Oil is above $ 75 a barrel for the first time since the end of October

File Reuters

UNITED STATES (VOP TODAY NEWS) — The price of Brent crude hit $ 75 a barrel for the first time since the end of October, under pressure from the expected tightening of US sanctions on Iran.

The price of a barrel of North Sea Brent crude for delivery in June at about 8:30 (10:30 Paris time) to 75.23 dollars in London, up 66 cents from the closing price Wednesday, 15 minutes after recording a maximum of $ 75.42 .

In New York, light sweet crude for June delivery also rose 20 cents to $ 66.09, minutes from $ 66.16, its highest level in nearly six months.

Oil prices rose sharply on Monday after the United States announced a moratorium on exemptions for some countries to allow it to import Iranian oil despite Washington’s sanctions.

“It is initially supposed to produce between 1 and 1.3 million barrels of oil a day from the market,” said Tamas Farga, an analyst at BVM. “We will see what happens.”

Saudi Arabia, the world’s top oil exporter, has promised to increase its output to compensate for Iranian oil, although Energy Minister Khalid al-Faleh said on Wednesday the kingdom did not see the need to increase its output “immediately,” the Bloomberg news agency reported.

The price of light crude oil Thursday was less intense, after Bloomberg reported on Wednesday, a US crude stockpile exceeded expectations.

The United States increased its crude stockpile by 5.5 million barrels during the week ending April 19. Any increase in US inventories is generally interpreted as a sign of falling demand in the world’s first economy.

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