Crude rose as the International Energy Agency opened discussions with major oil-producing nations about collapsing output from Venezuela, home to the world’s biggest petroleum reserves. Futures advanced as much as 1 percent in New York on Monday. The crisis in Venezuela deepened after President Nicolas Maduro’s victory in widely-criticized elections increased chances the U.S. will intensify sanctions against the nation’s already-crippled energy industry. At the same time, cooling tensions between the U.S. and China eased concern about a trade war that would squelch energy demand in the world’s largest economies.
Source: FuelFix
