Forex Marketz Daily Forex News – Fully Markets Update
Crude oil futures inched higher this morning during Asian trade hours. Traders are increasingly worries about output from the trouble South America country of Venezuela. They are worried that production can drop even further. There is a dispute over the last presidential election in Venezuela. The United States is considering potential sanctions on the OPEC member.
As of 1 am GMT, the international benchmark, Brent crude futures were higher on the morning. They rose 15 cents from their last settlement to trade at $79.37 per barrel. Last week, Brent traded above the key level of $80 for the first time since November 2014.
U.S. West Texas Intermediate (WTI) crude futures also traded higher. They rose 25 cents from their last close to trade at $72.49 a barrel.
Crude Oil Traders watch Election Headlines out of OPEC member Venezuela
Recent Venezuelan presidential elections are in the news. President Nicolas Maduro is under increasing and widespread international condemnation today. This follows his reelection over the weekend. His critics denounced the election as a sham designed to cement his dictatorship in the crisis stricken oil nation in South America.
The United States is considering new sanctions against Venezuela that will target its oil industry. Output has dropped by a thirty three percent over the last two years. It is at its lowest production level in decades.
In other notable news, Washington and China each claimed victory as the world’s two largest super powers agreed to pause their looming trade war. They have also agreed to have further discussions that will boost U.S. exports into China’s market.
There are also the threat of new U.S. trade sanctions on OPEC member nation of Iran. This will limit Iran’s oil exports. This has also supported the price of the black gold over the last several weeks.Top of Form
