Oil Prices Gain as Investors Weigh Sanctions Against Venezuela, Sino-U.S. Tensions
Oil prices advanced on Tuesday in Asia as investors weighed renewed Sino-U.S. tension and sanctions against Venezuela’s state-owned oil company PDVSA.
The Donald Trump administration issued new sanctions on PDVSA on Monday that effectively blocked the regime of President Nicolas Maduro from exporting crude to the U.S. and pressured him to step aside for Juan Guaido, the opposition leader who proclaimed himself interim president last week.
Crude Oil WTI Futures was up 0.9% to $52.48 per barrel by 1:09 AM ET (6:09 GMT).
Brent Oil Futures, the global oil benchmark, also gained 0.9% to $60.34 per barrel.
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