Oil prices edged up on Tuesday as a massive winter storm hit crude production and affected refineries on the U.S. Gulf Coast.

Oil prices continued their ascent yesterday with ICE Brent rallying 3.38% to settle above US$70/bbl, and its highest level since August.

The Trump administration says it has completed the first sale of Venezuelan oil to the U.S. Will it mean lower prices at the pump?

An Arctic blast sweeping across the U.S. Northeast and Midwest has triggered a sharp rally in natural gas prices on fears of production disruptions. The spike has reverberated across overseas markets,

Global trading houses are back in Venezuelan oil, with Vitol and Trafigura authorized by the Trump Administration to market crude following the ousting of Nicolas Maduro

The Trump administration will begin allowing Venezuela to sell oil subject to U.S. sanctions in the near future with the revenue initially going to specific government services subject to Washington’s oversight.

WASHINGTON, Jan 24 (Reuters) - The United States has taken the oil that was on seized Venezuelan tankers and will process it in U.S. refineries, President Donald Trump said in a New York Post interview that was published on Saturday.

Oil futures slipped, with the market watching for talks between the U.S. and Iran that could put off potential U.S. military action.