ISLAMABAD: Oil prices rose for the second consecutive day on concerns about possible disruptions to Iranian oil production and supply disruptions from Venezuela.
According to international media reports, Brent crude oil prices rose by 59 cents, reaching $62.58 per barrel. Similarly, West Texas Intermediate crude oil rose by 54 cents to $58.30 per barrel.
Meanwhile, the United States has announced that it will keep Venezuelan oil under control indefinitely. US Secretary of State Marco Rubio briefed the details of the oil deal reached with the interim authorities in Caracas.
According to Marco Rubio, 30 to 50 million barrels of oil will be obtained from Venezuela, which will later be sold at market rates.
Speaking to the media after briefing Senate members, he said that the first phase for Venezuela will be stabilization, the second recovery, and the third phase will be transformation.
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