Friday, 20 Apr 2018

Oil rises amid concerns of supply disruption

Printed from Oil rises amid concerns of supply disruption 17 Apr, 2018 Oil prices rose on Tuesday amid fears that markets will face crude supply shortages and possible disruption of supplies from the Middle East. At 06:46 GMT, Brent crude was $ 71.75 a barrel, up 0.5% from the previous close, while US crude oil futures rose 0.5% to $ 66.58 a barrel. Traders said the oil markets were supported by a sense of high risk of supply disruptions such as the worsening situation in the Middle East, renewed US sanctions on Iran and reduced production due to the political and economic crisis in Venezuela. The International Energy Agency (IEA) warned last week that markets would face short supply if production remained constrained, in reference to the OPEC-led agreement led by Russia and Saudi Arabia to cut oil production by 1.8 million bpd.

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