Oil prices shot up once again on Tuesday as the United States and its allies maintained pressure for tougher sanctions to curb Iran’s nuclear program. Oil prices reached as much as $62.16 per barrel in London and $62.65 in New York. At the same time, snowy weather in the United States has also contributed to it as it triggered expectations for strong heating oil demand.
In the meanwhile, U.S. inventory figures released last week displayed a larger-than-expected decline in distillates that include heating oil and diesel, as well as a drop in gasoline inventories. Oil demand has strengthened in the wake of colder weather in the US. The National Weather Service has reported that more than a foot of snow blanketed parts of the Northeast, which largest heating oil market in the U.S.
Iran, a leading producer and exporter of crude oil, has recently once again insisted that it would never succumb to the crucial demand regarding its nuclear program after world powers agreed to work on a new motion that could lead to a stricter UN sanctions against Tehran. Oil market players are speculating that if Iran is punished with tougher economic sanctions, the country might decide to disrupt its oil exports.
On the other hand, the Organization of Petroleum Exporting Countries decision to gradually restraint in production by 1.7 million barrels per day last year also contributing substantially to the fluctuation and volatility in global oil prices, however only an estimated two-thirds of the cuts have been achieved so far.
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