Oil prices rose more than 1 percent on Wednesday, boosted by concerns about supply disruptions following U.S. sanctions on Venezuela’s oil industry but pegged back by uncertainty over the global economy.
U.S. West Texas Intermediate (WTI) crude futures were at $54.03 per barrel by 1450 GMT, up 72 cents or 1.35 percent.
International Brent crude oil futures were at $61.96 per barrel, up 64 cents or a little over 1 percent.
Washington announced export sanctions against Petroleos de Venezuela SA (PDVSA) on Monday, limiting transactions between U.S. companies and the state-owned oil firm.
via Reuters 
This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.