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U.S. raises sanctions on Venezuela as oil exports hit 17-year low

The U.S. Department of the Treasury said on Tuesday that the country has raised its sanctions on Venezuela’s oil industry, focusing this time on maritime companies and their assets who have been assisting the Latin American country in getting its blacklisted crude oil to market.

Venezuela’s government increases gasoline prices starting in June

Venezuela's President Nicolas Maduro on Saturday announced a hike in gasoline prices after two decades of frozen values at the pump, as part of a system to fill vehicles and motorcycles with subsidized fuel up to monthly quotas and pay internationally indexed prices over those levels.

Oil prices fall as US fuel demand gets weaker

Oil prices edged lower on Friday after U.S. inventory data showed a weaker fuel demand in the country. Brent crude dropped 25 cents to $35.04 a barrel, while US West Texas Intermediate (WTI) crude was down 53 cents at $33.18 a barrel, Reuters reported.
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