Crude is on the rise as supply constraints send the black stuff soaring. The US wants the rest of the world to help them embargo Iranian crude oil, at a time when Canada and Libya are both struggling to bring product to market. Oil is climbing once again this week, with the WTI crude prices rising back above the key 70.00/barrel level, fueled by supply constraints in both Canada and Libya, while the US pushes for other nations to join the US in snubbing Iranian oil exports beginning in November. US officials are warning trade partners that they should cut imports of Iranian oil starting in November as the US attempts to force the re-imposition of trade sanctions against Iran after US President Trump withdrew US support from the Iranian nuclear deal. Libya is expected to continue hampering the oil supply chain, with the current government and rebel factions tussling over control of the country’s oil reserves, throwing doubt over the country’s ability to provide crude to global markets. In Canada, 350 thousand bpd is currently in limbo following an accident that sees a critical oil sands upgrader out of commission, throwing a noticeable kink in US supply lines. The American Petroleum Institute (API) noted a 9.2 million barrel reduction in US oil stocks on Tuesday, and the OPEC’s recent announcement that they will increase production limits to make up for the supply constraint, although OPEC’s Saudi Arabia is looking eager to begin pumping more oil, with the country looking to produce 11 million bpd in July, up from June’s target of 10.8 million bpd. WTI levels to watch WTI’s climb back over the key 70.00 level sees crude on pace to challenge the year’s previous high at 72.80 in May, and a climb into the 73.00 region would be a new three-year high for oil, while a turnaround from here would face support from last week’s low at 63.35, with April’s low at 61.80 waiting further beyond. FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next AUD/USD feels the heat as Yuan and AUD/JPY slide FX Street 5 years Crude is on the rise as supply constraints send the black stuff soaring. The US wants the rest of the world to help them embargo Iranian crude oil, at a time when Canada and Libya are both struggling to bring product to market. Oil is climbing once again this week, with the WTI crude prices rising back above the key 70.00/barrel level, fueled by supply constraints in both Canada and Libya, while the US pushes for other nations to join the US in snubbing Iranian oil exports beginning in November. US officials are warning trade partners that they should cut… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.