Russian oil giant Rosneft announced Saturday it is halting its activities in Venezuela and selling its assets there, a country that has been hit by US trade sanctions.
"Rosneft announces the termination of its operations in Venezuela and the disposal of its assets, related to operating in Venezuela," the company said in a statement.
Russia however remains a key partner to Caracas. State oil giant Rosneft said it had sold its Venezuelan assets to a company 100 percent-owned by the Russian government.
Oil prices rallied on Friday, tracking Wall Street gains after progress was made towards a $2 trillion rescue package to help the coronavirus-hit American economy.
US benchmark West Texas Intermediate rose 2.3 percent to trade at $23 a barrel, while international benchmark Brent crude gained two percent to nearly $27.
Oil prices slipped back in Asian trade on Thursday, as a Senate vote on a massive stimulus package to help the coronavirus-ravaged US economy was delayed.
US benchmark West Texas Intermediate was down 1.5 percent, changing hands for about $24 a barrel, while international benchmark Brent crude was down 0.4 percent at around $27 a barrel.
Oil prices rallied in Asia Wednesday on signs the US Congress was nearing an agreement on a massive stimulus package to help the coronavirus-ravaged American economy, tracking record Wall Street gains.
International benchmark Brent crude was up 2.9 percent to trade at nearly $28 per barrel, while US benchmark West Texas Intermediate rose 3.5 percent to nearly $25 per barrel.