US Signals Easing Of Sanctions On Venezuela's Energy Sector Following 2024 Election Deal: Report
Portfolio Pulse from Piero Cingari
The Biden administration is reportedly preparing to ease sanctions on Venezuela's oil and gas sector following a 2024 election deal between the Venezuelan government and its opposition. This move could be reversed if the Venezuelan government fails to lift bans on opposition presidential candidates and release political prisoners. The decision has led to a 1% increase in oil prices and a 1.6% increase in the United States Oil Fund (NYSE:USO).
October 18, 2023 | 7:30 pm
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The United States Oil Fund (NYSE:USO) saw a 1.6% increase following the news of potential easing of sanctions on Venezuela's energy sector.
The potential easing of sanctions on Venezuela's energy sector has led to an increase in oil prices, which has a direct impact on the United States Oil Fund (NYSE:USO). As a result, the fund's share price has increased by 1.6%.
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