Oil Prices Sharply Increased the Reason for This Is the Threat of the United States to Impose New Sanctions on Venezuela
Oil prices rose on Tuesday. The reasons are the declining production in Venezuela and the statement of the US that they may impose sanctions on the country after the controversial elections which were on Sunday.
Futures on US crude oil for June delivery rose by 0.40% to 72.53 dollars per barrel. Brent (a sort of oil) increased by 0.30% to 79.46 dollars a barrel, and last week the $ 80 barrel price was passed for the first time since November 2014, reports Reuters.
Venezuelan Socialist President Nicholas Maduro won Sunday's election, though almost the entire international community has described the election as "farce" and "cheating."
The US is considering new sanctions against Venezuela that affect oil prices. In the country, production declined by one third over the past two years to its lowest level in decades.
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