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Brent nears $70 as oil prices rise for fourth day

Apr 6, 2019 07:50

Oil prices rose for a fourth day and on Wednesday hit their highest level so far in 2019, with Brent crude approaching $70 a barrel, on the prospect that more sanctions against Iran and further Venezuelan disruptions could deepen an OPEC-led supply cut.

The United States is considering more sanctions against Iran, the fourth-largest producer in the Organization of the Petroleum Exporting Countries (OPEC), an official said.
Three of the eight countries to which Washington granted waivers to import Iranian oil have now cut their shipments from Iran to zero, a U.S. special representative said on Tuesday.
Meanwhile, a crude terminal in Venezuela, also under U.S. sanctions, halted operations again due to power problems.
Investors have worried for months that weak global economic data could mean slowing demand for crude, but healthier data this week from the United States and China eased concerns about the economy and bolstered prices.
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