Oil edges above $71 as supply risks back in focus 8:38am EDT [Reuters]
JULIUS BAER GRP UNSP/ADR (JBAXY)
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Source: Reuters
Oil edges above $71 as supply risks back in focus - Reuters 3 Min Read LONDON (Reuters) - Oil edged above $71 a barrel on Tuesday, supported by falling Venezuelan and Iranian exports and fighting in Libya that raised concerns of more supply threats, outweighing expectations of higher U.S. inventories. In Libya, fighting between Khalifa Haftar’s Libyan National Army and the internationally-recognized government has raised the prospect of lower supplies from another OPEC member. U.S. sanctions on two others, Iran and Venezuela, are cutting shipments. “Collapsing Venezuelan oil output and sanctioned Iranian exports have a put big question mark over supply,” said Norbert Ruecker of Swiss bank Julius Baer. “With the many supply threats, the market mood turns more bullish by the day and this should support prices over the coming weeks.” Brent crude, the global benchmark, was up 19 cents at $71.37 a barrel at 1224 GMT. U.S. West Texas Intermediate (WTI) crude gained 30 cents to $63.70. Addin
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