Oil lifted towards $73 by real and threatened supply cuts


Oil  lifted towards $73 by real and threatened supply cuts

Oil edged higher towards $73 a barrel on May 17, supported by real and threatened supply disruptions in the Middle East and heading for a weekly gain.

US sanctions on Iran have cut the OPEC member’s crude exports further in May, adding to supply curbs resulting from an OPEC-led pact. Meanwhile, rising tensions in the Middle East this week has raised concern about additional supply disruption.

Brent crude rose 15 cents to $72.77 a barrel at 0908 GMT. The global benchmark is up almost 3 percent this week, having ended last week steady and fallen the week before. US West Texas Intermediate crude added 24 cents to $63.11. Read More

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