The U.S. federal government is discussing the removal of some sanctions on Venezuela’s oil industry to make it easier for U.S. companies to boost Venezuela’s oil production under a deal worth $2 billion announced by President Trump earlier this month.
Oil prices settled 3% higher on Tuesday as producers reeled from a winter storm that hobbled crude production and drove U.S. Gulf Coast crude exports to zero over the weekend.
Curious Minds Corner
Why does crude oil come in so many colors?
Crude oil can appear black, brown, green, or even yellow depending on its sulfur content, metal traces, and how much it has degraded underground.