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 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.
via Reuters
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Alfonso Esparza
trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
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