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Oil rises to four-year high
08:40 - 22/05/2018
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US crude hit its highest level since November 2014 as concerns persisted that Venezuela's crude production could continue to fall following the presidential election and possible sanctions on OPEC member countries.
The market continued to rise after a US administration official told Reuters President Donald Trump had signed an executive order today restricting Venezuela's ability to liquidate state-owned assets.
Any sanctions restricting finance, logistics or electricity supplies would further curb Venezuela's crude production. In addition, a US-China "trade freeze" was announced.
The United States is considering imposing oil sanctions on Venezuela, with output falling by more than a third in two years to its lowest in decades.
Global Brent crude futures closed up 71 cents, or 0.90 percent, to settle at $ 79.22 a barrel.
US benchmark WTI crude rose 96 cents to $ 72.24 a barrel after recording a new high since November 2014 at $ 72.33 a barrel. In subsequent trading on the settlement, US crude continued to rise, recording a new high of $ 72.41.
Last week, Brent prices surged to $ 80 a barrel for the first time since 2014, and analysts say the market may again try to cross that barrier. Finished
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