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Oil Extends Gain as US Sanctions on Iran Hit Chinese Refinery

Bloomberg · last updated

Oil steadied after a lackluster session as traders continued to weigh diverging signals over supply and demand.

West Texas Intermediate edged up 0.3% to settle above $68 a barrel, notching its second weekly gain. The US penalized a small Chinese refinery and its chief executive officer for allegedly buying Iranian oil, as well as a terminal operator. The market structure for Middle Eastern barrels strengthened after the news, with traders bracing for disruption to global flows. RBC Capital Markets LLC analysts said the “risk premium here is taken more seriously.”

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