Oil becomes more expensive on the risks of expanding us sanctions against Venezuela

© AP Photo / PRNewsFoto/Redhawk Investment Group, LLC, ShutterstockДобыча oil. Archival photoOil becomes more expensive on the risks of expanding us sanctions against Venezuela© AP Photo / PRNewsFoto/Redhawk Investment Group, LLC, Shutterstock

World oil prices rise Tuesday morning, as investors continue to react to the news of a possible extension of sanctions by the USA against the oil sector of Venezuela, according to the auction.

As at 08.14 GMT the cost of October futures for North sea petroleum mix of mark Brent have grown on 0,15% — to 52.8 USD per barrel. Price of the September futures for WTI crude oil rose 0.2% to 50.27 per barrel.

Traders continue to react to news that the US may expand sanctions against the oil sector of Venezuela. On Monday, the U.S. Treasury reported that the country has imposed sanctions against Venezuelan President Nicolas Maduro for «undermining democracy.» However, sanctions against Venezuela’s oil is not introduced, the Agency said Market Watch.

According to analysts Commerzbank, whose opinion leads the Agency, the imposition of sanctions against the oil sector of Venezuela could lead to reduced supply in the market and, accordingly, to growth of oil prices.

At the same time, investors continued to react to reports that the technical Committee of experts of the OPEC countries+ August 7-8, will be in Abu Dhabi meeting with some of the participants agreement to reduce oil production with the aim to discuss the implementation of their obligations under the transaction.

Hamper the growth of world oil prices data from the US Department of energy on the average daily production in the country, published on Monday. According to the Agency, the production of «black gold» in the USA in may grew 3.6% in annual terms — up to 9,169 thousand barrels per day. Growth on a monthly basis is fixed at the level of 0.6%.

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