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Brent Crude Tops $75, WTI Oil Joins Rally

April 24, 2018 at 10:26 by Vladimir Vyun

Futures for the Brent grade of crude oil topped the $75 level today before retreating below it later. Prices for WTI crude rose as well.

The main reason for the rally were political tension in Middle East. The US government was considering whether to reinstall sanctions against Iran due to its nuclear program. The United States have time till May 12 to make the decision. Meanwhile, conflict between Saudi Arabia and Houthi rebels was escalating as Saudi air strikes on Hudaida province in Yemen killed the rebels’ leader.

Traders wait for US oil supply data from the American Petroleum Institute due to release later today. Tomorrow, the Energy Information Administration will release its estimates of US crude oil inventories at 14:30 GMT.

June futures for delivery of WTI crude oil gained 0.5% to $68.98 per barrel as of 10:16 GMT on NYMEX today. Contract for Brent crude advanced 0.25% to $74.90 per barrel on ICE, rising as high as $75.27 earlier.

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