Oil prices rise as U.S. imposes sanctions on Venezuela | Reuters

Oil prices rise as U.S. imposes sanctions on Venezuela | Reuters:

Oil prices rose on Tuesday after Washington imposed sanctions on state-owned Venezuelan oil company PDVSA in a move likely to curb the OPEC member’s crude exports, but gains were capped by abundant supply and signs of a slowing Chinese economy.

The upward momentum in the global benchmarks gathered pace in afternoon trading. International Brent crude oil futures were up $1.31 at $61.24 a barrel by 1438 GMT and on track for its biggest monthly rise since April 2016.

U.S. West Texas Intermediate (WTI) crude futures were up $1.32 at $53.31.