Brent crude oil on Thursday rose above $75 per barrel for the first time in 2019...
SINGAPORE - Brent crude oil on Thursday rose above $75 per barrel for the first time in 2019 in the wake of tightening sanctions on Iran, while gains in U.S. prices were crimped by a surge in U.S. supply.
U.S. West Texas Intermediate crude futures were at $65.94 per barrel, up 5 cents from their previous settlement. “Following the U.S. decision to toughen its sanctions on Iran ... we have revised up our end-year forecast for Brent crude from $50 to $60 per barrel,” analysts at Capital Economics said in a note.
Capital Economics said it expected “oil prices to fall this year as sluggish global growth weighs on oil demand, U.S. shale output grows strongly and investor aversion to risk assets like commodities increases”.
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