The global market remains tense amid the expiry of US sanction exemptions on Iran and Venezuela’s political crisis
Crude oil prices have fallen sharply as stockpiles in the US rose to their highest level since 2017. Picture: REUTERS
Spot Brent crude oil futures were at $71.91 per barrel at 2.39am GMT, 27 cents, or 0.4%, below their last close.“Crude oil prices fell sharply as stockpiles in the US rose to their highest level since 2017,” ANZ bank said on Thursday. Outside the US, however, oil markets remained tight amid the political crisis in Venezuela, tighter US sanctions against Iran that allow no more exemptions from May, and as the Opec continues to withhold supply in order to prop up prices.
“The Venezuelan situation will likely loom large in Opec deliberations as ministers weigh how many additional barrels may be needed to fill an expanding supply gap that is being driven by geopolitics as opposed to geology,” Canadian bank RBC Capital Markets said.
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