Oil steadies on hopes of Venezuela sanctions being eased
© Reuters. FILE PHOTO: A worker pumps fuel at a gas station of state-run oil firm PDVSA, in Caracas, Venezuela, December 2, 2022. REUTERS/Gaby Oraa/File PhotoSINGAPORE - Oil prices stabilised 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.futures were up 3 cents at $89.68 a barrel, while U.S.
Since 2019, the U.S. has sanctioned oil exports from Venezuela, a member of the Organization of the Petroleum Exporting Countries , to punish Maduro's government following elections in 2018 that Washington considered a sham due to human rights violations. "The risks remain, with Iran's foreign minister warning the possible expansion of the war on other fronts is approaching the inevitable stage," ANZ Research said in a note on Tuesday.
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