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market | IST

Crude oil prices gain as US proposes new sanctions in Venezuela

Crude oil prices have already witnessed $80 a barrel, but there is strength coming back in Asia as US is now proposing sanctions on Venezuela. Venezuela has been going through economic and political issues and with sanctions coming in, it clearly means that oil supply will go down by one of the OPEC producer countries.
Iran has already talked about cutting down production as they go forward.
An important statement came from British Petroleum’s BoB Dudley where he said that as long as the crude prices hold around $80 a barrel, we will continue to see higher production from shale and OPEC as well and that might bring the prices down to $60-65 a barrel.