Oil tops $75 on supply cuts, prospect of Iran sanctions [CNBC]
Comcast Corporation - Class A (CMCSA)
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Source: CNBC
Oil prices spike after Trump says Iran will have 'big problems' if it ramps up nuclear program Brent crude topped $75 a barrel on Tuesday, supported by OPEC-led production cuts, strong demand and the prospect of renewed U.S. sanctions on Iran. The global oil benchmark rose to its highest level since OPEC turned its back on curbing output to support prices on Nov. 27, 2014, a move that triggered a battle for market share and helped deepen a collapse to $27 in early 2016. Oil prices began to recover in 2016 as OPEC discussed a return to market management with the help of Russia and other non-members. A supply-cutting deal started in January 2017 has been deepened by a steep output drop in Venezuela. "Prices are being driven up by tight supply due to high production outages in Venezuela plus the cuts implemented by OPEC and Russia," said Carsten Fritsch, analyst at Commerzbank. "What is more, demand appears robust." Brent traded as high as $75.47, gaining for a sixth day, and was up 6
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