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Oil Prices Rise as U.S. Plans More Venezuela-related Sanctions

Oil prices traded higher on Wednesday in Asia following news that the U.S. is planning some “very significant” Venezuela-related sanctions in the coming days, according to U.S. special envoy Elliott Abrams.

Abrams did not elaborate on the fresh measures, although he said Washington might revoke more U.S. visas from Venezuelans with connections to President Nicolas Maduro.

“There will be more sanctions on financial institutions — I think I would leave it at that — and more visa revocations coming very soon,” Abrams said during a State Department press briefing, adding that the U.S. intended to keep up pressure on Maduro through sanctions.

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