Crude fell after the US government announced it plans to allow Chevron Corp. to negotiate its oil license with Venezuela’s national producer. West Texas Intermediate settled below $113 on Tuesday. The Biden administration is going to calibrate its sanctions policy in a bid to promote dialog with Venezuela, a US official told reporters. The Treasury is allowing Chevron to negotiate its license with PDVSA, but more drilling or an increase in revenue for the regime is not allowed. Futures extended their tumble at the end of the session with Federal Reserve Chair Jerome Powell saying he won’t hesitate to raise rates above neutral if needed. The proposed changes to alleviate some sanctions against Venezuela “should be seen as positive development, but not be mistaken as providing immediate relief to the tight market we are experiencing in real time,” said Rebecca Babin, senior energy trader at CIBC Private Wealth Management. […]