Brent crude futures were up 29 cents at $89.94 a barrel as of 0808 GMT, while U.S. West Texas Intermediate crude rose 20 cents at $86.86
Oil prices steadied on Tuesday after sliding more than $1 on Monday amid hopes the U.S. would ease sanctions on producer Venezuela and as Washington stepped up efforts to prevent an escalation of the war between Israel and Hamas.
Venezuela’s government and opposition are set to resume long-suspended talks on Tuesday which President Nicolas Maduro said would benefit the 2024 election, a move that could lead to Washington easing sanctions, multiple sources said. The U.S. government has been seeking ways to increase the flow of oil to world markets to alleviate high prices. But any real oil output increase by Venezuela will take time due to lack of recent investments.
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