India, April 16 -- After ending the previous session modestly lower, the price of crude oil showed a substantial move back to the upside during trading on Wednesday.
Crude for May delivery surged $1.14 or 1.9 percent to $62.47 a barrel after dipping $0.20 or 0.3 percent to $61.33 a barrel during Tuesday's session.
The sharp increase by the price of crude oil came the U.S. announced it is designating a China-based independent "teapot" refinery Shandong Shengxing Chemical Co., Ltd. for its role in purchasing more than a billion dollars' worth of Iranian crude oil.
The U.S. is also imposing additional sanctions on several companies and vessels responsible for facilitating Iranian oil shipments to China as part of Iran's "shadow fleet."
Oil...