Oil rose to the highest price in more than 2 1/2 years as prospects of an imminent flood of crude exports from Iran and other major producers waned while the International Energy Agency warned of a deepening supply crunch. Crude supplies are set to “tighten significantly" amid a deadlock among members of the OPEC+ alliance, the IEA said in a report. Oil prices have surged more than 50% this year as vaccination rollouts accelerated the reopening of economies, boosting fuel consumption. The oil consortium has been deadlocked on increasing production as the dispute between the United Arab Emirates and Saudi Arabia persists. The API also reported gasoline supplies fell 1.54 million barrels last week and distillate inventories rose 3.7 million barrels.

Source: Mint July 13, 2021 19:18 UTC