07 August 2018 ( Lagos): Many investors were watching oil prices after the U.S. re-imposed sanctions on Iran. The U.S. aims to bring Iranian oil exports to zero by November, but given that China, India, and the E.U. are opposing these sanctions it's becoming a difficult guess as to how many barrels will be off the market by then. Brent was slightly up on Tuesday trading near $74. With global demand remaining healthy and the global heat wave increasing oil demand, we think prices will remain well-supported in the near term. However, a break above $80 needs a supply shock, but we are not there yet.

Source: Hussein Sayed, Chief Market Strategist at FXTM

Reporting for EasyKobo on Tuesday ,07 August 2018 in Lagos, Nigeria