US government studying revocation of licences for US oil companies in Venezuela – report

Reuters reports:

The US government is “studying very closely” the possibility of additional sanctions on individuals as well as the potential revocation of licenses for oil companies working in Venezuela, a senior official said on Friday.

This isn’t a big surprise but it could reverse some of the recent progress in bringing back oil supply from Venezuela. The US loosened some sanctions as a carrot in exchange for free elections. The elections didn’t go so well.

WTI is flat today shortly before settlement. It’s been a rough week.

This article was written by Adam Button at www.forexlive.com.