US West Texas Intermediate crude futures were up $1.40, or 2.7%, at $53.39 per barrel. WTI fell 3.2% in the previous session, Reuters reported. International Brent crude futures rose $1.54, or 2.6%, to $61.47 per barrel, after tumbling nearly 2% on January 28.
US Secretary of State Michael Pompeo said on January 28 that the US determined that persons operating in Venezuela’s oil sector might now be subject to sanctions. PDVSA has been designated for operating within this sector.
Full article available: https://www.neweurope.eu/article/us-sanctions-on-venezuelas-pdvsa-cause-boost-in-oil-prices/