Oil Prices Build on Gains Seen in Reaction to Treasury Sanctions on Venezuela
Tuesday, 29 January 2019 20:25 WIB | COMMODITY |MinyakWTIBrent

Oil prices on Tuesday picked up from the late-Monday recovery seen after the U.S. Treasury unveiled sanctions on Venezuela™s state-owned oil firm, Petróleos de Venezuela SA.

Prices had settled at a two-week low during Monday™s regular session, logging their deepest drop of the year so far, before the after-hours reversal.

The U.S. Treasury sanctioned Venezuela™s oil firm, which is also known as PdVSA, raising the risk of disruptions to oil supply from the South American nation, home to the world™s largest oil reserves.

Analysts are still assessing what this could mean to the global market.

For now, West Texas Intermediate crude for March delivery was up 44 cents, or 0.8%, at $52.42 a barrel. The contract had shaved 3.2%, to settle at $51.99 on the New York Mercantile Exchange Monday. March Brent crude was up 56 cents, or 0.9%, at $60.49 a barrel. It fell 2.8% to $59.93 Monday on ICE Futures Europe.

Source : Market Watch

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