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- Oil Prices Speared Up
Oil Prices Speared Up
The
financial world woke up this morning to the news that oil prices have speared
up by more than three percent. This is the highest level that oil prices have
seen since November last year.
The
increase by three percent took prices over $74 per barrel for Brent crude
futures and U.S. crude futures rose around 2.67 percent to $65.71 per barrel. The
main reason for this dramatic change is probably due to a report by the
Washington Post that U.S. Secretary of State Mike Pompeo will announce that “as
of May 2, the State Department will no longer grant sanctions waivers to any
country that is currently importing Iranian crude or condensate.” Condensate is
an ultra-light form of crude oil.
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