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Oil holds above $71 as supply risks back in focus

Apr 28, 2019 09:18

Oil held above $71 a barrel on Tuesday, supported by falling Venezuelan and Iranian exports and fighting in Libya that raised concerns of more supply threats, outweighing expectations of higher U.S. inventories.

Collapsing Venezuelan oil output and sanctioned Iranian exports have a put big question mark over supply
 
With the many supply threats, the market mood turns more bullish by the day and this should support prices over the coming weeks.
 
Adding downward pressure were expectations of higher U.S. inventories and concern about Russia’s willingness to stick with OPEC-led supply cuts.
 
The Organization of the Petroleum Exporting Countries and other producers including Russia, an alliance known as OPEC+, have been cutting output since Jan. 1. They decide in June whether to continue the arrangement.
 
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