Oil Prices Rebound Despite Sino-U.S. Trade Tension
Wednesday, 8 May 2019 13:52 WIB |
Oil prices rebounded on Wednesday in Asia as traders weighed U.S. sanctions against Iran and news on the Sino-U.S. trade front.
U.S. Crude Oil WTI Futures were up 0.8% to $61.88 by 1:19 AM ET (05:19 GMT). International Brent Oil Futures gained 0.6% to $70.26.
Traders are closely monitoring the situation in Iran this week as the U.S. tightens sanctions on the country™s oil exports, saying on Monday it was boosting its military presence in the Middle East.
Iran has threatened "reciprocal actions", which could mean restarting some of its nuclear programs.
The U.S. re-imposed sanctions on Iran in November in 2018, demanding all countries stop importing oil from the country.
The sanctions have already halved Iranian crude oil exports over the past year to less than 1 million barrels per day, and shipments to customers may drop to as low as 500,000 barrels per day in May as sanctions tighten, analysts say.
Source : Investing.com