Commodities
Venezuela Oil Deal Eases Crude Prices by 1.40%
US crude oil prices have provided some relief to global financial markets after easing by 1.40% yesterday, reaching levels not seen in over a month.
The drop comes as news emerged that Venezuela is set to double its oil production under US leadership, with several companies preparing to sign deals to extract the country's oil reserves.
According to Bloomberg News, Chevron has promised to invest $7bn over five years to more than double its own production in the country, currently producing around 1.1-1.2 million barrels per day and exporting roughly 1.17mbpd in August.