Stock data counte­rs fears result­ing from OPEC output cuts, US sancti­ons on Venezu­ela and IranLONDON: Oil prices hovered around six-month highs on Wednesday after data showing rising US stocks countered fears of tight supply resulting from OPEC output cuts and US sanctions on Venezuela and Iran. US crude stocks rose 6.9 million barrels last week, more than expected, data from the industry group American Petroleum Institute showed on Tuesday. “The focus will return to the micro-picture of US data,” Petromatrix’s Olivier Jakob said in a note. Crude oil prices for spot delivery rallied after the US said on Monday it would end all exemptions for sanctions against Iran, demanding countries halt oil imports from Tehran from May or face punitive action. The US has said it saw Saudi Arabia as a partner to balance oil markets.

Source: The Express Tribune April 24, 2019 15:05 UTC