Oil prices finish higher as International Monetary Fund threatens to expel Venezuela
Oil futures settled higher Wednesday, buoyed the International Monetary Fund's threat to expel Venezuela for its failure to adequately provide economic data. The IMF said it has issued a “declaration of censure” against Venezuela for its failure to implement certain remedial measures and failure to comply with specific obligations. "It is another nail in the coffin for the Venezuelan oil industry," said Phil Flynn, senior market analyst at Price Futures Group. "The IMF could be a lifeline for cash that may dry up if they are booted out." June West Texas Intermediate crude rose 68 cents, or 1%, to settle at $67.93 a barrel on the New York Mercantile Exchange. Prices had spent part of the session trading lower after data revealed a much larger-than-expected weekly rise in U.S. crude supplies.
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