WATCH THE VIDEO HERE Oil prices rose on Tuesday for a fifth day on concerns that global supply will reduce after the U.S. announced tariffs on countries that buy Venezuelan crude. Brent crude futures were up 31 cents to $73.28 a barrel by 9:50 AM WAT, U.S. West Texas Intermediate crude climbed 30 cents to $69.41. The OPEC basket rose 2 per cent to $74.91. The benchmarks gained more than 1% in the previous session after U.S. President Donald Trump announced a 25% tariff on countries importing oil and gas from Venezuela. Oil is Venezuela’s main export and China, which is already the subject of U.S. tariffs, is its largest buyer. This move could mean a fairly sizeable tightening in the global oil balance, ING analysts wrote in a note on Tuesday.
Oil price rises for fifth day on supply cuts concerns
