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Oil Prices Edge up on Supply Disruption Worries

Source: www.gulfoilandgas.com 8/28/2018, Location: Europe

Oil prices rose as risks of supply disruptions from places such as Venezuela, Africa and Iran triggered expectations of a tightening market.

Despite some concerns about an economic slowdown because of the U.S.-China trade conflict, crude supplies are relatively tight due to disruptions as well as voluntary restraints on output by the Organization of the Petroleum Exporting Countries (OPEC).

The International Energy Agency (IEA) also warned of further supply disruptions, especially from Venezuela, where an economic crisis has cut deep into the OPEC-member’s oil output.

Birol said it was too early to gauge the impact of the U.S. sanctions that will target Iran from November.

Beyond a relatively tight supply outlook, analysts said a fall in the dollar over the past two weeks was also supporting crude, as it makes oil purchases cheaper for countries using other currencies at home.

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