Published: 2019-04-02 12:27
Last Updated: 2019-04-02 12:55
Oil prices increased to its highest level on Tuesday, April 2, 2019, supported by strong economic Chinese data, the possibility of implementing new sanctions on Iran and the disruption of Venezuelan supplies, according to Reuters.
Brent Crude rose to 32 cents, or % 0.5, to reach $69.33 a barrel after reaching $ 69.50, its highest rate since mid-November, 2018.
U.S. West Texas Intermediate (WTI) rose to 30 cents, or % 0.5, to reach $ 61.89 a barrel after crossing the $62 mark for the first time since early November 2018.
“China's manufacturing sector unexpectedly returned to growth for the first time in four months in March,” Reuters stated.
“U.S. manufacturing numbers also came in better than expected in March, which helped investors overlook the soft retail sales data for February 2019."
A senior American administration official told reporters on Monday, April 1, 2019, that Washington is researching imposing additional sanctions on new sectors of the Iranian economy.
The official also noted that the U.S may not extend exemptions from sanctions on Iranian oil exports.
Also read: US reimposes sanctions, Iran defies decision