WorldOil Crude rises as Venezuela sanctions stoke crude supply risk concern Crude extended its three-year high as a new wave of U.S. sanctions on Venezuela stoked concerns over its crude production and as analysts forecast further declines in American stockpiles. Oil pares gain as IEA discusses ways to tackle Venezuela risks Oil traded near $71/bbl, paring earlier gains, as the International Energy Agency said it’s in talks with producing nations to step in should sanctions be imposed on Venezuela, resulting in a supply shortfall. Hedge funds keep cutting bets on oil rally as oil keeps rallying As Brent oil prices climb, money managers are feeling less and less bullish. Forget about oil at $80. The big rally is in forward prices Brent crude grabbed all the attention after spot prices hit $80/bbl last week. And yet, almost unnoticed, a perhaps more important rally has occurred in the obscure world of forward prices, with some investors betting the "lower for longer" price mantra is all but over. No end in sight for European gas rally as oil hits $80 Higher European natural gas prices are here to stay. Crude rides best weekly winning streak since 2011 Crude is set for the longest run of weekly gains in seven years as concern over supply disruptions grows and a global glut dissipates. Oil's rally stokes fears that demand will suffer Oil’s rise to $80/bbl is stoking concerns that the price rally will erode demand, but OPEC’s giants so far aren’t worried. Goldman Sachs chides hedge funds by arguing the case for oil Money managers who are reducing their bullish bets on oil are following a “dangerous” strategy, according to Goldman Sachs Group Inc. Crude rises to $80/bbl for first time since 2014 Oil rose to $80/bbl for the first time since 2014 as U.S. crude inventories fell and traders braced for the impact of sanctions on Iran. U.S. oil gets cheaper versus Mideast crude after Iran sanctions The oil price spread that will determine the type of crude bought by Asia in the wake of U.S. sanctions on Iran is currently in favor of American supply.