Iran's oil minister said on Friday the country's oil exports have climbed in recent months and its sales of petroleum products to foreign buyers reached record highs despite US sanctions.
But with temperatures expected to get warmer post-winter, spot prices for cargoes delivered into North Asia in March have fallen to less than half the average price of cargoes to be delivered in February.
Resistance is at $56.21, a break above which may lead to a gain to $56.64. A further rise would confirm a continuation of the uptrend. It could be extended to $57.42.
A seasonal boost to China's gasoline demand that is typically seen during the New Year holidays will be moderated by the tightened restrictions this year, consultancy FGE said in a note.
"The output envisioned by the government from these permits will be in conflict with the goals set in the Paris climate agreement of limiting the rise in globale warming," he said.