Brent Oil hits yearly high of $75 as Russian exports cut
Commodity Online | April 26 2019
UPDATED 10:35:34 IST

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Brent oil rose above $75 per barrel on Thursday for the first time this year as quality concerns forced the suspension of some Russian crude exports to Europe while the United States prepared to tighten sanctions on Iran.

Brent crude futures were at $75.22 by 0851 GMT, up 65 cents. US West Texas Intermediate crude was at $66.09 per barrel, up 20 cents.

Poland and Germany have suspended imports of Russian crude via the Druzhba pipeline, citing poor quality. Czech Republic had also halted purchases, trade sources told Reuters.

The pipeline can ship up to 1 million barrels per day, or 1 percent of global crude demand, with around 700,000 bpd of flows suspended, according to trading sources and Reuters calculations.

 



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