(Reuters/NAN) Managers of Nigeria’s economy have every reason to smile, as Brent crude oil rose above 80 dollars a barrel on Tuesday, following concern that falling Venezuelan crude output and a potential drop in Iranian exports could further tighten global supply.
Brent crude futures rose to $80.41 a barrel, by 11:12 a.m. EDT (1512 GMT).
U.S. West Texas Intermediate (WTI) crude rose 59 cents to 72.83 dollars a barrel.
The U.S. government imposed new sanctions on Venezuela following Sunday’s re-election of President Nicolas Maduro.
This is a move that analysts say could further curb the country’s oil output, already at its lowest in decades.
“The impact is more fear-related that we’ll see more barrels come off the market,” said Rob Haworth, senior investment strategist for U.S. Bank Wealth Management.
Also supporting prices is the concern about a potential drop in Iranian oil exports following Washington’s exit…
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