Hearing US Set To Renew Venezuela Oil Sanctions After Candidate Barred, Renewal Of Sanctions Set For April, When License Expires
Portfolio Pulse from Benzinga Newsdesk
The U.S. is reportedly set to renew oil sanctions on Venezuela following the barring of a candidate. The renewal is scheduled for April, coinciding with the expiration of the current license.
January 29, 2024 | 6:24 pm
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The United States Oil Fund, LP (USO) may face volatility due to the renewal of U.S. sanctions on Venezuela, potentially affecting oil prices and market perceptions.
The renewal of sanctions on Venezuela could lead to changes in global oil supply dynamics, possibly affecting oil prices. As USO tracks the price of crude oil, any significant movement in oil prices due to geopolitical events could influence USO's performance. However, the exact impact is uncertain due to the complexity of global oil markets and other contributing factors.
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