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Brent is at its highest level in two months
31/07/2017
Oil prices rose to their highest level in two months, supported by a drop in US stockpiles and by Washington's threat to impose sanctions on OPEC member Venezuela.
By 11:24 Moscow time (08:24 GMT), global crude oil futures rose by 0.08%, or 0.04 cents, to 52.56 dollars, after reaching $ 52.90 at the opening of the session. The highest since 25 May.
The price of a barrel of US light crude West Texas Intermediate futures contracts by about 0.01 cents, or 0.02%, to $ 49.72.
Prices have started to pick up again as high-profile members of the Organization of the Petroleum Exporting Countries (OPEC) and independent top producers, led by Russia, have sought possible measures to reduce supply in oil markets.
The United States is considering imposing sanctions on Venezuela's vital oil sector in response to Sunday's election to select a constituent assembly that Washington has criticized.
But traders say the biggest support for prices is now coming from a decline in inventories in the United States, which fell 10% from its peak in March to 483.4 million barrels.
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