Oil falls 2% on hopes for Venezuela supply | Reuters
Oil prices slumped 2% on Tuesday, after rising earlier in the session to seven-week highs, on news that the United States would ease some restrictions on Venezuela's government.
Prices deflated further following comments from Federal Reserve Chair Jerome Powell that there could be some economic pain involved to bring inflation down. The U.S. central bank will "keep pushing" to tighten U.S. monetary policy until it is clear that inflation is declining, he said. read more
"Some of those comments tempered buying enthusiasm on the oil side," said Phil Flynn, an analyst at Price Futures Group.
Brent crude fell $2.31, or 2%, to settle at $111.93 a barrel, and U.S. West Texas Intermediate (WTI) crude fell $1.8, or 1.6%, to settle at $112.40 a barrel.
Reuters reported that sources said U.S. President Joe Biden's administration will authorize as soon as Tuesday for U.S. oil company Chevron Corp (CVX.N) to negotiate with Venezuelan President Nicolas Maduro's government, temporarily lifting a ban on such discussions. read more
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