The cost of oil has gone up against the backdrop of concerns about interruptions in the supply of raw materials from Venezuela, which may arise as a result of the introduction of US sanctions against Venezuelan oil company PDVSA.
According to the auction, the price of Brent crude rose to $ 61.90 a barrel. The cost of WTI crude oil rose to $ 53.90 a barrel.
The oil prices are supported by the tense situation around Venezuela, which may adversely affect the export of raw materials. On January 28, the United States announced new sanctions measures against the South American country, in particular against the energy sector of the economy, including it in the "blacklist" of the Ministry of Finance (SND-list). According to the rules, the assets of all sanction companies fall under blockade in the United States.
In addition, market participants are waiting for the publication of data from the US Department of Energy (on Thursday). According to forecasts, crude oil reserves in the country are expected to grow by 3.1 million barrels after increasing reserves by 7.97 million barrels recorded last week.
The material has been provided by InstaForex Company -
www.instaforex.com