Oil prices firm on OPEC cuts, strong demand and looming Iran sanctions
US West Texas Intermediate (WTI) crude futures were at $71.61 a barrel, up 12 cents, or 0.2%, from their last settlement.
Crude prices have received broad support from voluntary supply cuts led by the Organization of the Petroleum Exporting Countries (OPEC) aimed at tightening the market.
US investment bank Jefferies said sanctions against Iran could remove more than 1 million barrels per day (bpd) from the market.
Published Date: May 18th, 2018 12:31 PM | Updated Date: May 18, 2018 12:31 PM IST
Have you signed up for Primo, our daily newsletter?
It has all the stories and data on the market, business, economy and tech that you need to know.
THANK YOU! You made our day. See you every morning
YOUR EMAIL IS ON ITS WAY. Check your inbox for future updates.
To keep watching CNBC-TV18, India's No. 1 English Business News Channel, call your Cable or DTH Operator and subscribe now for just Rs. 4 per month. You can also subscribe to CNBC-TV18 Prime HD for Re 1/- per month.Find out more