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Oil Edges Higher as Venezuela Election Stokes Supply Worries
Monday, 21 May 2018 19:14 WIB | ENERGY |Brentminyak mentah WTIOil,

Oil futures rose Monday on fears the U.S. could impose new sanctions on Venezuela, after weekend elections in the country that were viewed as illegitimate by the opposition and foreign governments.

West Texas Intermediate crude for June delivery on the New York Mercantile Exchange rose 18 cents, or 0.3%, to $71.46 a barrel. Brent crude the global benchmark, was unchanged at $78.51 a barrel.

Venezuela President Nicolás Maduro, who has seen the country's economy collapse, won a second six-year term Sunday in an election boycotted by the opposition and condemned as a sham by the U.S. and other countries. The U.S. has stopped short of a ban on oil imports from Venezuela on fears of worsening the country™s broad economic crisis.

Yawger said oil futures may need Venezuela headlines to push crude after WTI stalled above $72 a barrel and Brent above $80 last week.

Source : Marketwatch

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