img-news

Oil prices reach 4-month highs

  • Regular
  • Economy
  • 7 months ago
  • 124

Oil prices have risen to their highest since November 2018, mainly due to the U.S. sanctions imposed on both Iran and Venezuela, OPEC’s supply cuts and a strong jobs data coming out of Washington.

J.P. Morgan released a statement over the weekend where it supported those points, “Brent prices increased more than 30 percent year-to-date as OPEC continued to cut supply for 4 months in a row and optimism over U.S.-China trade talks helped to buoy the demand outlook.”

Therefore, international benchmark Brent futures were up 0.5% to $70.72 per barrel.

U.S. West Texas Intermediate (WTI) crude were up by 0.6%, at $63.45 per barrel.

 

 

Source: Smart Trend Team