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Oil Holds Near 3-Year High Amid Venezuela Sanction Concerns

U.S. bans purchases of debt owed to Venezuelan government
WTI for June expired above $72 after advancing 1.4% on Monday

A pro-government supporter hangs a campaign poster for Nicolas Maduro — A pro-government supporter hangs a campaign poster for Nicolas Maduro
Photographer: Wil Riera/Bloomberg

By

Catherine Ngai and

May 22, 2018, 12:29 AM UTCUpdated onMay 22, 2018, 9:39 PM UTC

Oil settled slightly lower after trading near the highest price in almost 3 1/2 years as new sanctions on Venezuela and shrinking U.S. crude inventories spurred concerns about tightening worldwide supplies.

Futures fell 0.2 percent on Tuesday after rising earlier. President Donald Trump’s latest sanctions against the regime of Venezuelan leader Nicolas Maduro threaten to further choke the Latin American nation’s already-hobbled petroleum industry.