Oil markets brace for possible U.S. sanctions on Venezuela

1 Aug 2017   Venezuela

U.S. oil markets were readying for fallout from potential U.S. sanctions on Venezuela’s vital oil sector on Monday after Sunday’s election in the struggling country was deemed a “sham” by Washington. Venezuelan President Nicolas Maduro on Monday celebrated the election of a new legislative superbody that will have the power to dissolve state institutions such as the opposition-run Congress. Countries around the world denounced the vote. (GRAPHIC: Dark days in Venezuela here ) U.S. crude futures CLc1 jumped above $50 a barrel for the first time in two months early in the session before retreating, after U.S. officials said sanctions could be announced as early as Monday. Refined product prices were higher, but most of that was due to a fire at Europe’s biggest refinery over the weekend. It was still unclear what form sanctions might take but the measures were not expected to include […]

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