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[rtl]Editorial date: 2019/4/12 9:59 • 44 times read[/rtl]
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{International: Al Furat News} Oil prices rose on Friday, supported by ongoing OPEC-led supply cuts and US sanctions on oil exports from Iran and Venezuela.
Brent crude futures were $ 71.07 a barrel, up 18 cents, or 0.3 percent, from the previous close.
Futures for the West Texas Intermediate crude was $ 63.84 a barrel, up 26 cents, or 0.4 percent, from the previous settlement price.
"We expect Brent crude and WTI crude to average $ 75 a barrel and $ 67 a barrel respectively over the remainder of this year, but the risks are more bullish," RBC Capital Markets said in a note.
"The rising waves fueled by geopolitical factors could drive prices towards $ 80 a barrel or even break this level for intermittent periods this summer," the Canadian bank said.
Oil markets have surged more than a third this year thanks to OPEC-led supply cuts, US sanctions on Iran and Venezuela for crude, and escalating fighting in Libya.
Venezuela's output is falling with US sanctions added to a deep economic and political crisis, with the US government expected to tighten oil sanctions on Iran in May.
http://alforatnews.com/modules/news/article.php?storyid=194973
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Oil exceeds $ 71 a barrel
[/rtl][rtl]Editorial date: 2019/4/12 9:59 • 44 times read[/rtl]
{International: Al Furat News} Oil prices rose on Friday, supported by ongoing OPEC-led supply cuts and US sanctions on oil exports from Iran and Venezuela.
Brent crude futures were $ 71.07 a barrel, up 18 cents, or 0.3 percent, from the previous close.
Futures for the West Texas Intermediate crude was $ 63.84 a barrel, up 26 cents, or 0.4 percent, from the previous settlement price.
"We expect Brent crude and WTI crude to average $ 75 a barrel and $ 67 a barrel respectively over the remainder of this year, but the risks are more bullish," RBC Capital Markets said in a note.
"The rising waves fueled by geopolitical factors could drive prices towards $ 80 a barrel or even break this level for intermittent periods this summer," the Canadian bank said.
Oil markets have surged more than a third this year thanks to OPEC-led supply cuts, US sanctions on Iran and Venezuela for crude, and escalating fighting in Libya.
Venezuela's output is falling with US sanctions added to a deep economic and political crisis, with the US government expected to tighten oil sanctions on Iran in May.
http://alforatnews.com/modules/news/article.php?storyid=194973
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