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Brent rises to $75 per barrel after Europe suspends Russian crude exports

Added 04-25-19 01:03:01pm EST - “Brent crude touched $75 per barrel on Thursday for the first time in nearly six ...” - Reuters.com

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Posted By TheNewsCommenter: From Reuters.com: “Brent rises to $75 per barrel after Europe suspends Russian crude...”. Below is an excerpt from the article.

NEW YORK (Reuters) - Brent crude touched $75 per barrel on Thursday for the first time in nearly six months as quality concerns halted some Russian crude exports to Europe while the United States prepared to tighten sanctions on Iran.

Brent crude futures climbed 28 cents to $74.85 a barrel by 12:10 p.m. EDT (1610 GMT) after hitting a high of $75.60 earlier in the session, the highest since Oct. 31.

U.S. West Texas Intermediate crude fell 15 cents to $65.74 a barrel, after hitting a session high of $66.28.

Wednesday’s report of a bigger-than-expected build in U.S. crude inventories last week to their highest since October 2017 was weighing on the U.S. benchmark, analysts said.

Poland and Germany suspended imports of Russian crude via the Druzhba pipeline due to contamination. The pipeline can ship up to 1 million barrels per day, or 1 percent of global crude demand. About 700,000 bpd of flow was suspended, according to trading sources and Reuters calculations.

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