Singapore — Oil prices rose on Wednesday as concerns about supply disruptions following US sanctions on Venezuela’s oil industry outweighed downward pressure from a darkening outlook for the global economy. US West Texas Intermediate (WTI) crude futures were at $53.54 a barrel at 4.55am GMT, up 23c, or 0.4%, above their last settlement. International Brent crude oil futures rose 37c, or 0.6%, to $61.69 a barrel. The gains followed a 2% price jump in the previous session, when markets first digested the US sanctions on Venezuela’s oil exports. Washington on Monday announced export sanctions against state-owned oil firm Petroleos de Venezuela SA (PDVSA), limiting transactions between US companies that do business with Venezuela through purchases of crude oil and sales of refined products. “The sanctions so far have been mostly disruptive for refiners on the US Gulf Coast, who are being forced to seek alternative heavy crude supplies, and have stepped up purchases from Canada,” said Va...
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