Home / World News / Oil hits two-month high as US threatens Venezuela sanctions – business live

Oil hits two-month high as US threatens Venezuela sanctions – business live

All the day’s economic and financial news, including new UK consumer credit data and the latest eurozone inflation and unemployment statistics

The agenda: US and eurozone data this morning

8.24am BST

The oil price is rallying this morning, following reports that the US government could hit Venezuela with sanctions.

Brent crude has jumped to $52.85 per barrel, its highest level since late May, and US crude is back over the $50/barrel mark.

Maduro’s sham election is another step toward dictatorship. We won’t accept an illegit govt. The Venezuelan ppl & democracy will prevail.

“We will continue to take strong and swift actions against the architects of authoritarianism in Venezuela, including those who participate in the National Constituent Assembly as a result of today’s flawed election,”

“We encourage governments in the hemisphere and around the world to take strong action to hold accountable those who undermine democracy, deny human rights,bear responsibility for violence and repression, or engage in corrupt practices.

The measures, which could be announced as early as Monday, are not expected to include a ban on Venezuelan oil shipments to the United States — one of the harshest options — but could block sale of lighter U.S. crude that Venezuela mixes with its heavy crude and then exports, the officials told Reuters.

7.51am BST

Good morning, and welcome to our rolling coverage of the world economy, the financial markets, the eurozone and business.

Today we get a new healthcheck on Britain’s economy, with new figures showing how much new credit was lapped up by consumer last month, and how many people took out mortgages.

Mortgage approvals for June are set to remain steady at 65k, while net lending is expected to slow down a touch from the numbers seen in May, as declining consumer confidence and rising inflation squeezes wages, not to mention the uncertainty created by the June election result.

The pace of improvement is still gradual, due in particular to the continued sluggish performance of the French and Italian labour markets, meaning that the considerable degree of labour market slack that exists in the euro area continues to be absorbed only slowly.

Last-minute talks bid to halt first Bank of England strike in 50 years https://t.co/G84DRjU0qf

Continue reading…

About admin

Leave a Reply

Your email address will not be published. Required fields are marked *