Oil prices surpassed the $75 mark for the first time since 2014 on news that supply won’t exceed production outputs due to a mix of disruptions in Canada, Venezuela and Libya.
Compounding the supply issue is U.S. President Donald Trump’s recent call for blocking Iranian oil import purchases or face stiff U.S. sanctions. Despite President Trump nudging Saudi Arabia to boost production, it did little to tamp down the price of oil the past few days.
Crude oil peaked at $75.24 around 9:50 Eastern Time before dropping below $75 again.
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