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May 17, 2019
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Oil climbs to $73 per barrel on supply cuts

Oil climbs to $73 per barrel on supply cuts

Oil climbed to $73 a barrel on Friday, mainly due to supply cuts and concern of further disruption to Middle East shipments as tensions rise.

U.S. sanctions on Iran have cut the OPEC member’s crude exports further in May, adding to supply curbs resulting from an OPEC-led pact. Meanwhile, rising tension in the Middle East this week has raised concern about additional supply disruption. 

Brent crude was up 43 cents to $73.05 a barrel at 1101 GMT. U.S. West Texas Intermediate crude added 60 cents to $63.47.

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