Oil prices eased on Thursday, although a decline in U.S. inventories, ongoing su...
LONDON - Oil prices eased on Thursday, although a decline in U.S. inventories, ongoing supply cuts from OPEC and its allies, and U.S. sanctions on Venezuela and Iran all limited losses.
U.S. crude inventories fell by 1.4 million barrels in the week to April 12, U.S. Energy Information Administration data showed on Wednesday. Prices have been supported this year by an agreement reached by the Organization of the Petroleum Exporting Countries and its allies, including Russia, to limit their oil output by 1.2 million barrels per day .Iran’s crude exports have dropped in April to their lowest daily level this year, tanker data showed and industry sources said, suggesting a reduction in buyer interest ahead of expected further pressure from Washington.
Growing U.S. oil production and concerns over the U.S.- China trade dispute are keeping prices in check.
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