Iraq Oil Minister: Oil price is unlikely to rise further

While speaking at an event in Moscow, the Iraqi oil minister noted that they don't expect oil prices to rise further, as reported by Reuters.

Meanwhile, Credit Suisse analysts think that Brent oil has the potential to extend its rally to $100 in case it manages to break above $89.00/$90.00 area.

Brent Oil: Scope for a rally to the $100 landmark – Credit Suisse.

Market reaction

The barrel of West Texas Intermediate (WTI) came under modest selling pressure following these comments and was last seen losing 0.4% on the day at $80.20.