Oil Rises on Tighter Supply Despite Strong Dollar

April 4, 2019 Share Print 0

Brent oil prices rose on Thursday, resuming their climb toward $70 per barrel as expectations of tight global supply outweighed pressure from rising U.S. production and less robust global demand indicators.

International benchmark Brent futures rose 34 cents to $69.65 by 11:28 a.m. EDT (1528 GMT). Brent touched $69.96 on Wednesday, the highest since Nov. 12, when it last traded above $70.

U.S. West Texas Intermediate (WTI) crude rose 13 cents a barrel to trade at $62.59. The contract hit $62.99 on Wednesday, also its highest since November.

Brent has gained nearly 30 percent this year, while WTI has risen nearly 40 percent, underpinned by U.S. sanctions on Iranian and Venezuelan crude, OPEC production cuts and rising global demand.

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.