Why have oil prices soared in the last 24 hours?

Over the past 24 hours, oil prices have increased 27 cents, or 0.4%, from the previous close of Brent crude futures, up 53 cents or 0.9%. Broker

Oil prices were $ 67.48 per barrel for Brent crude and $ 59.35 per barrel for WTI.

In this context, the rise in oil prices has been caused by the reduction of the supply of production, under the impetus of the Organization of Petroleum Exporting Countries (OPEC) and third countries, including Russia, to reduce the production volume to 1.2 million barrels of oil per day.

US stocks of crude oil declined by about 10 million barrels for two consecutive weeks, according to the latest report from the Department of Information, pushing up oil prices.

International media have confirmed that power cuts to Venezuela twice a month, as well as renewed tensions, were all reasons that prompted growing concern over oil exports and, hence, oil prices.

US sanctions against Venezuela also prevent the expansion of oil production, with an average production of about 1.1 million barrels a day and a production capacity exceeding 2 million barrels a day.