Jun 18, 7:24 AM EDT Newsletter Signup BusinessTechnologyWorldNationalMedia & CultureOpinionSportsLuxury Business By Himanshu Goenka @HimGoJourno 05/07/18 AT 1:45 AM For the first time since November 2014, the price of WTI crude went beyond $70 a barrel, trading at a high of $70.59 at 11:10 p.m. EDT Sunday. The U.S. benchmark trails the global Brent crude price, which had breached the $70-level briefly in January, and has stayed above that mark consistently since the second week of April.Since its low point in mid-January 2016, the price of crude oil has made a sustained recovery, but fresh concerns over Venezuela and the future of the nuclear deal with Iran could pare back the gains. And one of the factors for the WTI crude price being lower than Brent is the domestic shale production, which has been booming.The political situation in Venezuela, partially arising from and contributing to the economic crisis gripping the country, has meant the South American country has been unable to invest in its petrochemicals industry, and its output has fallen to about 1.5 million barrels a day, half its peak in the 2000s. The state-run PDVSA also owes $2 billion to ConocoPhillips, a move that may see the Venezuelan… Read full this story
- Oil prices take breather after three-day rally
- Oil Prices Extend Gains After EU Bans Most Russia Oil Imports
- Stock Market This Week: Oil Prices, US GDP Data, F&O Expiry, Other Factors to Watch Out For
- Cotton, cooking oil and poultry prices cool down
- What Will It Take To Get Inflation Down? Is Oil The Key?
- Stock Market Update: Sensex Tanks 500 pts, Nifty Tests 15,700; Banks, Realty Worst Hit
- Stocks fall on Wall Street as inflation fears continue to grip investors
- Taking Stock | Market ends lower in choppy session ahead of expiry, auto and PMI data
- Rupee hits fresh all-time low. Is it headed towards 81 a dollar level?
- 3 devils that can make life tough for Nifty bulls in next 6 months
Crude Oil Price Update: Venezuela, Iran Worries Lead WTI Back Over $70 have 308 words, post on www.ibtimes.com at May 7, 2018. This is cached page on Vietnam Colors. If you want remove this page, please contact us.