Economics

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
Photographer: Wil Riera/Bloomberg

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By Catherine Ngai and Robert Tuttle

May 22, 2018 at 12:29 AM UTC

Updated on

May 22, 2018 at 9:39 PM UTC

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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.