Oil prices rise above US$92 a barrel after Venezuela threatens to cut off oil sales to US

Oil prices rose Monday after Venezuelan President Hugo Chavez threatened to cut off oil sales to the United States in retaliation for legal moves by Exxon Mobil Corp. to seize some of his country's assets.

Exxon Mobil has gone after the assets of Venezuelan state oil company Petroleos de Venezuela SA in U.S., British and Dutch courts in challenges to the nationalization of a multibillion dollar oil project by Chavez's government. A British court has issued an injunction "freezing" as much as US$12 billion (euro8.3 billion) in assets.

"Oil has been going up because the market is concerned that Chavez may retaliate by cutting off crude supply …