# Oil prices rebound ahead of the session's close

> WTI settled at $50.17 per barrel, its best close since May, and rose nearly 9% in July. Brent was near $52.54 as the US considered sanctions on Venezuela's oil sector after the country's constitutional assembly vote, with a ban on US oil imports seen as the most likely step.

- Date: 2017-07-31 · published 2017-07-31T12:00:00.000Z
- Category: geopolitics · region Venezuela · magnitude high
- Page: https://feedsoft.ai/events/70133-oil-prices-rebound-ahead-of-the-session-s-close
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

A possible US ban on Venezuelan oil and ongoing Middle East supply disruptions tighten crude supply, which lifts crude and diesel prices and raises energy costs for feed production.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2018-09-14 | [Oil prices rise ahead of deadline for US sanctions on Iran \| The National](https://feedsoft.ai/events/63206-oil-prices-rise-ahead-of-deadline-for-us-sanctions-on-iran-the-national.md) | +3.2% | +3.5% |
| WTI | 2026-10-11 | [Oil Prices Jump 2% on Saudi Attacks as OPEC Sees Demand Rebound](https://feedsoft.ai/events/17243-oil-prices-jump-2-on-saudi-attacks-as-opec-sees-demand-rebound.md) | +7.5% | +4.9% |
| WTI | 2025-12-22 | [Canadian dollar rises ahead of GDP data as oil prices climb \| Reuters](https://feedsoft.ai/events/21735-canadian-dollar-rises-ahead-of-gdp-data-as-oil-prices-climb-reuters.md) | +2.1% | +6.5% |
| WTI | 2019-06-14 | [Oil prices rise for second day after Gulf of Oman tanker attacks \| The National](https://feedsoft.ai/events/58758-oil-prices-rise-for-second-day-after-gulf-of-oman-tanker-attacks-the-national.md) | +8.5% | +14.7% |
| WTI | 2026-05-27 | [Canola prices are rising on forecasts of high oil prices by the end of the year.](https://feedsoft.ai/events/19358-canola-prices-are-rising-on-forecasts-of-high-oil-prices-by-the-end-of-the-year.md) | +0.7% | -16.4% |
| BRENT | 2018-09-14 | [Oil prices rise ahead of deadline for US sanctions on Iran \| The National](https://feedsoft.ai/events/63206-oil-prices-rise-ahead-of-deadline-for-us-sanctions-on-iran-the-national.md) | +1.2% | +3.7% |
| BRENT | 2026-10-11 | [Oil Prices Jump 2% on Saudi Attacks as OPEC Sees Demand Rebound](https://feedsoft.ai/events/17243-oil-prices-jump-2-on-saudi-attacks-as-opec-sees-demand-rebound.md) | +1.0% | -2.7% |
| BRENT | 2025-12-22 | [Canadian dollar rises ahead of GDP data as oil prices climb \| Reuters](https://feedsoft.ai/events/21735-canadian-dollar-rises-ahead-of-gdp-data-as-oil-prices-climb-reuters.md) | +2.6% | +8.8% |

## Sources

- cnbc.com: https://www.cnbc.com/2017/07/30/oil-hits-highest-since-may-on-tighter-us-market-venezuela-sanctions-risk.html

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.