Oil: Prices headed northwards – Danske Bank

Danske Bank analysts point out that the price of Brent crude briefly tested the USD72/bbl level overnight.

Key Quotes

“Oil prices rose on the weekly inventory numbers from the American Petroleum Institute, which was said to report that US crude stocks dropped 3.1mb last week.”

“In addition, the forthcoming expiry of Iran sanctions waivers continues to attract attention in the oil market, with reports of countries looking for other sources for crude oil imports.”