Oil prices rose to fresh highs for the year on Tuesday, after a U.S. official said Washington is considering more sanctions on Iran and a key ...
TOKYO: Oil prices climbed to nearly five-month highs on Tuesday, supported by firm Chinese economic data that eased demand concerns, the possibility of more sanctions against Iran and further Venezuelan supply disruptions.
Positive data from the world's biggest economies, the United States and China bolstered prices, with China's manufacturing sector unexpectedly returning to growth for the first time in four months during March, figures showed on Monday. The Caixin/Markit Manufacturing Purchasing Managers' Index expanded at the strongest pace in eight months in March, the figures showed."PMI is such a driver of commodity prices I do think the markets will swing to the demand side of the equation as that element is so underpriced," Innes said.
On the oil supply side, the U.S. government is considering additional sanctions against Iran that would target areas of its economy that have not been hit before, a senior Trump administration official told reporters on Monday.
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