With daily developments over Venezuela’s oil and gas industry, crude oil prices managed a nearly 2% gain on Friday.
First there was a report the U.S. might attempt to use Venezuela’s heavy crude oil to swap for lighter crude and fill the nation’s Strategic Petroleum Reserve.
In the end, the government said it would not happen. Following the report, West Texas Intermediate crude rose 1.7% and finished the day at $58.32 per barrel on the New York Mercantile Exchange.
Brent crude, the global standard, also gained 1.7% and closed at $61.76 per barrel.