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Oil rose to $70 a barrel in New York for the first time in a month after US crude inventories fell more than forecast for a second week. US sanctions on Iran take effect on November 4, and India and China's purchases of Iranian crude could drop about 23%.
Venezuela's output decline also supported prices.
Tighter US stocks and expected Iranian export losses push crude and diesel costs higher, which raises costs for feed transport, processing and biofuel feedstocks.
energynow.caAug 30, 2018 by Grant Smith and Heesu LeeAug 1, 2018Not enough comparable past events yet for a historical read.
Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
