US oil prices rose above $70 a barrel on Monday for the first time since November 2014, as a deepening economic crisis in Venezuela threatened the country’s already tumbling oil supplies. The concerns added to worries over a looming decision on whether the United States will walk away from a deal with Iran and instead re-imposes sanctions on Tehran, keeping international oil markets on edge.
US West Texas Intermediate (WTI) crude futures rose 0.7 percent to trade at $70.18 per barrel at 0242 GMT, up 46 cents from their last settlement. Brent crude oil futures were at $75.22 per barrel, up 35 cents, or 0.5 percent from their last close.
Analysts warned that the deepening economic crisis in major oil exporter Venezuela threatened to further crimp its production and exports. Read More