From Investing.com: 2024-04-18 13:36:00

Oil prices remained near a three-week low as strong U.S. jobs data, sanctions on Venezuela and Iran, and easing Middle East tensions were weighed against global demand concerns. Both Brent and WTI crude prices saw slight gains, with Brent futures hitting a high not seen since February 2021. U.S. diesel futures hit a 15-week low, impacting refining profit margins. In the U.S., President Biden aims to keep gasoline prices stable for the summer driving season, while labor market strength may delay interest rate cuts by the Federal Reserve until September. The ECB plans an interest rate cut in June, and China considers steps to support its economy. Additional sanctions on Venezuela and Iran had minimal impact on oil prices, signaling a market shrug-off of geopolitical risks.



Read more at Investing.com: Oil holds near 3-week low as US sanctions interrupt easing tensions By Reuters