Crude Prices Rise on Multiple Global Concerns – 30 August, 2018
Oil prices extended gains to their highest prices in over a month due to supply disruptions and a fall in U.S. inventories. Brent Crude rose to $77.77 per barrel, up 63 cents, and U.S. crude rose to $70.25 per barrel, up 74 cents. Supply disruptions in both Venezuela and Iran caused Brent to rise nearly 10 percent in two weeks with the perception that the global oil market is tightening while U.S. inventories fall and the oil market is tightening. A storm heading to the coast of Mexico is also a cause for concern due to its potential affect on the market.