Oil prices rose for a third day amid widening geopolitical tensions in the Middle East and expectations of a decline in US crude oil inventories.
Futures in New York climbed one percent, the highest since late 2014. A degree of oil volatility rose most sharply in two weeks as President Donald Trump imposed sanctions on Iran while tensions wreaked havoc increased further violence in Yemen between the Islamic Republic and the OPEC member Saudi Arabia.
This month, the organizations of oil-exporting countries and their allies concluded that they have virtually eradicated a global crude oil surplus, while Iran signaled that the group could stop production cuts when prices hit continue to rise. However, given record US production, investors are skeptical that an increase in the volume of shale producers could thwart OPEC's efforts to eliminate oversupply.
"Oil bulls refuse to budge," said Tamas Varga, an analyst at PVM Oil Associates Ltd. in London. Tuesday's earnings show that attention "is still firmly on geopolitics".
West Texas Intermediate crude for June delivery rose 69 cents to $ 69.33 a barrel on the New York Mercantile Exchange and was traded at 10:18 am London time. The traded total volume was around 12 percent above the 100-day average.
Brent crude for delivery in June rose 5 cents to $ 74.76 a barrel on the London Stock Exchange ICE Futures Europe after rising 0.9 percent on Monday. Global benchmark crude was trading at $ 6.07 on Monday and closed at $ 6.07 on Monday with a premium of $ 5.92
Futures for the September delivery to the Shanghai International Energy Exchange were 1.7 percent higher at 447.3 yuan / bbl. The contract closed on Monday 0.7 percent at 439.7 yuan.
The oil volatility index Cboe / Nymex rose 3.9 percent on Monday, its biggest gain since 10 April. Saudi Arabia took down ballistic missiles shot at by Iran-backed Houthis in Yemen, while a coalition led by the kingdom killed a high-ranking leader of the rebel group
In the US, stockpiles were probably down last week a second week and lost 2.25 million barrels, according to a Bloomberg analyst survey before government data on Wednesday. Cushing, Oklahoma's oil reservoir inventory has dropped 150,000 barrels over this period, as revealed by a separate survey.  Tensions between the US and the US have also weakened Russia is also stimulating sentiment among oil investors, said Will Yun, a commodity analyst at Hyundai Futures Corp. phone. Finance Minister Steven Mnuchin is considering lifting sanctions on Russian metal giant United Co. Rusal
Other news on the oil market:
- The Bloomberg Dollar Spot Index has barely changed after rising to its highest level in more than three months Monday.
- China's crude oil imports from Russia increased by 24 percent in March compared to the previous year, while crude oil from Saudi Arabia increased by 1.2 percent. This is clear from the General Customs data published on Tuesday. 19659022] Saudi Aramco plans to trade up to 6 million barrels a day, a leap in volume that would put it among the top companies in the business of buying and selling raw and refined products.
- Exxon Mobil Corp., a cornerstone of the fund managers' portfolios alongside the largest companies in the Americas, has become the ninth-largest company in the S & P 500 Index after its introduction a decade ago.
– With support from Tsuyoshi Inajima