Oil prices rose sharply in response to the announced measures. Brent crude futures, the international benchmark for oil prices, hit their strongest since November 2014 at $77.76 per barrel on Thursday. He added that condensate, a super-light form of crude oil that was excluded in the last round of sanctions, may well be included. US crude inventories fell by 2.2 million barrels in the week to May 4, to 433.76 million barrels, according to the Energy Information Administration (EIA), slightly above the 420 million barrels five-year average level. Weekly US crude oil production hit another record last week, climbing to 10.7 million barrels per day (bpd).

Source: Dhaka Tribune May 10, 2018 02:15 UTC