Venezuela,the almost-forgotten name in U.S. sanctions returned to the fore of the oil market on Tuesday as the Trump administration ratcheted up action against the South American country in a move that only briefly lifted crude prices.
New York-traded West Texas Intermediate crude settled down $1.06, or 1.9%, at $53.63 per barrel. It rose as much as 73 cents earlier.
London-traded Brent crude, the benchmark for oil outside of the U.S., remained under the key $60 per barrel support. By 2:55 PM ET, it was down 68 cents, or 1.1%, at $59.13. It gained 74 cents earlier.
U.S. President Donald Trump signed an executive order late Monday to declare a total economic embargo against Venezuela, freezing all of the government’s assets and prohibiting transactions with the country, unless specifically exempted.
Source : Investing.com