Money Oil prices rise amid risk of supply disruptions

05:05  17 april  2018
05:05  17 april  2018 Source:   reuters.com

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* Supply risks come amid OPEC-led production cuts. By Henning Gloystein. SINGAPORE, April 17 (Reuters) – Oil prices rose on Tuesday amid worries there could be a high risk of disruptions to supply , especially in the Middle East.

NEW YORK (Reuters) - Oil prices rose on Tuesday, as support from the possibility of supply disruptions and a “The rally upwards was purely on geopolitical risk and if now we haven’t had any further stimulus, we’re seeing prices slip off a bit,” Natixis commodities strategist Joel Hancock said.

Oil prices rose on Tuesday amid worries there could be a high risk of disruptions to supply, especially in the Middle East.© REUTERS/Isaac Urrutia/File Photo

Oil prices rose on Tuesday amid worries there could be a high risk of disruptions to supply, especially in the Middle East.

Oil prices rose on Tuesday amid worries there could be a high risk of disruptions to supply, especially in the Middle East.

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Oil prices rose on Tuesday amid worries there could be a high risk of disruptions to supply , especially in the Middle East.

Oil rose on Tuesday, boosted by investors' growing concern over the potential for disruptions to Traders said oil markets were receiving general support due to the risk of supply interruptions, including " Oil prices should remain bid at least through the Iran nuclear deal deadline (May 12) if

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Brent crude oil futures (LCOc1) were at $71.80 per barrel at 0120 GMT, up 38 cents, or 0.5 percent, from their last close.

U.S. West Texas Intermediate (WTI) crude futures (CLc1) were up 39 cents, or 0.6 percent, at $66.61 a barrel.

Traders said oil markets were receiving general support due to a sense that there were high risks of supply disruptions, including a potentially spreading conflict in the Middle East, renewed U.S. sanctions against Iran and falling output as a result of political and economic crisis in Venezuela.

"With so many potential supply disruptors in play and few signs that the current market upheaval will end any time soon, traders continue to pay the geopolitical risk premium," said Stephen Innes, head of trading for Asia-Pacific at futures brokerage OANDA in Singapore.

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Oil prices rose on Tuesday amid worries there could be a high risk of disruptions to supply , especially in the Middle East.

SINGAPORE: Oil prices rose on Tuesday amid worries there could be a high risk of disruptions to supply , especially in the Middle East. Brent crude oil futures were at .69 per barrel at 0326 GMT, up 27 cents, or 0.4 percent, from their last close.

"Oil prices should remain bid ... at least through the Iran nuclear deal deadline (May 12) if not for the remainder of 2018," he added.

Oil markets have generally been well supported this year, with Brent up by around 16 percent from its 2018-low in February, due to healthy demand which comes as the producer cartel of the Organization of the Petroleum Exporting Countries (OPEC) leads supply cuts aimed at tightening the market and propping up prices.

(Reporting by Henning Gloystein; Editing by Joseph Radford)

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