Oil prices win for a second day because the US sanctions against Iran receive offer concerns

By Colleen Howe

Beijing (Reuters) – Oil prices rose a second day on Tuesday when the United States imposed new sanctions on the Middle East that could tighten the supply of the application.

Brent Rohfutures rose by 38 cents or 0.51%to $ 75.16 per barrel up to 0217 GMT. The middle raw futures in the USA West Texas achieved 43 cents or 0.61%to $ 71.13 per barrel. Both contracts that were won at the meeting on Monday after a decline of 2 US dollars on Friday.

WTI is looking for a basis in the support region between 65 and 70 US dollars per barrel, Tony Sycamore, market analyst at IG, said in a note. “Provided that it keeps it, a restoration will follow.”

The United States presented new sanctions on Monday more than 30 brokers, tanker operators and shipping companies for its role in the transport of Iranian oil. President Donald Trump said he wanted to bring Iran's raw exports to zero.

Iran is the third largest producer in the organization of the Petroleum Exporting countries and pumped 3.2 million barrels per day in January, as can be seen from a Reuters survey on Opec production.

But the profits were covered by the uncertain prospects of demand.

US President Donald Trump said on Monday that the tariffs against Canadian and Mexican imports, which should begin on March 4, to eliminate concerns about border security and fentanyl, despite the efforts of the two trading partners, are “punctual and on schedule” . Analysts say that the tariffs for the global growth of oil demand would be bear.

In Europe, Ukraine found the European leaders to celebrate the three-year anniversary of the Moscow Invasion, but US officials remained closer to Russia in an illustrations of President Trump's movement.

The market viewed Trump's warming relationships with Moscow as a potential signal for loosening the sanctions against Russia, which would contribute to global oil supply.

(Reporting by Colleen Howe; Editor of Christian Schmollinger)