WASHINGTON (dpa-AFX) - Oil prices rose around 1 percent on Tuesday after the United States sanctioned Venezuela's state-owned oil company, in an effort to pressure President Nicolas Maduro to cede power to rival Juan Guaidó.
The sanctions against Petroleos de Venezuela, S.A. -- the parent company of the US-based Citgo oil company - would result in more than $11 billion in lost assets over the next year, national security adviser John Bolton said.
'If the people in Venezuela want to continue to sell us oil, as long as the money goes into blocked accounts we will continue to take it, otherwise we will not be buying it,' Treasury Secretary Steve Mnuchin Mnuchin told reporters Monday.
Global benchmark Brent crude for March delivery climbed 1.1 percent to $60.47 per barrel while U.S. crude oil futures were up 0.9 percent at $52.46 per barrel.
Venezuela's oil output fell to 1.17 million barrels per day in December, according to the latest S&P Global Platts survey.
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