Venezuelan sanctions push oil higher as the US looks to unseat president
Despite the move, traders say ample global supply is keeping crude prices in check
Singapore — Oil prices crept up on Tuesday after Washington imposed sanctions on Venezuelan state-owned oil firm Petróleos de Venezuela (PDVSA) in a step set to severely curb the Opec member’s crude exports to the US. Despite the move, which comes as the US government looks to pile pressure on sitting President Nicolas Maduro to step down, traders said ample global oil supply and an economic slowdown especially in China were keeping crude prices in check. US West Texas Intermediate (WTI) crude futures were at $52.12 a barrel at 3.51am GMT, up 13c, or 0.35% from their last settlement. International Brent crude oil futures were at $60.05 a barrel, up 12c, or 0.2%. The US has remained a major destination for Venezuelan oil despite their political differences, although volumes have declined over the past years amid Venezuela’s economic crisis and as the US government started targeting the South American nation with sanctions. The US government is supporting Venezuelan opposition leader ...
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