Crude Oil posts Weekly Advance, Iran Sanctions Bite into Supply

Crude Oil WeeklyCrude Oil posted a third weekly gain out of four as Iranian sanctions take center stage, with investors looking the impact on supply.

Futures in New York closed 1.8% up this week. The International Energy Agency (IEA) signaled of higher oil prices amid deepening supply losses in Iran and Venezuela.

Oil in New York has topped USD 71 per barrel this month and Brent hit USD 80 as Iranian sanctions threaten to further slash into available supply.

WTI futures for October delivery rose 40 cents to settle at USD 68.99 per barrel on the New York Mercantile Exchange.

Brent Crude for November settlement fell 9 cents to USD 78.09 a barrel on the ICE Futures Europe exchange. The contract is up 1.6% this week. The global benchmark traded at a USD 9.32 premium to West Texas Intermediate (WTI) for the same month on Friday.