Singapore — Oil prices rose on Tuesday on the concern that Venezuela’s crude output could drop further following a disputed presidential election and potential US sanctions on the Opec-member. The US also toughened its stance on Iran and made a list of sweeping demands that could further curb the country’s crude oil exports and boost oil prices. Brent crude futures were at $79.39 to the barrel at 2.26am GMT, up 17c, or 0.2%, from their last close. Brent broke through $80 for the first time since November 2014 last week. US West Texas Intermediate (WTI) crude futures were at $72.47 a barrel, up 23c, or 0.3%. "[Oil inventory] is tight and the US will probably tighten sanctions on Venezuela which will make the Venezuela situation worse and which means we can expect continued falling Venezuelan production," said Tony Nunan, oil risk manager at Mitsubishi in Tokyo. "Combined with expectations for falling Iranian production as the US pressures allies to reduce their imports this will push...
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