London — Oil rose towards $80 a barrel on Tuesday, supported by concern that falling Venezuelan crude output and a potential drop in Iranian exports could further tighten global supply. Crude is trading at the highest since late 2014, underpinned by a supply-cutting deal by oil cartel Opec plus Russia and other non-members, and strong global demand. Brent crude, the global benchmark, rose 63c to $79.85 a barrel by 8.12am GMT. Last week, it topped $80 for the first time since November 2014. US crude was up 42c at $72.66, having earlier traded at $72.72, its highest since November 2014. "The solid global economy, selected supply disruptions and the upbeat market mood, in particular in oil, frame a positive environment," said Norbert Rücker, head of commodities and macro research at Julius Bär. The US government imposed new sanctions on Venezuela following Sunday’s re-election of President Nicolás Maduro, a move that analysts say could further curb the country’s oil output already at i...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.