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Wednesday, 9 May 2018

Donald Trump Has Caused a Three Years Oil Rise

Oil rose to a three-year high after the U.S. told buyers of Iranian crude they have six months to curb their purchases or face tough penalties, World Oil reports.

While the full impact of President Donald Trump’s decision to withdraw from the nuclear deal is still unclear, the re-imposition of far-reaching sanctions is expected to start reducing shipments from the Middle East’s third-largest producer. 
The U.S. Treasury said its intention was to curb Iran’s crude sales, offering potential exemptions from penalties only for nations that “substantially” decrease their purchases.
Price movements reflected the market’s uncertainty. Crude settled lower on Tuesday after Trump’s announcement, then rallied in after-hours trade and into the Asian morning as traders digested the news. 
Futures were 2.7% higher in New York on Wednesday. Brent for July settlement climbed as much as 3.1% to $77.20/bbl on the London-based ICE Futures Europe exchange. Futures slid 1.7% to $74.85/bbl on Tuesday. The global benchmark crude traded at a $6.10 premium to July WTI.


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