OIL PRICE: ABOVE $61
REUTERS - Oil prices rose on Wednesday as concerns about supply disruptions following U.S. sanctions on Venezuela's oil industry outweighed pressure from a darkening outlook for the global economy.
U.S. West Texas Intermediate (WTI) crude futures were at $53.43 per barrel at 0644 GMT, up 12 cents, or 0.2 percent, above their last settlement.
International Brent crude oil futures rose 21 cents, or 0.3 percent, to $61.53 per barrel.
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BP and partners have sanctioned the Azeri Central East (ACE) project, the next stage of development of the giant Azeri-Chirag-Deepwater Gunashli (ACG) oilfield complex in the Azerbaijan sector of the Caspian Sea.
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