The pressure on demand and the announcement of the withdrawal of the United States from the Iranian agreement has started to affect the price of fuel oil in the world market. Today the price of crude oil has started to grow. The companies and shares of Asia's energy sector companies are shaking.
On Tuesday, US President Donald Trump announced the exit of the multinational nuclear deal with Iran. Due to this announcement, the supply of crude oil will decrease. However, after the announcement of the US President, the oil market would be set on fire, it was expected earlier. It was assumed that oil prices could have increased since November.
During the announcement of trump Tuesday, the crude oil reserves declined in the United States. Oil producer Venezuela is in financial trouble. Along with this, the alliance of petroleum exporting countries and Russian pressure is increasing.
Stephen Innes, head of the United States Foreign Exchange Wanderers Asia Pacific region, said: "The risk of supply was made after the US withdrawal from the Iran agreement on the demand and supply chain." This has increased the activity of crude oil transactions. '
With the reduction in production in Venezuela, the oil exporting countries OPEC and non-OPEC countries, if the production does not increase, and expectedly the supply of oil from Iran will decrease, the price will increase further. To be aware of the situation now, in Vienna, on 21 June, the eyes of OPEC will be kept in view.
The impact of the rise in oil prices has already fallen on Asian stock and oil companies. Investors are benefiting from this Positive trend continues in Hong Kong, Shanghai, Tokyo, Sydney and Seoul market.
Quintessi Corsebi, chief marketing expert of Prudential Financial, told Bloomberg News that there are many positive titles on positive earnings in North Korea, but there is competition in the market.
Oil traders are now looking at China and US trade negotiations. Chinese President C China Ping's Economic Advisers are going to Washington next week for a high level meeting
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