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Oil price increases due to sanctions on Venezuela and Iran

March 8, 2019 at 3:49 am

Oil prices increased on Thursday amid OPEC-led supply cuts and the US sanctions on Venezuela and Iran, the two main petroleum exporting countries.

However, price gains were limited due to the US crude production record and growing commercial fuel stocks.

US West Texas Intermediate crude futures were sold for 56.31 dollars a barrel, with an extra nine cents and 0.2 percent increase compared to the previous settlement.

Brent crude was sold for 66.22 dollars a barrel, with extra 23 cents and 0.4 percent increase.

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