Oil Rises on Venezuela and Iran Concerns

May 7, 2018 Share Print 0

Oil prices rose to their highest levels since late-2014 on Monday, boosted by fresh troubles for Venezuelan oil company PDVSA and a looming decision on whether the United States will re-impose sanctions on Iran.

Brent crude oil futures were at $75.78 a barrel at 1236 GMT, up 91 cents from their last close. Earlier in the session they touched their highest since November 2014 at $75.91.

U.S. West Texas Intermediate (WTI) crude futures rose 85 cents to $70.57, the first time since November 2014 that WTI had climbed above $70.

China’s Shanghai crude oil futures, launched in March, broke their dollar-converted record high, touching $72.54 on Monday.

via Reuters

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Alfonso Esparza

Senior Currency Analyst at Market Pulse

Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.