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Oil Rises After US Sanctions on Venezuela Constrain Supply

2024-12-25OANDAOANDA
Oil prices rose more than 1 percent on Wednesday, boosted by concerns about supply disruptions following U.S. sanctions on Venezuela’s oil industry but pegged back by uncertainty over the global economy. U.S. West Texas Intermediate (WTI) crude futures were at $54.03 per barrel by 1450 GMT, up 72 cents or 1.35 percent. International Brent crude […]

Oil prices rose more than 1 percent on Wednesday, boosted by concerns about supply disruptions following U.S. sanctions on Venezuela’s oil industry but pegged back by uncertainty over the global economy.


Brent crude graph

U.S. West Texas Intermediate (WTI) crude futures were at $54.03 per barrel by 1450 GMT, up 72 cents or 1.35 percent.

International Brent crude oil futures were at $61.96 per barrel, up 64 cents or a little over 1 percent.

Washington announced export sanctions against Petroleos de Venezuela SA (PDVSA) on Monday, limiting transactions between U.S. companies and the state-owned oil firm.

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