# Oil Rises to $70 for First Time Since July as Stockpiles Decline - Canadian Energy News, Top Headlines, Commentaries, Features & Events - EnergyNow

> 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.

- Date: 2018-08-01 · published 2018-08-01T12:00:00.000Z
- Category: market · region Global · magnitude low
- Page: https://feedsoft.ai/events/63704-oil-rises-to-70-for-first-time-since-july-as-stockpiles-decline-canadian-energy
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

Tighter US stocks and expected Iranian export losses push crude and diesel costs higher, which raises costs for feed transport, processing and biofuel feedstocks.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Sources

- energynow.ca: https://energynow.ca/2018/08/oil-rises-to-70-for-first-time-since-july-as-stockpiles-decline/

---
Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.