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Oil rises after US threat of sanctions on Venezuelan crude exports

With Iran already crippled by US sanctions on its oil, a further drop in Venezuelan exports could squeeze global supply and rapidly push up prices

Reuters  |  London 

Oil rose on Thursday, shaking off persistent concern about the outlook for demand after the US government said it could impose sanctions on Opec member Venezuela's crude exports.   Venezuela's opposition leader Juan Guaido declared himself interim president on Wednesday, winning backing from Washington and parts of Latin America and prompting socialist Nicolas Maduro, the country's leader since 2013, to break relations with the United States. Economic crisis under Maduro has decimated Venezuela's oil industry, cutting its crude output to near 70-year lows ...

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First Published: Thu, January 24 2019. 16:35 IST