Friday, due to surging production in the United States that diminished the 10% rally from lows hit in December that was brought by tight output and political tensions in Iran. The United States West Texas Intermediate crude futures traded at $61.92 per barrel, which was 9 cents below from their last settlement.
The international benchmark for oil prices: Brent crude futures, was seen settling at $67.96 per barrel, which was 11 cents below their previous settlement yet still not far from their $68.27 May 2015 high capped from the previous day.
In accordance to this, according to investors and analysts: the tension in Iran had lifted oil prices higher, given the fact that Iran is the third-largest producer and member of OPEC. In which Swiss Bank Julius Baer head of commodity research: Norbert Ruecker claimed that the protest in Iran have furtherly motivated the already bullish oil market mood.
However, this has not entirely affect the U.S. oil production, in which the United States C-OUT-T-EIA is set to break through 10 million barrels per day anytime this year. In which Norbert Ruecker warned investors that prices above $60 per barrel project seems to be an overly promising picture and that they are expecting a near-term downside.