New York Oil Price 30 Rising Watch out for a Strong Ad

WTI crude oil prices rose for the third consecutive day on Thursday (January 31). As Opec

tightened its markets, declining U.S. oil imports and sanctions imposed by the United States on Ve

nezuela made it difficult for Venezuela to maintain its crude oil exports, driving up oil prices. According to Xinhua News Agency, oil prices in New York rose on th

e 30th and light crude oil futures for delivery in March rose by $0.92 to close at $54.23 a barrel.

Crude oil prices have strengthened after signs that OPEC’s output cuts have affected trade. EIA’s weekly report shows th

at U.S. imports from Saudi Arabia fell by more than half from the previous week to 442,000 barrels a day. This is the se

cond lowest level in weekly data since 2010; US commercial crude oil inventories increased by 919,000 barrels to

445,494 million barrels in the week ending January 25. Inventories increased by 6.6% over the same period last year.

Saudi Arabia is actually the leader of OPEC. Together with a number of non-O

PEC oil producers, including Russia, the organization announced production cu

ts at the end of 2018 aimed at tightening markets and boosting oil prices.

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