Oil prices rose today, Dec. 28, with Brent crude approaching $79, amid traders' assessment of the economic risks resulting from the outbreak of COVID-19.

 

Venezuela announced that it pumped the largest amount of oil per day since the imposition of US sanctions two years ago, as the state-owned company Petroleos de Venezuela SA produced more than one million barrels on Dec. 24, according to a tweet.

 

Concerns about the pandemic are growing, with cases of COVID-19 around the world reaching a daily record yesterday, with more than 1.44 million infections.

 

Brent crude oil futures for February delivery rose 0.38%, or 30 cents, at $78.90 a barrel at 08:56am GMT.

 

US West Texas Intermediate (WTI) crude futures rose 0.46%, or 35 cents, to $75.92 a barrel.

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