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Probis Securities says there will be further 'upside' to oil prices

Updated : October 03, 2018 06:38 AM IST

As oil markets prepare for tighter supply once US sanctions against Iran kick in next month, Jonathan Barratt, chief investment officer of Probis Securities, on Tuesday said there will be further 'upside' to oil prices.

US oil prices hit their highest level since November 2014 on Tuesday and Brent crude was also near a four-year peak reached the previous day.

US West Texas Intermediate (WTI) crude futures marked $75.90 a barrel around 0630 GMT on Tuesday, their strongest since November 2014. WTI has risen around 18 percent since mid-August.

International benchmark Brent crude oil futures were at $85.28 per barrel, up 30 cents or 0.4 percent, from their last close. That was not far off the $85.45 peak reached in the previous session, the highest since November 2014.
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