Oil prices eased on Friday and settled at a three-week low as traders worried about negative economic news from the US and China and signs of growing supply. Losses were limited

The Trump administration is easing oil sanctions on Venezuela by authorizing Chevron to resume operations under strict conditions, marking a major policy shift with geopolitical implications.

U.S. Gulf Coast refiners are snapping up higher volumes of Middle Eastern and South American crudes to offset the loss of Venezuelan and Mexican barrels, according to ship tracking data, a workaround solution that might be short-lived if the U.

The Trump administration is considering granting new authorizations to key partners of Venezuela's PDVSA, including Chevron, enabling them to operate under certain limitations in the sanctioned nation.

Venezuela has reacted to the departure of Western corporations by redirecting oil exports to customers in China.

As inflation surges under President Trump’s renewed sanctions, Venezuelan authorities are trying to keep a lid on the country’s worsening financial situation.