NEW YORK: Oil prices rallied by more than 1% on Wednesday after US President Donald Trump ordered a blockade of all oil tankers under sanctions entering and leaving Venezuela, raising global political tensions and easing concerns about a swelling surplus of global crude.
Brent crude futures settled at US$59.68 a barrel, rising 76 cents, or 1.3%. US West Texas Intermediate crude settled at US$55.94 a barrel, up 67 cents, or 1.2%.
