- PDVSA is the state-owned oil & gas company.
- Venezuela has the largest oil reserves in the world.
- The U.S. recognizes National Assembly leader Juan Guaidó as interim president of Venezuela. Guaidó has promised to host free and fair elections.
- The Trump administration announced it is blocking all U.S. revenue to Venezuela’s national oil company and called on members of the armed forces to switch their allegiance to Juan Guaidó.
Juan Guaidó, left, and Nicolás Maduro are locked in a confrontation over the right to govern Venezuela.
West Texas Intermediate crude for March delivery rose 19 cents to $52.18 a barrel on the New York Mercantile Exchange at 9:11 a.m. in Singapore. The contract fell $1.70 to close at $51.99 a barrel on Monday.
Brent for March settlement declined 10 cents to $59.83. It broke below $60 for the first time in almost two weeks on Monday, dropping $1.71 to $59.93 on the London-based ICE Futures Europe exchange. The global benchmark crude was at a $7.94 premium to WTI.
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