Oil prices rise on possible Iran sanctions
Xinhua,April 27, 2018 Adjust font size:
NEW YORK, April 26 (Xinhua) -- Oil prices settled higher on Thursday amid expectations of possible U.S. sanctions against Iran.
Oil price rose due to growing concerns over the restoring of U.S. sanctions against Iran, the third-largest producer in the Organization of the Petroleum Exporting Countries (OPEC).
The sentiment on Thursday marked a shift from earlier in the week, when oil prices fell after U.S. President Donald Trump signaled that the United States and France are close to reaching an agreement to preserve the Iran nuclear deal.
The United States has until May 12 to decide whether to quit a nuclear deal with Iran and reimpose sanctions against it.
Some analysts predict oil prices will keep rebounding as the period of oversupply that started in 2014 has now ended due to supply disruptions and also strong demand.
The West Texas Intermediate for June delivery rose 0.14 U.S. dollar to settle at 68.19 dollars a barrel on the New York Mercantile Exchange, while Brent crude for June delivery added 0.74 dollar to close at 74.74 dollars a barrel on the London ICE Futures Exchange. Enditem