Oil Just Under Six Month High – 24 April, 2019

In the U.S.’s  highest stockpile levels since late 2017, oil prices have jumped to just below six month highs, debunking fears that OPEC output cuts and U.S. sanctions on Venezuela and Iran would result in a tight supply. Brent crude futures rose 6 cents to $74.57 per barrel, just below its highest level of the year at $74.73 on November 1. U.S. West Texas Intermediate crude futures dropped 41 cents to $65.89 per barrel, dipping from the previous days $66.60, its highest since October 31. Crude inventories in the U.S. rose 5.5 million barrels, which far surpasses analysts expectations of supply only rising 1.3 million barrels.