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U.S. crude oil hit its highest level on 2014 as the market is increasingly concerned that Venezuela's crude oil production may fall further after the country's presidential election and fears Venezuela may face sanctions. Venezuela is a member of the organization of Petroleum Exporting Countries (OPEC).
Oil prices rose further because President Trump and Russia and China held consultations on Venezuela's new debt. A senior US government official told reporters that Trump signed an executive order on Monday to limit Venezuela's ability to liquidate state assets.
Any restrictions on Venezuela's financing, logistics or electricity supply may further reduce the country's crude oil production.
"It's been falling, but the speed is expected to speed up," said Jamie Webster, senior director of the Boston Consulting Group energy impact center, "more and more people think it may be as bad as Libya's worst time - production may be reduced to a minimum percentage of its capacity."
US crude oil futures rose 0.96 US dollars, or 1.4%, at $72.24 a barrel, after hitting US $72.33 in November 2014. US crude oil hit a new high of $72.41 in three and a half years after its settlement.
Brent crude futures rose $0.71, or 0.9%, at $79.22 a barrel.
Maduro, President of Venezuela's unified socialist party, was widely condemned by the international community on Monday. He won a second term in the weekend vote. His critics criticized the election as a farce to consolidate Venezuela's autocratic system.
The United States is actively considering sanctions against Venezuela crude, which has dropped 1/3 in two years to its lowest level in decades.


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