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Oil Climbs as Venezuela Situation Bubbles


UWT, 3x Long Crude Oil ETF Venezuela

The pressure is ratcheted up on Venezuela and state-owned PDVSA.

Released on Wednesday, January 30, 2019, 7:40 AM ET
by Email Russ UrbanContact SpeculatingStocks

Pittsburgh, PA (SpeculatingStocks) - The White House held a press conference Monday afternoon in which the main topic was the announcement of sanctions being placed on PDVSA, the state-owned Venezuelan oil company. PDVSA is also the majority owner of Citgo. The Trump Administration is aiming to transfer control of Venezuela's significant oil riches over to forces that opposite current dictator Nicolas Maduro. Any money paid to Venezuela by US companies importing oil, must be held in accounts not accessible to the Maduro regime.

At the time of the announcement, oil was trading at low levels, and it has been quietly moving higher since. WTI Crude Oil is up $0.51 to $53.82 or +0.96% so far today.

The move by the White House was timed correctly with oil at low levels. The oil market can afford to spike as the situation with Maduro bubbles up. Pushback is likely to occur in some form by Venezuela.

The VelocityShares 3x Long Crude Oil ETNs (NYSE:UWT) directly moves based on the move in WTI Crude Oil. UWT has moved sideways for the last three weeks, but with the sanctions being placed on PDVSA, it should start to slowly climb. Venezuela is a major oil market, and any disruption will cause a major spike in oil prices.

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⇒ About the Author of this News Article:

Russ Urban has been following the stock market for over 18 years and holds a Bachelor's Degree in Finance. From a young age, he watched CNBC with a keen eye and became obsessed with the market and technology. Russ Urban has written hundreds of stock articles and stock picks through the years since he founded, Inc. in 2006 and holds strong faith in the power of the markets and capitalism.

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