May 17, 2018 - 4:07 PM EDT
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Royston Carr Asset Management Comments as Brent Oil Rises Above $80 Due to Supply Worries

TAIPEI, Taiwan, May 17, 2018 /PRNewswire/ - Royston Carr Asset Management research analysts commented on recent Oil price fluctuations as they hit their highest since November 2014 on concerns that more than a million ‎barrels of oil could disappear once U.S. sanctions against Iran bite later ‎this year. ‎

Also driving prices higher, investors were bracing for a deepening economic crisis ‎in Venezuela which risks disrupting exports from the major producer. The political ‎uncertainty in the OPEC member state and widespread expectations that ‎Donald Trump is likely to re-impose sanctions fuelled fears of a deeper supply shortage. ‎

Key analysts at Royston Carr Asset Management noted that Brent and WTI crudes hit a new three-and-a-half-year peak‎ on Thursday's ‎morning trade. On the New York Mercantile Exchange, West Texas ‎Intermediate futures rose 70 cents, or 1 percent, pushing above $72 a barrel for ‎the first time since November 2014. ‎

Michael Tadic who is the Head of Corporate Trading at Royston Carr Asset Management commented "Oil could correct a bit lower as stronger dollar may cause investors retreat from ‎buck-denominated assets." ‎

"Yet, another bearish signal was IEA's warning that higher prices could weaken ‎demand, which in turn could cap the market," he added. ‎

Prices for Brent crude oil futures, the international benchmark for oil prices, were up 0.98% ‎‎, or 88 cents, at $80.14 a barrel on London's ICE Futures exchange, ‎revisiting an earlier move past $80 for the second day in a row.

Callum Johnson, Senior Vice President at Royston Carr Asset Management also noted "These downward ‎forces, oil prices retain support from geopolitical risks and producers' commitment ‎to limit output until the end of the year."‎

Oil prices also rose despite a recent jump of the U.S, dollar, which strengthened on ‎Thursday to fresh highs as investors shrugged off weak data on retail sales to ‎extend the buck's four week-long rally. ‎

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SOURCE Royston Carr Asset Management

Source: PR Newswire (May 17, 2018 - 4:07 PM EDT)

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