Oil prices fell on Wednesday after a report showed a rise in U.S. crude inventor...
SINGAPORE - Oil prices fell on Wednesday after a report showed a rise in U.S. crude inventories, but global markets remained tense amid an intensifying political crisis in Venezuela, tightening U.S. sanctions on Iran, and ongoing OPEC supply cuts.
U.S. crude stocks rose by 6.8 million barrels to 466.4 million barrels in the week to April 26, industry group the American Petroleum Institute said on Tuesday. Oil markets have already tightened this year due to supply cuts led by the Organization of the Petroleum Exporting Countries as well as U.S. sanctions on Iran’s oil exports.
“The Iran sanctions come on top of already fragile supplies and raise concerns about tightening markets,” said Norbert Ruecker, head of research at Swiss bank Julius Baer.Stephen Innes, head of trading at SPI Asset Management, said OPEC “could quickly compensate the losses from Iran supplies.”
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