Oil prices ease after US lifts Trump-era Venezuela sanctions

The news: Oil prices fell from recent highs after the US government lifted sanctions on Venezuelan oil, gas and gold in return for assurances on next year's election. That agreement boosted hopes of increased crude production in the coming months.

The numbers: When oil imports were halted in 2019 under former president Donald Trump, Venezuela was exporting nearly 365,000 barrels per day to the US, Bloomberg reports. West Texas crude futures are trading at USD88.48, after briefly cracking USD90 overnight.

The context: Venezuelan president Nicholas Maduro entered into a roadmap for open, democratic elections to secure the sanction suspension. Maduro has been a vocal critic of US policy in his 10-year reign, and the sanctions have been costly for the OPEC member's economy, which depends heavily on petroleum.