end the workers strike in the coming days and reopen the eastern ports of oil exports.