TOKYO Feb 3 Oil prices edged up on Friday on
news that U.S. President Donald Trump could be poised to impose
new sanctions on multiple Iranian entities, firing geopolitical
tensions between the two nations.
Reuters reported that the U.S. administration is prepared to
roll out new measures against more than two dozen Iranian
targets following Tehran's ballistic missile test, according to
sources, but the package was formulated in a way that would not
violate the 2015 Iran nuclear deal.
NYMEX crude for March delivery was up 37 cents at
$53.91 a barrel, after settling down 34 cents on Thursday. For
the week, the contract is up a little over 1 percent.
London Brent crude had yet to trade after settling down 24
cents at $56.56.
Global oil output was cut by 1.4 million barrels per day
(bpd) last month, Russian energy minister Alexander Novak said,
as part of the deal last year between the Organization of the
Petroleum Exporting Countries (OPEC) and other producers led by
Novak said Russian companies may cut oil production quicker
than had been initially agreed with OPEC and added that he
expected the market to rebalance by the middle of this year.
(Reporting by Osamu Tsukimori; Editing by Joseph Radford)