17 October 2023 - 13:22
  • News ID: 631818
Oil steadies on hopes U.S. will ease sanctions on Venezuela

Oil prices steadied on Tuesday after a more than $1 slide on Monday amid hopes the U.S. would ease sanctions on producer Venezuela and as Washington stepped up efforts to prevent an escalation of the war between Israel and Hamas.

Brent crude futures were up 16 cents at $89.81 a barrel, while U.S. West Texas Intermediate crude (WTI) was down 1 cent at $86.65 a barrel as of 0632 GMT, Reuters reported.

Venezuela's government and opposition are set to resume long-suspended talks on Tuesday that President Nicolas Maduro said would benefit the upcoming 2024 election, a move that could lead to Washington easing sanctions, multiple sources said.

Since 2019, the U.S. has sanctioned oil exports from Venezuela, a member of the Organization of the Petroleum Exporting Countries (OPEC), for the alleged human rights violations.

Both oil benchmarks surged last week on fears the conflict in the Middle East could widen, with global benchmark Brent gaining 7.5% in its highest weekly gain since February.

News ID 631818


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