Oil Gains With Venezuelan Blockade, Russian Sanctions in Focus
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Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the worldAmericas+1 212 318 2000EMEA+44 20 7330 7500Asia Pacific+65 6212 1000Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the worldAmericas+1 212 318 2000EMEA+44 20 7330 7500Asia Pacific+65 6212 1000Oil extended gains after bouncing off a four-and-a-half-year low, as investors weighed geopolitical risks from Venezuela to Russia against a still-bearish supply outlook.West Texas Intermediate traded just below $57 a barrel, after adding 1.2% on Wednesday, while Brent closed a little under $60. The US is preparing a fresh round of sanctions on Russia’s energy sector to spur a peace deal in Ukraine and has declared a blockade of Venezuelan oil exports, raising concerns of a deepening supply outage.