07 August 2015, 09:23 / Business / Finance

Brent rose to $49.74 per barrel

Oil rises in price on Friday, reducing its weekly decline, on information that an influential US senator intends to vote against the agreement on the Iranian nuclear program (INP), reports Bloomberg.

September futures for Brent oil on the London ICE Futures exchange rose in price by $0.22 (0.44%) to $49.74 per barrel by 8:39 Moscow time. By market close on Thursday, futures prices decreased by $0.07 (0.14%) to $49.52 per barrel.

The futures price for WTI oil for September in electronic trading on the New York Mercantile Exchange (NYMEX) by this time had risen by $0.21 (0.47%) to $44.87 per barrel. Following the results of the previous session, the contract fell in price by $0.49 (1.09%) to $44.66 per barrel.

The American Congress needs to evaluate the agreement reached earlier by Iran and the Six before September 17. Senator Chuck Schumer, who could become the next Democratic leader in the Senate, said he would vote against the agreement.

If the House of Representatives and the Senate pass a negative decision on the Iran deal, which experts say is a likely outcome, US President Barack Obama could veto it.

The agreement with Iran involves the lifting of sanctions from this country, which, in particular, will allow it to significantly increase oil supplies to the world market, where there is already an excess of raw materials.

According to the forecast of Goldman Sachs analysts, oil supply will exceed demand in 2015 by 2 million barrels per day, and free fuel storage capacity may be exhausted by the fall.