UPDATE: U.S. oil futures rally by more than 2%, log highest finish since October
Oil futures rallied on Monday (http://www.marketwatch.com/story/oil-prices-jump-over-2-on-expectations-us-will-halt-waivers-on-iran-oil-imports-2019-04-22), with U.S. prices climbing by more than 2% to mark their highest finish since late October on expectations for tighter global supplies. U.S. Secretary of State Mike Pompeo said the U.S. will not issue any exceptions to Iranian oil importers. The U.S. had granted waivers in November, allowing eight countries to continue to import Iranian oil despite sanctions on Iran, but those waivers were set to expire (http://www.marketwatch.com/story/the-end-of-iranian-oil-waivers-and-what-it-means-for-the-opec-led-output-pact-2019-04-22) on May 2. May West Texas Intermediate oil rose $1.70, or 2.7%, to settle at $65.70 a barrel on the New York Mercantile Exchange. The contract expired at the close. June WTI , the new front-month contract, added $1.48, or 2.3%, to settle at $65.55.
-Myra P. Saefong; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
April 22, 2019 15:34 ET (19:34 GMT)
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