Oil Continues Rise As Supply Concerns Mount
Alfonso Esparza | Oct 02, 2018 10:51
Oil prices were mixed Tuesday morning, even as crude prices held to near four-year highs amid growing signs of shrinking global supply.
Brent crude, the global benchmark, was down 0.61% to $84.46 a barrel on London’s Intercontinental Exchange. On the New York Mercantile Exchange, West Texas Intermediate futures were trading flat at $74.29 a barrel.
Both crude benchmarks closed up nearly 3% Monday.
“Concerns about tight supply are driving oil prices significantly further up,” according to analysts at Commerzbank (DE:CBKG) .
“News that China is now also reducing its oil purchases from Iran presumably gave the final push. This is likely to see Iranian oil exports fall by 1.5 to 2 million barrels per day,” the analysts wrote in a daily
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