Tuesday, 29 January 2019 20:25 WIB |
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, PetrÃ³leos 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