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Iran story halts oil gains

Trading in benchmark crudes closed with gains on Friday, April 23, with Brent rising 0.65% to $65.38/bbl, and WTI jumped 0.73% to $62.04/bbl.

Vice President of Russian oil producer Lukoil Leonid Fedun said in an interview that OPEC+ could extend output cuts indefinitely. This statement is at odds with renewed rumors in Western media about differences among OPEC+ members.

This week the market has refocused its attention on the Iran story amid expectations that the country could resume dialog with Western countries and neighbors. Prices retreated on these reports, with Brent off 1.73%, and WTI down 1.70%. Our Brent price forecast for today is within a narrow band of $64-65/bbl.

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