Petro-Canada has decided to pull out of Venezuela and has reached an agreement with the state oil company on compensation for its oil investments, the Venezuelan government said.
Stock futures point lower this morning after a weak showing in equities markets worldwide. European stocks are trading lower, and Asian markets were mostly down overnight. Volatility will no doubt be the tone of the day, as the Fed starts its two-day meeting. Durable goods fell 2.8%, below expectations. The dollar slid after the report and Treasurys rallied.
U.S. oil giants Exxon Mobil and ConocoPhillips both left huge crude projects in Venezuela's Orinoco Belt after President Hugo Chavez nationalized them as part of his socialist revolution. Venezuela is the fourth biggest supplier of oil to the United States.
John Kilduff, senior vice president and energy analyst at Man Financial, appeared on CNBC's special "Power Lunch at the Four Seasons" to give his outlook for oil and gasoline -- and to explain why easing tensions in Nigeria haven't made him bearish on either.
Venezuela's oldest private television station went off the air just before midnight Sunday as thousands banged on pots and pans in protest against a decision by President Hugo Chavez that did away with a popular opposition-aligned channel.
Venezuelan President Hugo Chavez threatened to nationalize the country's banks and largest steel producer, accusing them of unscrupulous practices.