Biden Administration Considers Easing Sanctions On Maduro Regime For Transparent Venezuelan Elections
Portfolio Pulse from Piero Cingari
The Biden administration is in talks with Venezuela about potentially lifting sanctions in exchange for a commitment to hold fair elections in 2024. The sanctions have impacted Venezuela's oil sales, a country with the highest proven reserves of crude oil. The United States Oil Fund ETF (NYSE:USO) and the Energy Select Sector SPDR Fund (NYSE:XLE) fell 1.02% and 0.5% respectively.
August 23, 2023 | 7:49 pm
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NEGATIVE IMPACT
The United States Oil Fund ETF (USO) fell 1.02% amid talks of lifting sanctions on Venezuela.
The potential lifting of sanctions on Venezuela could lead to an increase in global oil supply, which may put downward pressure on oil prices. This could negatively impact the performance of USO, which tracks the price of oil.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 75
NEGATIVE IMPACT
The Energy Select Sector SPDR Fund (XLE) fell 0.5% amid talks of lifting sanctions on Venezuela.
The potential lifting of sanctions on Venezuela could lead to an increase in global oil supply, which may put downward pressure on oil prices. This could negatively impact the performance of XLE, which tracks the energy sector, including oil companies.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 75