US crude rises above $66 mark, as Brent extends gains

Economies.com
2019-04-23 16:04PM UTC

Oil prices rose during the day to continue gains amid markets' concerns about a global supply curb of crude following the tightening of the US sanctions against Tehran.

 

The US administration has announced yesterday to stop any waivers granted to Iran's oil importers in order to reduce Tehran's exports to zero, as described by the United States Secretary of State, Mike Pompeo.

 

Following the decision, Saudi Arabia announced that the Kingdom is committed to its policy of balance and stability in the market.

 

On the other hand, the dollar index (against a number of major currencies) rose by 0.4% to 97.6 points at 15:52 GMT, reaching a high of 97.7 points and a low of 97.2 points.

 

US West Texas rose 1.2% to $66.3 a barrel at 15:48 GMT, hitting a high of $66.6 and a low of $65.5.

 

Brent rose 0.5% to $74.4 a barrel, with the highest at $74.7 and the lowest at $73.9.

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