Global supply seen as ample
Singapore — Oil prices were near 2019 highs on Tuesday after Washington announced all Iran sanction waivers would end by May, putting pressure on importers to stop buying from Tehran.
US West Texas Intermediate crude futures hit their highest level since October 2018 at $65.95 per barrel before edging back to $65.86 by 0239 GMT, which was still up 0.5% from their last settlement. Barclays Bank said in a note following the announcement that the decision took many market participants by surprise and that the move would “lead to a significant tightening of oil markets”.
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