After two months of losses, oil prices are on track for a second consecutive week of gains, with oil prices having climbed about 10 percent during this time frame.
The significant jump in oil prices comes about as Iran is back on the front burner with the November deadline to comply with US demands for an Iran oil embargo that targets Iran’s oil exports coming closer.
In addition to that, Venezuelan oil supply has been falling sharply, adding to the pressure on oil prices.
Investors are also concerned that trade disputes between the US and other major economies like China and the European Union could lead to a slowdown in economic growth, which will ultimately lead to a drag on fuel demand.
At 0505 GMT (or 10:05 am Pakistani time), U.S. West Texas Intermediate (WTI) crude futures CLc1 were up 7 cents at $70.32 a barrel.
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