Oil prices rose today, Wednesday, to the highest level in about a month due to fears about supplies as the United States intensified its efforts to reduce the exports of Venezuelan and Iranian oil, while a greater decrease in US crude stocks has made a boost of prices.
Brent crude futures rose 60 cents, or 0.79% to $ 73.60 a barrel, the highest level in more than 3 weeks, while US West Texas Intermediate crude futures increased 58 cents, or 0.84% to $ 69.58 a barrel, in the latest dealings.
Towards ascending
“The prices of crude oil are maintaining its upscale tendency after Trump’s sanctions on Venezuelan oil, which raises concerns about the offer,” wrote the market analyst in Philip Nova, Priyanka Sashdiva in a comment on the market today, Wednesday.
Last Monday, Trump signed an executive order that allows his administration to impose comprehensive customs duties by 25% on imports from any country that buys crude oil and liquid fuel from Venezuela.
Oil represents the main export commodity for Venezuela. China, which is already subject to American customs duties, is the largest buyer.
Last week, Washington imposed a new round of sanctions on Iranian oil sales targeting entities such as Shu Guang Lu Qing Petrochemical, a small private sector refinery in the Shandong region in eastern China, and our shedding supplies such oil entities, and China is the largest importer of Iranian crude.
to support
The market received support after the data of the American Petroleum Institute showed a decrease in US crude stocks by 4.6 million barrels in the week ending March 21, a sign of fuel demand in the largest economy in the world.
Analysts, Reuters, have signed their opinions expecting a decrease of one million barrels.
The US government is scheduled to issue official data on crude stocks today, Wednesday.
What limits oil gains, the United States reached two agreements with Ukraine and Russia to stop attacks at sea and on energy targets, with Washington’s approval to pressure to lift some of the sanctions imposed on Moscow.
Kiev and Moscow said they will rely on Washington to implement the two agreements, while each of them expressed doubts about the commitment of the other party.
