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Crude oil prices at highest level of 2019 due to cut in supply

By HindusthanSamachar | Publish Date: Mar 14 2019 3:18PM
Crude oil prices at highest level of 2019 due to cut in supply
New Delhi, Mar.14(HS): Brent crude oil prices have so far risen to the highest on Thursday, due to cut in OPEC-led supplies as US sanctioned Venezuela and Iran. Traders are of the view that an increase in US crude oil and unexpected decrease in production has increased prices. International Brent Crude Oil Futures is at strongest level after November 2018 with $ 67.80 per barrel in 2019 during the Asian Morning hours. Brent was trading at 0244 GMT or 8:14 at the rate of 67.75 dollars per barrel, with a 20 cent or 0.3 percent increase in its previous price. Several producers, including Russia and the organization of Petroleum Exporting Countries (OPEC), have been blocking supply of oil from the beginning of the year to strengthen global markets and increase crude prices. In Venezuela, due to political and economic crisis, oil production and exports have been hampered, supply has been reduced as Washington has stopped US companies from doing business with the Venezuelan government, including the state-owned oil company PDVSA. According to sources, two storage tanks broke out in the upgraded crude oil processing project in eastern Venezuela.US Commercial Crude Oil inventories had declined last week because refineries had increased the output. In the Middle East, the United States aims to reduce Iran''s crude exports by 20 percent to less than 1 million barrels per day (BPD), as US wants importing nations to avoid US sanctions and reduce purchases by them. As per US market crude oil inventories fell by 3.9(instead of raise of 2.7) million barrels to 449.07 million barrels. Crude oil production has also fallen by 100,000 barrels per day (BPD) to 1.2 million BPD. Hindustan Samachar/Bharati/Pramod \
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