Xinhua, New York :
Oil prices rebounded on Thursday as oil supply disruptions caused by the renewal of U.S. sanctions on Iran continued to underpin prices.
Oil prices have been boosted in part by U.S. President Donald Trump’s decision to pull out of a 2015 Iran nuclear accord and renew sanctions aimed at sharply curtailing the major producer’s crude exports.
U.S. Energy Secretary Rick Perry said there are no plans for the United States to release oil from the Strategic Petroleum Reserves (SPR), which also provided some upward jolts to the market, according to Market Watch on Thursday.
Market participants have worried that Trump may turn to selling oil from the U.S. SPR, to cap further gains in oil prices, which he has described as a negative for the economy.
The West Texas Intermediate for November delivery rose 0.55 U.S. dollar to settle at 72.12 dollars a barrel on the New York Mercantile Exchange, while Brent crude for November delivery added 0.38 dollar to 81.72 dollars a barrel on the London ICE Futures Exchange.
Oil prices rebounded on Thursday as oil supply disruptions caused by the renewal of U.S. sanctions on Iran continued to underpin prices.
Oil prices have been boosted in part by U.S. President Donald Trump’s decision to pull out of a 2015 Iran nuclear accord and renew sanctions aimed at sharply curtailing the major producer’s crude exports.
U.S. Energy Secretary Rick Perry said there are no plans for the United States to release oil from the Strategic Petroleum Reserves (SPR), which also provided some upward jolts to the market, according to Market Watch on Thursday.
Market participants have worried that Trump may turn to selling oil from the U.S. SPR, to cap further gains in oil prices, which he has described as a negative for the economy.
The West Texas Intermediate for November delivery rose 0.55 U.S. dollar to settle at 72.12 dollars a barrel on the New York Mercantile Exchange, while Brent crude for November delivery added 0.38 dollar to 81.72 dollars a barrel on the London ICE Futures Exchange.
