Oil prices had gone up today by about 1%. This rise brings oil prices to highs it has not touched this year. This is as the market is placing particular attention on notable declines in inventories for U.S. refined fuel. From Iran, data revealed that Iran is not looking back in its move to push up output capacity as restricting sanctions have been lifted. Iran which is a second largest exporter from the OPEC and the fourth global oil producer. According to these reports, oil exports from Iran has gone up noticeably as the country is on track to ship about 2.1 a barrel per day for this month. This is about a leap in production capacity for about 59% from the quantity Iran was operating some months ago. US crude moved up close to $50 for a barrel with a rise of about 1.3 million barrels in US crude inventories.
