Investing.com – Oil prices continued its move higher on Thursday, triggered by an expectation that the U.S. will re-impose sanctions against Iran and concerns about supply disruptions in key oil-producing nations.
New York-traded rose 12 cents, or about 0.1%, to $68.17 a barrel by 10:28AM ET (14:28GMT).
Meanwhile, , the benchmark for oil prices outside the U.S., traded down 47 cents, or roughly 0.6%, to $74.47 a barrel.
French President Emmanuel Macron said on Wednesday during a state visit to the U.S. that he expected against Iran, a major oil producer and member of the Organization of the Petroleum Exporting Countries (OPEC).
The Trump administration has until May 12 to decide whether it will extend the sanctions waiver linked to Iran’s nuclear deal, which would likely result in a reduction of its oil exports.
Another bullish factor supporting oil prices has been declining output in Venezuela, OPEC’s biggest producer in Latin America.
Venezuela’s crude production has fallen from almost 2.5 million barrels per day (bpd) in early 2016 to around 1.5 million bpd due to political and economic turmoil.
In other energy trading, rose 0.4% to $2.0980 a gallon by 10:29AM ET (14:29GMT), while gained 1.0% to $2.1574 a gallon.
rose 0.6% to $2.825 per million British thermal units ahead of weekly inventories.
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Source: Investing.com
