YEMEN Press Agency

Oil exceeds $ 73 due to return of Venezuela’s unrest

SANAA, April 30 (YPA) – Oil prices topped $ 73 on Tuesday as Venezuela’s opposition leader called on the army to  back him to end the rule of Nicolas Maduro and after Saudi Arabia said that an agreement between producers to cut could be extended beyond June to the end of 2019.

The situation in Venezuela, an OPEC member whose oil exports were hit by US sanctions and an economic crisis, appeared volatile on Tuesday. The government immediately rejected any hint of a military revolt.

Saudi Arabia’s comments came from Energy Minister Khalid al-Falih, despite pressure from US President Donald Trump to increase production to offset the expected supply shortfall due to tougher US sanctions on Iran.

“There is a rise even below Venezuela because of Al-Faleh’s comments,” said Olivier Jacob, analyst at Petromatrix.

At 1143 GMT, Brent crude futures were trading at $ 73.08 a barrel, up 1.44 percent from the latest close.

US WTI crude futures recorded 64.42 dollars a barrel, up 1.45 percent.

Despite instability in the global economy, oil has jumped about 40 percent since January, supported by OPEC-led supply cuts.