Oil prices posted gains during European trade on Tuesday
2018-05-22 11:36 am | Resource: NEWS | No Views : 70
Oil prices posted gains during European trade on Tuesday, bringing US crude to a three-and-a-half year high, posting a second day of gains.
The gains come amid tensions between the United States, Iran on the one hand and Venezuela on the other, where the United States is expected to impose sanctions on both countries, which will adversely affect oil production globally.
Where US Secretary of State Mike Pompeo said the United States would impose the most sanctions on Iran, and stressed that Tehran would struggle to keep its economy alive after the sanctions came into effect.
The United States will also impose economic sanctions on Venezuela, which will undermine the Venezuelan oil supply, Venezuela was pumping about 2.5 million barrels per day early 2016
US crude rose Tuesday by 0.21% to reach $ 72.50 a barrel. US crude opened today at $ 72.62, recording a high of $ 72.78 and a low of $ 72.47.
Brent crude was the most active at $ 79.52, recording a high of $ 79.91 and a low of $ 79.34. Brent crude was up 0.42%. Currently trading at $ 79.55
Oil prices last week, their sixth weekly gain in a row, were among the longest weekly gain since October 2017, amid speculation of a drop in Iranian supply.
Since the beginning of the year, the total number of active oil and gas rigs in the United States has reached 983, up sharply from an average of 876 in 2017 and heading towards the highest average since 2014, when it reached 1,862 diggers. Most of the excavators produce both oil and gas.
US production has jumped 27 percent since mid-2016, outpacing Saudi Arabia's steady output of around 9.9 million barrels per day, close to Russia's biggest oil producer of around 11 million bpd.
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