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Oil prices rebound amid Middle East tensions

Xinhua,March 21, 2018 Adjust font size:

NEW YORK, March 20 (Xinhua) -- Oil prices rebounded on Tuesday as concerns over tensions between Iran and Saudi Arabia supported oil markets.

Saudi Arabia called the 2015 nuclear deal between Iran and world powers a "flawed agreement" on Monday, on the eve of a meeting between the Saudi crown prince and U.S. President Donald Trump, according to CNBC.

Trump has threatened to withdraw the United States from the accord between Tehran and six world powers, raising the prospect of new sanctions that could hurt Iran's oil industry.

Oil prices were also supported by falling production in Venezuela, whose output has been halved since 2005 to below 2 million barrels per day.

The West Texas Intermediate for April delivery jumped 1.34 U.S. dollars to settle at 63.40 dollars a barrel on the New York Mercantile Exchange, while Brent crude for May delivery added 1.37 dollars to close at 67.42 dollars a barrel on the London ICE Futures Exchange. Enditem

 

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