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Oil Rises as World Grapples With Venezuelan Crude Output Risks

  • Maduro wins elections, raising risk for stricken oil industry
  • Easing trade tensions with China to boost commodities
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Venezuela Is 'Wild Card' for Oil Prices, Says BNP Paribas

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Oil settled at a fresh three-year high in New York as the International Energy Agency opened discussions with major oil-producing nations about collapsing output from Venezuela, home to the world’s biggest petroleum reserves.

The crisis in Venezuela deepened after President Nicolas Maduro’s victory in widely-criticized elections was followed by a U.S. prohibition on buying debts owned to the government or state-owned oil company PDVSA. will intensify against the nation’s already-crippled energy industry. At the same time, cooling tensions between the U.S. and China eased concern about a trade war that would squelch energy demand in the world’s largest economies.