U.S. Easing of Sanctions On Venezuela Won’t Have Immediate Impact On Oil

Traders are still weighing the timing and impact of U.S. President Joe Biden’s decision on Saturday to ease oil sanctions on Venezuela and grant Chevron a license to resume oil production in the country.  Sanctions were implemented in August 2019 by the Trump Administration, and Biden’s decision to ease those sanctions came after the resumption of talks over the weekend between the socialist government of Nicolas Maduro and the Venezuelan opposition. Those talks led on Sunday to the signing of a U.S.-brokered accord between the…