Oil Dips On Sanctions, OPEC Has Yet To Raise Output – 25 April, 2019

Hopes that OPEC will raise output to counteract a decline in exports from Iran due to sanctions caused oil prices to take a slight dip, U.S. West Texas Intermediate crude futures down 0.6 percent and 38 cents to $64.83 per barrel. Brent crude futures dropped 0.3 percent and 19 cents to $74.16 per barrel. For the first time this year, Brent international reached above $75 per barrel with countries limiting imports for Russia over low quality product. The U.S. has been pressuring Saudi Arabia to increase OPEC’s production to make up for the supply gap.