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Oil prices jump as US sanctions on Iran threaten to affect crude volume

But the world oil market is already tight with unplanned disruptions in Canada, Libya and Venezuela removing supply

Reuters  |  New York 

Oil prices rose on Friday as U.S. sanctions against Iran threatened to remove a substantial volume of crude oil from world markets at a time of rising global demand. "Now everyone is focused on the issue of spare capacity and the future," said Tamar Essner, Nasdaq's lead energy analyst. The market's attention has shifted to a spate of disruptions after weeks of focus on supply coming online from OPEC and other major producers, she said. U.S. crude rose 80 cents a barrel to $74.24 by 12:51 p.m. EDT [1651 GMT], and earlier touched $74.43, the highest since ...

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First Published: Fri, June 29 2018. 23:21 IST