Oil hits two-month high on tighter U.S. market, Venezuela sanctions risk

31 Jul 2017   Prices

Oil prices hit a two-month high on Monday, lifted by a tightening U.S. crude market and the threat of sanctions against OPEC-member Venezuela. U.S. West Texas Intermediate (WTI) futures briefly jumped over $50 per barrel on Monday and were at $49.97 per barrel at 0654 GMT, still up 25 cents, or 0.5 percent from their last close. That means that virtually the entire WTI curve has moved over $50 per barrel. Brent crude futures were at $52.85 per barrel, up 33 cents or 0.6 percent. Prices hit $52.90 per barrel earlier in the day, their highest since May 25. The price rises put both crude benchmarks on track for a sixth consecutive session of gains. Prices have risen around 10 percent since the last meeting of leading members by the Organization of the Petroleum Exporting Countries (OPEC) and other major producers, including Russia, when the group […]

Comments are closed.