The price of West Texas Intermediate crude rose 1.9% to $59.94 per barrel on 26 March, while May Brent crude increased 1.1% to $67.97, amid concerns about tightening supply. Production cuts by OPEC, as well as ongoing US sanctions against Venezuela and Iran have helped increase oil prices, as analysts focus on supply issues. the US Energy Information Administration is set to release US supply data shortly, while The American Petroleum Institute is predicted to reveal a 2.2 million barrel decline in crude supplies for the week ending 22 March.
The price of West Texas Intermediate crude rose 1.9% to $59.94 per barrel on 26 March, while May Brent crude increased 1.1% to $67.97, amid concerns about tightening supply. Production cuts by OPEC, as well as ongoing US sanctions against Venezuela and Iran have helped increase oil prices, as analysts focus on supply issues. The American Petroleum Institute is set to release US supply data shortly, while the US Energy Information Administration is predicted to reveal a 2.2 million barrel decline in crude supplies for the week ending 22 March.