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Oil prices rose to a three-year high on Friday, as they rose to a three-year high on May 5, buoyed
by falling OPEC production and fears that new sanctions on Iran could further cut crude oil production.
Light sweet crude futures for June delivery on the New York Mercantile Exchange rose $1.
29, or 1.
9 percent, to $69.
72 a barrel, the highest settlement since November 2014
.
Brent crude futures rose $1.
08, or 1.
5 percent, to $74.
87 a barrel
.
Geopolitical tensions have been a major support for crude prices in recent weeks, with traders awaiting a decision by U.
S.
President Donald Trump on whether the U.
S.
will withdraw from the 2015 Iran nuclear deal and reimpose sanctions
on the country.
Oil prices rose to a three-year high on Friday, as they rose to a three-year high on May 5, buoyed
by falling OPEC production and fears that new sanctions on Iran could further cut crude oil production.
Light sweet crude futures for June delivery on the New York Mercantile Exchange rose $1.
29, or 1.
9 percent, to $69.
72 a barrel, the highest settlement since November 2014
.
Brent crude futures rose $1.
08, or 1.
5 percent, to $74.
87 a barrel
.
Geopolitical tensions have been a major support for crude prices in recent weeks, with traders awaiting a decision by U.
S.
President Donald Trump on whether the U.
S.
will withdraw from the 2015 Iran nuclear deal and reimpose sanctions
on the country.
