US sanctions on Venezuela support oil prices

US sanctions on Venezuela support oil prices

The FTSE 100 was briefly up by three digits, up 101 points (1.5pc) at 6,848 with just 5 constituents in the red, before settling at 6,838.51 at the end of the morning session.

Brent crude rose 0.95pc at $60.50 as oil prices rose on US sanctions on Venezuela state owned firm PDVSA curbed the country’s exports. Although, gains were limited by sufficient global supply and ongoing signs of a slowdown in the Asian economy.

Sterling dropped from a multi-month high, down to $1.3162 against the dollar, as volatility across the market rose ahead of parliamentary amendments that could take a no-deal Brexit scenario off the table.

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