Oil prices fell on Tuesday, slipping to higher levels since late March following a US government initiative to relax some of the sanctions imposed on Venezuela.
In particular, the crude for June delivery lost $ 1.80, or 1.6%, and closed at $ 112.40 a barrel on the New York Mercantile Exchange. The contract was found earlier today to be traded at the highest level since March 24.
Brent July, meanwhile, fell $ 2.31, or 2%, to $ 111.93 a barrel, although it had climbed to its highest level since March 28.
Oil profits have plummeted following reports that the Biden government is set to ease some of its sanctions against Venezuela to boost talks between the country’s opposition and the government of Nicolas Maduro.
Modifications to the sanctions will allow Chevron Corp. to negotiate its license with state-owned oil company PDVSA, but not to drill or export, according to reports.
Source: Capital
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