Oil prices fell when they settled on Tuesday, May 17th, due to reports that America will ease some restrictions on the Venezuelan government.
Prices fell after they jumped earlier in the session to their highest level in seven weeks, and continued losses after the statements of Jerome Powell, Federal Reserve Chairman, as he stressed that reducing inflation may cause some pain.
When settling transactions, I fell back Brent crude futures contracts By 2.02% to $111.93 a barrel.
Texas crude futures also fell By 1.58%, recording $112.40 a barrel, which is the first time that US crude closed at a higher level than Brent contracts since May 2020.
Archyde.com reported, citing sources, that the administration of US President Joe Biden will soon authorize the company Chevron Negotiating with the government of Venezuelan President Nicolas Maduro, which temporarily lifts a ban on such discussions.
It was also reported that EU foreign ministers failed on Monday in their effort to pressure Hungary to end its opposition to the Russian oil embargo proposal.