Oil jumps over 1% as Trump orders blockade of sanctioned oil tankers leaving, entering Venezuela
· CNA · JoinRead a summary of this article on FAST.
Get bite-sized news via a new
cards interface. Give it a try.
Click here to return to FAST Tap here to return to FAST
FAST
TOKYO, Dec 17 : U.S. crude futures rose more than 1 per cent on Wednesday as U.S. President Donald Trump ordered "a total and complete" blockade of all sanctioned oil tankers entering and leaving Venezuela.
U.S. crude futures were up 1.3 per cent, or 72 cents, to trade at $55.99 at 0022 GMT.
Oil prices settled near five-year lows in the previous session on progress in Russia-Ukraine peace talks, as a deal may see western sanctions on Moscow eased, freeing up supply at a time of fragile global demand.
Trump on Tuesday ordered a blockade of all sanctioned oil tankers entering and leaving Venezuela, adding that he now regarded the nation's rulers as a foreign terrorist organization.
Trump's comments came a week after the U.S. seized a sanctioned oil tanker off the coast of Venezuela, stepping up a pressure campaign on the government of Venezuelan leader Nicolas Maduro, who Trump has blamed for drugs entering the U.S.
Newsletter
Week in Review
Subscribe to our Chief Editor’s Week in Review
Our chief editor shares analysis and picks of the week's biggest news every Saturday.
Sign up for our newsletters
Get our pick of top stories and thought-provoking articles in your inbox
Get the CNA app
Stay updated with notifications for breaking news and our best stories
Get WhatsApp alerts
Join our channel for the top reads for the day on your preferred chat app