Oil Prices Rise & Iran Sanction Worries, Despite Surging US Supplies

Oil prices rose on Wednesday, lifted by concerns that the United States may re-impose sanctions on major exporter  Iran, although soaring U.S. supplies capped gains. Brent crude oil futures were at $73.25 per barrel, up 12 cents, or 0.2 percent, from their last close.U.S. West Texas Intermediate (WTI) crude futures were up 20 cents, or 0.3 percent, at $67.45 per barrel.
Iran re-emerged as a major oil exporter in January 2016 when international sanctions against Tehran were lifted in return for curbs on Iran’s nuclear programme.Iran’s oil exports hit 2.6 million barrels per day (bpd) in April, the Oil Ministry’s news agency SHANA reported on Tuesday, a record since the lifting of sanctions, with China and India buying more than half of Iran’s oil. For More Information Please Visit : www.paceresearchindia.com and Call : 8817774774