Since 2018-04-26 at 11:03 (Baghdad time)
Follow up of Mawazine News
Oil prices rose on Thursday, buoyed by expectations that the United States would re-impose sanctions on Iran, lower production in Venezuela and continued strong demand.
As of 0643 GMT, Brent crude futures were at $ 74.27 a barrel, up 27 cents, or 0.4 percent, from the previous close.
US crude futures rose 14 cents, or 0.2 percent, to $ 68.19 a barrel.
Traders attributed rising markets to expectations that the United States could reinstate sanctions in May on Iran, the main oil producer and member of the Organization of the Petroleum Exporting Countries (OPEC).
French President Emmanuel Macaron said on Wednesday he expected US President Donald Trump to withdraw from an agreement with Iran in 2015 under which Tehran suspended its nuclear program in exchange for Western powers lifting sanctions crippling its economy.
Trump will decide by May 12 whether to impose sanctions on Tehran, which could result in a drop in its oil exports.
Prices have also been boosted by a decline in output from Venezuela, OPEC's biggest producer in Latin America.
Venezuela's crude output fell from about 2.5 million bpd in early 2016 to about 1.5 million bpd due to political and economic unrest.
The US oil giant Chevron has evacuated Venezuelan executives after two of its employees were jailed in a contractual dispute with state-owned oil company PDVSA.
The opinions expressed below do not reflect the opinion of Mawazine News, but reflect the views of their respective owners only.
Note: The content entitled "Rising Oil Prices Due to Concerns of Iran's Sanctions and the Decline of Venezuela's Production" was first published on the website of Mawazine News and the encyclopedia of this news day is not guaranteed in any way.
You can see the details of this headline (rising oil prices due to fears of Iran sanctions and the decline of Venezuelan production) through its original source (Mawazine News).