Oil prices steady after 3% tumble; US reimposes Venezuela sanctions

Investing.com-- Oil prices tread water in Asian trade on Thursday after clocking sharp losses in the prior session on fears of higher-for-long U.S. interest rates, while a bigger-than-expected build in U.S. inventories also weighed.

Markets still remained on edge over worsening geopolitical tensions in the Middle East, although a lack of immediate retaliation by Israel over an attack by Iran spurred some bets that the situation will not worsen. European countries were also seen mulling sanctions against Iran over the strike. Still, the move was one step short of the"maximum pressure" policies adopted under former U.S. President Donald Trump, while officials signaled that they still held out hope that the country would hold fair elections.

Markets feared that higher rates will weigh on economic activity and stymie global oil demand in the coming months. While the U.S. economy has so far remained resilient, other major economies, particularly China, have been struggling over the past year.Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors.

United States Latest News, United States Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

US Reimposes Oil Sanctions on Venezuela as Hopes for a Fair Presidential Election FadesThe Biden administration on Wednesday reimposed crushing oil sanctions on Venezuela, admonishing President Nicolás Maduro's attempts to consolidate his rule just six months after the U.S. eased restrictions in a bid to support now fading hopes for a democratic opening in...
Source: NEWSMAX - 🏆 16. / 71 Read more »

US reimposes sanctions on Venezuela's oil and gas sectorWhile snapping back energy sanctions on Caracas, US officials stated that President Nicolas Maduro has failed to honour his commitment to allow free and fair elections in the South American country.
Source: trtworld - 🏆 101. / 63 Read more »

Biden administration reimposes oil sanctions on Venezuela over election infractionsPresident Joe Biden put sanctions on Venezuela back into effect because of President Nicolas Maduro's handling of elections.
Source: dcexaminer - 🏆 6. / 94 Read more »

The U.S. renews oil sanctions on Venezuela citing a failure to allow fair electionsThe Biden administration will reinstate sanctions on Venezuela's oil and gas sector, accusing the government President Nicolás Maduro of failing to commit to 'an inclusive and competitive election.'
Source: NPR - 🏆 96. / 63 Read more »

Biden administration reimposes oil sanctions on Venezuela over election infractionsBiden put sanctions on Venezuela back into effect because of President Nicolas Maduro's handling of elections.
Source: dcexaminer - 🏆 6. / 94 Read more »

Biden administration to reimpose oil and gas sanctions on VenezuelaU.S. officials say that President Nicolás Maduro has not upheld his end of the bargain to allow free and fair elections.
Source: washingtonpost - 🏆 95. / 72 Read more »