Oil prices rise after US sanctions on Venezuela

Oil rose above $52 a barrel as the White House announced new sanctions against Venezuela’s state oil company Monday, bringing another supply risk to the market.

Futures rose as much as 1.2 percent in New York, following a 3.2 percent drop Monday.

The Trump administration issued fresh sanctions on PDVSA which effectively block President Nicolas Maduro’s regime from exporting Venezuela’s crude to the U.S.

That came hours after Saudi Arabia pledged deeper cuts in February as part of a deal with its allies to cut oil production.to the market.

Futures rose as much as 1.2 percent in New York, following a 3.2 percent drop Monday.

The Trump administration issued fresh sanctions on PDVSA which effectively block President Nicolas Maduro’s regime from exporting Venezuela’s crude to the U.S.

That came hours after Saudi Arabia pledged deeper cuts in February as part of a deal with its allies to cut oil production.

Oil has rallied this year as OPEC and its allies implemented a fresh round of output cuts to ease a global supply glut, with Saudi Arabia pledging to pump below the limit it agreed in December.

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