Oil prices settle at multi-week highs as global supply worries mount [Yahoo! Finance]
INVESTEC LTD UNSP/ADR (ITCFY)
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Source: Yahoo! Finance
U.S.-Iran negotiations made investors more concerned about prolonged disruptions to Middle Eastern supply. U.S. ?government data showed a bigger weekly draw in crude and fuel inventories than expected, which also put upward pressure ?on oil prices. Brent crude futures for June rose for the eighth consecutive session and settled up $6.77, or 6.1%, at $118.03 a barrel, the highest since March 31. ?The global benchmark climbed further in post-settlement trade to hit $120 a barrel for the first time since June 2022. U.S. West Texas Intermediate futures for June rose $6.95, or 7%, to $106.88 a barrel, the highest since April 7. A White House official said that President Donald Trump had asked U.S. oil companies about ways to mitigate the impact of a potentially months-long U.S. blockade of Iranian ports, adding to concerns that ?disruptions to Middle Eastern oil supply could ?be prolonged. Over $50 billion worth of crude oil supply had been lost since the start of the Iran war, a
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