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[size=32]Oil prices rise, driven by Venezuelan election results[/size]
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[rtl]Baghdad / Agencies[/rtl]
[rtl]Oil prices rose on Tuesday amid fears that crude production in Venezuela could continue to fall following a disputed presidential election and possible sanctions on the OPEC member.[/rtl]
[rtl]Brent crude was $ 79.37 a barrel, up 15 cents from its last close. Last week, Brent crude hit $ 80 a barrel for the first time since 2014, according to Reuters.[/rtl]
[rtl]US benchmark WTI futures were up 25 cents from their last settlement to $ 72.49 a barrel.[/rtl]
[rtl]"The use of the market positively with (America's and China's announcement) that there is no 'trade war' between them and Venezuela's political problems is driving oil prices higher," said Steven Ainas, head of Asia-Pacific trading at Uganda's Futures Brokerage.[/rtl]
[rtl]Venezuelan President Nicolas Maduro faced a new international condemnation on Monday after being elected for a new term in a vote denounced by his opponents as a farce that strengthens the country's dictatorship while America is considering imposing oil sanctions on Venezuela.[/rtl]
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