Crude oil contracts on NYMEX extended gains for the seventh straight trading day following concern about potential sanctions on the Venezuelan oil industry by the US. The September delivery crude contract was up 0.2% at $50.25 a bbl. Concerns escalated after the US Treasury Department slapped sanctions on Venezuelan President Nicolas Maduro on Monday, indicating Trump
Administration’s opposition to his regime. The move comes a day after Maduro declared a sweeping victory in an election, called a sham by many. Sanctions, if imposed, could hit global oil supply and the US' crude imports from Venezuela. A meeting between some OPEC and non-OPEC members next week in Abu Dhabi to discuss how to increase compliance with the output cut deal also supported prices.
Source : Newswire
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