Oil prices mixed, caught between US sanctions on Iran, Venezuela and trade dispute with China
Updated : May 07, 2019 08:06 AM IST
US West Texas Intermediate (WTI) crude futures were at $62.29 per barrel at 0135 GMT on Tuesday, 4 cents above their last settlement. Brent crude oil futures were at $71.16 per barrel, 8 below their last close.
The US sanctions have already halved Iranian crude oil exports over the past year to below 1 million barrels per day (bpd), and shipments to customers are expected to drop as low as 500,000 bpd in May as US sanctions tighten.
Global growth has been threatened by trade disputes between the United States and China. Talks between the world’s two biggest economies hit a wall over the weekend when US President Donald Trump announced a raft of new import tariffs on Chinese goods.