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Crude Oil continues to rise and record highs
Crude oil prices rose during Thursday's trading, hitting a new high since November 2014 as it continues to find support from developments in the Iran crisis as well as a drop in US crude stocks.
US crude futures traded at $ 71.65 a barrel, after hitting a high of $ 71.73 a barrel, while opening today's session at $ 71.25 per barrel, and hit a low of $ 71.18 a barrel.
Oil prices rose to their highest level in several years on Thursday as traders adjusted prospects for renewed US sanctions against Iran, the exporter of crude oil amid a market already tense.
The United States plans to impose new sanctions on Iran, which produces about 4 percent of the world's oil supply, after abandoning an agreement reached in late 2015 that limited Tehran's nuclear ambitions in exchange for the abolition of sanctions imposed by the United States and Europe.
On the other hand, crude oil inventories in the United States fell last week, according to the report of the US Energy Agency, where inventories fell by 2.2 million barrels and was expected to decline by 0.2 million barrels, while the previous reading indicates a rise of 6.2 million barrels.
http://economy-news.net/content.php?id=12266
Crude oil prices rose during Thursday's trading, hitting a new high since November 2014 as it continues to find support from developments in the Iran crisis as well as a drop in US crude stocks.
US crude futures traded at $ 71.65 a barrel, after hitting a high of $ 71.73 a barrel, while opening today's session at $ 71.25 per barrel, and hit a low of $ 71.18 a barrel.
Oil prices rose to their highest level in several years on Thursday as traders adjusted prospects for renewed US sanctions against Iran, the exporter of crude oil amid a market already tense.
The United States plans to impose new sanctions on Iran, which produces about 4 percent of the world's oil supply, after abandoning an agreement reached in late 2015 that limited Tehran's nuclear ambitions in exchange for the abolition of sanctions imposed by the United States and Europe.
On the other hand, crude oil inventories in the United States fell last week, according to the report of the US Energy Agency, where inventories fell by 2.2 million barrels and was expected to decline by 0.2 million barrels, while the previous reading indicates a rise of 6.2 million barrels.
http://economy-news.net/content.php?id=12266
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