Oil prices rose on Wednesday as U.S. sanctions against crude exporters Iran and ...
SINGAPORE - Oil prices rose on Wednesday as U.S. sanctions against crude exporters Iran and Venezuela as well as ongoing supply cuts by producers have left markets relatively tight just as crude imports to China rose to a record for April.
“The tight and price-supportive fundamental outlook has not gone away,” said Ole Hansen, head of commodity strategy at Denmark’s Saxo Bank. U.S. Energy Secretary Rick Perry said on Tuesday that Saudi Arabia, OPEC’s de-facto leader, would increase its oil production to meet needs arising from sanctions on Iran.
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