Brent oil rose on Wednesday, driven higher by a threat from an Iranian commander and a drop in U.S. crude inventories for the second week in a row. The price rose above $78 a barrel after an Iranian Revolutionary Guards commander said he was ready to prevent regional crude exports if Iranian oil sales were banned by the United States. Iranian President Hassan Rouhani appeared on Tuesday to threaten to disrupt oil shipments from neighbouring states if Washington continued to press all countries to stop buying Iranian oil. Looming U.S. sanctions on Iranian crude exports, force majeure in Libya and unplanned pipeline outages in Nigeria have been clouding the supply outlook despite rising output by the Organisation of the Petroleum Exporting Countries. Click Read More below for additional information.
National Average Price for Regular Unleaded – Current: $2.872; Month Ago: $2.761; Year Ago: $2.856. National Average Price for Diesel – Current: $3.103; Month Ago: $3.045; Year Ago: $3.104.
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Crude oil prices settled higher Thursday as data showing U.S. crude supplies fell and comments that Saudi Arabia's exports would fall in August renewed expectations for a global shortage in crude supplies. On the New York Mercantile Exchange crude futures for August delivery rose 1% to settle at $69.46 a barrel, while on London's Intercontinental Exchange, Brent fell 0.33% to trade at $72.66 a barrel. U.S. crude prices were boosted on forecasts that inventories at the U.S. oil delivery hub in Cushing, Oklahoma fell 1.8 million barrels, through Tuesday, traders said, citing energy information provider Genscape. Click Read More below for additional information.