Oil Prices Continues Gain As Brent Crude Hits $74.2 Per Barrel

Brent Crude

Brent Crude

Oil rose on Thursday, supported by expectations of renewed USA sanctions on Iran, declining output in Venezuela and continuing strong demand.

West Texas Intermediate crude for June delivery rose 14 cents to settle at $68.19 a barrel on the New York Mercantile Exchange.

"One might wonder what is behind this increase when the dramatic surge in USA crude production signalled just recently a balanced global oil market and the price of WTI staying at around US$60 a barrel", says the report.

But new reports of falling crude inventories in the United States and creeping concerns that President Donald Trump will slap sanctions on Iran propped prices back up.

Concerns that the USA may reimpose sanctions on Iran helped underpin the markets as this represents a threat to supply. Alternatively, if current support at the 72.44 level holds and the price reacts to the upside after the release of US Crude inventories data, it could open up the way for a retest of the initial upside resistance at 74.17, followed by 74.61 and the 75.00-75.50 levels.

Brent oil futures were down 25 cents to 73.64 at 10 a.m. EDT. Soaring US output has made WTI crude about $6 a barrel cheaper than Brent and drawn exports to record highs. Total volume traded was less than 1% below the 100-day average.

Rob Gronkowski: Skipping optional workouts
But, on Monday, it was announced that Gronkowski the horse will not compete in the Derby due to a "slight infection". Gronkowski , along with Tom Brady , didn't report to Gillette Stadium. "(I'm) not dirt biking or anything.

"President Trump said the Iran nuclear deal was insane and ridiculous, yet that does not mean necessarily that he is going to back out of it", Phil Flynn, the senior market analyst for the PRICE Futures Group in Chicago, said in a daily emailed newsletter.

"Geopolitical concerns in the Middle East, together with Venezuela's deteriorating macroeconomic situation, are supporting oil prices".

Such figures would usually weigh on prices, but the market appears to be much more focused on the possibility of new sanctions against Iran.

First-time claims for US unemployment benefits fell to their lowest level in almost five decades in the week ended April 21st, according to a report released by the Labor Department on Thursday.

Increases in the US currency make dollar-priced oil more expensive for holders of other currencies. Analysts polled by S&P Global Platts predicted a decline of 1.1 million barrels in crude stockpiles and 500,000 in gasoline supplies for last week.

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