22MAY2018 - NEWS - Oil prices rose on Tuesday supported by the concerns of drop in Venezuela crude output

On Tuesday oil prices rose with Brent crude price edging closer to $80 per barrel. For the first time since Nov 2014, Brent crude price crossed $80 mark during last week. The rise in the oil prices were supported by the concerns that Venezuela’s crude output could drop further following a disputed presidential election and potential US sanctions. As compared to their previous settlement values, US West Texas Intermediate (WTI) crude futures were up by around 20 cents and the Brent crude futures were up by around 15 cents.