Oil prices are up more than 2 percent after the U.S. imposed sanctions on Venezuela’s state-run oil company known as PDVSA.
As of Tuesday night, International Brent crude oil futures had risen 2.32 percent to $61.32 a barrel, and U.S. West Texas Intermediate crude futures went up 2.54 percent to $53.31 a barrel, Reuters reported. Prices continued their upswing early Wednesday.
The U.S. Treasury Department announced sanctions Monday that effectively halt U.S. purchases of oil from Venezuela, NPR reported. It’s part of an effort to push out the country’s president, Nicolás Maduro, in favor of his rival, Juan Guaidó. About 40 percent of Venezuela’s oil is sold to the United States.
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