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Brent crude futures fell $2.
31, or 2 percent, to settle at $111.
93 a barrel, while U.
S.
crude futures fell $1.
8, or 1.
6 percent, to settle at $
112.
40 a barrel.
This follows the U.
S.
government's announcement of plans to allow Chevron to negotiate its oil licenses with Venezuela's state-owned oil producers;
The U.
S.
government will authorize U.
S.
oil company Chevron to hold talks with Venezuelan President Nicolas Maduro's government as soon as Tuesday, temporarily lifting the ban
on such consultations, the sources said.
This follows Brent crude hitting a daily high of $115.
69, the highest level
since March 28.
U.
S.
crude hit $115.
56 a barrel, the highest since March 24;
Rebecca Babin, senior energy trader at CIBC Private Wealth Management, said plans to ease some sanctions on Venezuela "should be seen as positive, but should not be mistaken for an immediate easing of the supply crunch we are experiencing";
Fed Chairman Jerome Powell said there could be some economic pain as inflation was lowered, and oil prices fell
further.
He said the Fed would "continue to push" monetary policy tightening until inflation fell
significantly.
Phil Flynn, an analyst at Price Futures Group, said: "Some of these statements cooled the buying enthusiasm for oil"
.
