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Oil Prices Hover at 3 1/2-Year Highs on Expectations for Tighter Global Supply
Tuesday, 22 May 2018 18:56 WIB | ENERGY |MinyakWTIOil,Crude Oil

Oil prices pushed to fresh 3 1/2-year highs on Tuesday, as investors fretted over future output from Iran and Venezuela on the prospect of new U.S. sanctions on those countries.

June West Texas Intermediate crude on the New York Mercantile Exchange rose 18 cents, or 0.3%, to $72.42 a barrel. On Monday, the contract closed at $72.24 a barrel, a gain of nearly 1.4%, which marked the highest finish for a front-month contract since Nov. 26, 2014.

July Brent crude, the global benchmark, rose 27 cents, or 0.3%, to $79.49 a barrel, and increasingly closer to a key $80 level, after closing up 71 cents to $79.22 a barrel on Monday.

Source : Marketwatch

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