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Oil hits two-month high on tighter US market, Venezuela sanctions risk

Brent crude futures were at $52.85 per barrel, up 33 cents or 0.6 percent

Reuters  |  Singapore 

Oil prices hit a two-month high on Monday, lifted by a tightening US crude market and the threat of sanctions against OPEC-member Venezuela. US West Texas Intermediate (WTI) futures briefly jumped over $50 per barrel on Monday and were at $49.97 per barrel at 0654 GMT, still up 25 cents, or 0.5 percent from their last close. That means that virtually the entire WTI curve has moved over $50 per barrel. Brent crude futures were at $52.85 per barrel, up 33 cents or 0.6 percent. Prices hit $52.90 per barrel earlier in the day, their highest since May 25. The price rises ...

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First Published: Tue, August 01 2017. 02:16 IST
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