COMMODITY
Crude oil futures end higher amid US sections on Chinese importers of Iranian crude
Apr-17-2025

Crude oil futures ended higher on Wednesday after U.S designated a China-based independent ‘teapot’ refinery Shandong Shengxing Chemical Co. for its role in purchasing more than a billion dollars' worth of Iranian crude oil. Moreover, the U.S. is imposing additional sanctions on several companies and vessels responsible for facilitating Iranian oil shipments to China as part of Iran's ‘shadow fleet’. Besides, oil prices benefitted from China’s economic data showing Chinese economy grew more than expected in the first quarter, which helped offset concerns about the impact of President Donald Trump's tariffs. Meanwhile, the Energy Information Administration released a report showing a modest increase by U.S. crude oil inventories in the week ended April 11.

Benchmark crude oil futures for May surged $1.14 or about 1.86% at $62.47 a barrel on the New York Mercantile Exchange. Brent crude for June delivery climbed $1.18 or 1.82% to settle at $65.85 a barrel on London's Intercontinental Exchange.


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